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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and CLEANSPARK, INC. (CLSK). Click either name above to swap in a different company.
CLEANSPARK, INC. is the larger business by last-quarter revenue ($181.2M vs $162.5M, roughly 1.1× Bitcoin Depot Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -209.0%, a 212.4% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs 11.6%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-198.1M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs -4.9%).
Bitcoin Depot Inc. is one of the largest cryptocurrency ATM operators across North America. It provides retail consumers with accessible in-person kiosks to buy and sell Bitcoin and other leading digital assets, alongside online crypto purchase services via bank transfer. Its self-service kiosks are located in high-traffic retail spaces including grocery stores, gas stations and convenience stores.
CleanSpark, Inc. is a U.S.-headquartered sustainable technology company operating two core business segments: low-carbon Bitcoin mining powered primarily by renewable and stranded energy resources, and end-to-end microgrid design, deployment, and operation services for commercial, industrial, and public sector clients across North America.
BTM vs CLSK — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $181.2M |
| Net Profit | $5.5M | $-378.7M |
| Gross Margin | — | 47.2% |
| Operating Margin | 7.3% | -174.7% |
| Net Margin | 3.4% | -209.0% |
| Revenue YoY | 20.1% | 11.6% |
| Net Profit YoY | 690.4% | -253.5% |
| EPS (diluted) | $0.08 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $181.2M | ||
| Q3 25 | $162.5M | — | ||
| Q2 25 | $172.1M | — | ||
| Q1 25 | $164.2M | — | ||
| Q3 24 | $135.3M | $89.3M | ||
| Q2 24 | $163.1M | $104.1M | ||
| Q1 24 | $138.5M | $111.8M | ||
| Q4 23 | $148.4M | $73.8M |
| Q4 25 | — | $-378.7M | ||
| Q3 25 | $5.5M | — | ||
| Q2 25 | $6.1M | — | ||
| Q1 25 | $4.2M | — | ||
| Q3 24 | $-939.0K | $-62.2M | ||
| Q2 24 | $-2.6M | $-236.2M | ||
| Q1 24 | $-1.5M | $126.7M | ||
| Q4 23 | $-8.3M | $25.9M |
| Q4 25 | — | 47.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 36.0% | ||
| Q2 24 | — | 56.6% | ||
| Q1 24 | — | 69.3% | ||
| Q4 23 | — | 60.8% |
| Q4 25 | — | -174.7% | ||
| Q3 25 | 7.3% | — | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 10.8% | — | ||
| Q3 24 | 4.1% | -73.5% | ||
| Q2 24 | 4.7% | -239.2% | ||
| Q1 24 | 0.5% | — | ||
| Q4 23 | 2.6% | 38.6% |
| Q4 25 | — | -209.0% | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | 2.6% | — | ||
| Q3 24 | -0.7% | -69.6% | ||
| Q2 24 | -1.6% | -226.9% | ||
| Q1 24 | -1.1% | 113.4% | ||
| Q4 23 | -5.6% | 35.1% |
| Q4 25 | — | — | ||
| Q3 25 | $0.08 | — | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $0.20 | — | ||
| Q3 24 | $-0.05 | — | ||
| Q2 24 | $-0.13 | — | ||
| Q1 24 | $-0.25 | — | ||
| Q4 23 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $59.3M | $458.1M |
| Total DebtLower is stronger | $67.5M | $1.8B |
| Stockholders' EquityBook value | $21.0M | $1.4B |
| Total Assets | $125.3M | $3.3B |
| Debt / EquityLower = less leverage | 3.21× | 1.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $458.1M | ||
| Q3 25 | $59.3M | — | ||
| Q2 25 | $48.0M | — | ||
| Q1 25 | $35.0M | — | ||
| Q3 24 | $32.2M | $121.2M | ||
| Q2 24 | $43.9M | $126.1M | ||
| Q1 24 | $42.2M | — | ||
| Q4 23 | $29.8M | $48.5M |
| Q4 25 | — | $1.8B | ||
| Q3 25 | $67.5M | — | ||
| Q2 25 | $66.5M | — | ||
| Q1 25 | $56.2M | — | ||
| Q3 24 | $44.5M | $7.2M | ||
| Q2 24 | $41.2M | $1.3M | ||
| Q1 24 | $37.6M | $5.1M | ||
| Q4 23 | $22.5M | $7.0M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | $21.0M | — | ||
| Q2 25 | $4.7M | — | ||
| Q1 25 | $-4.6M | — | ||
| Q3 24 | $-7.9M | $1.8B | ||
| Q2 24 | $4.4M | $1.4B | ||
| Q1 24 | $5.0M | $1.5B | ||
| Q4 23 | — | $809.0M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | $125.3M | — | ||
| Q2 25 | $109.1M | — | ||
| Q1 25 | $89.7M | — | ||
| Q3 24 | $87.4M | $2.0B | ||
| Q2 24 | $97.5M | $1.5B | ||
| Q1 24 | $90.1M | $1.5B | ||
| Q4 23 | $74.3M | $862.7M |
| Q4 25 | — | 1.29× | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | 9.27× | 0.00× | ||
| Q1 24 | 7.54× | 0.00× | ||
| Q4 23 | — | 0.01× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $6.6M | $-161.1M |
| Free Cash FlowOCF − Capex | $2.5M | $-198.1M |
| FCF MarginFCF / Revenue | 1.6% | -109.3% |
| Capex IntensityCapex / Revenue | 2.5% | 20.4% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-626.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-161.1M | ||
| Q3 25 | $6.6M | — | ||
| Q2 25 | $10.2M | — | ||
| Q1 25 | $16.3M | — | ||
| Q3 24 | $5.8M | $-233.7M | ||
| Q2 24 | $10.1M | $-58.4M | ||
| Q1 24 | $1.3M | $-44.8M | ||
| Q4 23 | $7.5M | $-47.7M |
| Q4 25 | — | $-198.1M | ||
| Q3 25 | $2.5M | — | ||
| Q2 25 | $9.8M | — | ||
| Q1 25 | $15.9M | — | ||
| Q3 24 | $-1.0M | $-299.8M | ||
| Q2 24 | $7.6M | $-68.7M | ||
| Q1 24 | $789.0K | $-60.3M | ||
| Q4 23 | — | $-75.2M |
| Q4 25 | — | -109.3% | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 5.7% | — | ||
| Q1 25 | 9.7% | — | ||
| Q3 24 | -0.8% | -335.8% | ||
| Q2 24 | 4.7% | -66.0% | ||
| Q1 24 | 0.6% | -54.0% | ||
| Q4 23 | — | -101.9% |
| Q4 25 | — | 20.4% | ||
| Q3 25 | 2.5% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q3 24 | 5.0% | 74.0% | ||
| Q2 24 | 1.5% | 9.9% | ||
| Q1 24 | 0.4% | 13.8% | ||
| Q4 23 | — | 37.3% |
| Q4 25 | — | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.67× | — | ||
| Q1 25 | 3.88× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.35× | ||
| Q4 23 | — | -1.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
