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Side-by-side financial comparison of CLEANSPARK, INC. (CLSK) and Fat Brands, Inc (FAT). Click either name above to swap in a different company.
CLEANSPARK, INC. is the larger business by last-quarter revenue ($181.2M vs $140.0M, roughly 1.3× Fat Brands, Inc). Fat Brands, Inc runs the higher net margin — -41.6% vs -209.0%, a 167.4% gap on every dollar of revenue. On growth, CLEANSPARK, INC. posted the faster year-over-year revenue change (11.6% vs -2.3%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-198.1M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs -6.1%).
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.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
CLSK vs FAT — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $181.2M | $140.0M |
| Net Profit | $-378.7M | $-58.2M |
| Gross Margin | 47.2% | — |
| Operating Margin | -174.7% | -12.4% |
| Net Margin | -209.0% | -41.6% |
| Revenue YoY | 11.6% | -2.3% |
| Net Profit YoY | -253.5% | -30.1% |
| EPS (diluted) | — | $-3.39 |
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 | — | $140.0M | ||
| Q2 25 | — | $146.8M | ||
| Q1 25 | — | $142.0M | ||
| Q4 24 | — | $145.3M | ||
| Q3 24 | $89.3M | $143.4M | ||
| Q2 24 | $104.1M | $152.0M | ||
| Q1 24 | $111.8M | $152.0M |
| Q4 25 | $-378.7M | — | ||
| Q3 25 | — | $-58.2M | ||
| Q2 25 | — | $-54.2M | ||
| Q1 25 | — | $-46.0M | ||
| Q4 24 | — | $-67.4M | ||
| Q3 24 | $-62.2M | $-44.8M | ||
| Q2 24 | $-236.2M | $-39.4M | ||
| Q1 24 | $126.7M | $-38.3M |
| Q4 25 | 47.2% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 36.0% | — | ||
| Q2 24 | 56.6% | — | ||
| Q1 24 | 69.3% | — |
| Q4 25 | -174.7% | — | ||
| Q3 25 | — | -12.4% | ||
| Q2 25 | — | -10.6% | ||
| Q1 25 | — | -6.0% | ||
| Q4 24 | — | -27.1% | ||
| Q3 24 | -73.5% | -6.2% | ||
| Q2 24 | -239.2% | -1.8% | ||
| Q1 24 | — | -0.9% |
| Q4 25 | -209.0% | — | ||
| Q3 25 | — | -41.6% | ||
| Q2 25 | — | -36.9% | ||
| Q1 25 | — | -32.4% | ||
| Q4 24 | — | -46.4% | ||
| Q3 24 | -69.6% | -31.2% | ||
| Q2 24 | -226.9% | -25.9% | ||
| Q1 24 | 113.4% | -25.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | $-3.39 | ||
| Q2 25 | — | $-3.17 | ||
| Q1 25 | — | $-2.73 | ||
| Q4 24 | — | $-4.06 | ||
| Q3 24 | — | $-2.74 | ||
| Q2 24 | — | $-2.43 | ||
| Q1 24 | — | $-2.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $458.1M | — |
| Total DebtLower is stronger | $1.8B | $1.3B |
| Stockholders' EquityBook value | $1.4B | $-585.8M |
| Total Assets | $3.3B | $1.2B |
| Debt / EquityLower = less leverage | 1.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $458.1M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $121.2M | — | ||
| Q2 24 | $126.1M | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $7.2M | $1.2B | ||
| Q2 24 | $1.3M | $1.2B | ||
| Q1 24 | $5.1M | $1.2B |
| Q4 25 | $1.4B | — | ||
| Q3 25 | — | $-585.8M | ||
| Q2 25 | — | $-536.5M | ||
| Q1 25 | — | $-493.9M | ||
| Q4 24 | — | $-455.7M | ||
| Q3 24 | $1.8B | $-386.1M | ||
| Q2 24 | $1.4B | $-338.6M | ||
| Q1 24 | $1.5B | $-296.8M |
| Q4 25 | $3.3B | — | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $1.5B | $1.4B | ||
| Q1 24 | $1.5B | $1.4B |
| Q4 25 | 1.29× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.00× | — |
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 | $-161.1M | $-14.5M |
| Free Cash FlowOCF − Capex | $-198.1M | $-16.9M |
| FCF MarginFCF / Revenue | -109.3% | -12.1% |
| Capex IntensityCapex / Revenue | 20.4% | 1.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-626.9M | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-161.1M | — | ||
| Q3 25 | — | $-14.5M | ||
| Q2 25 | — | $-26.9M | ||
| Q1 25 | — | $-13.2M | ||
| Q4 24 | — | $-10.4M | ||
| Q3 24 | $-233.7M | $-3.2M | ||
| Q2 24 | $-58.4M | $-14.2M | ||
| Q1 24 | $-44.8M | $-28.4M |
| Q4 25 | $-198.1M | — | ||
| Q3 25 | — | $-16.9M | ||
| Q2 25 | — | $-29.3M | ||
| Q1 25 | — | $-17.8M | ||
| Q4 24 | — | $-11.0M | ||
| Q3 24 | $-299.8M | $-11.1M | ||
| Q2 24 | $-68.7M | $-24.4M | ||
| Q1 24 | $-60.3M | $-32.5M |
| Q4 25 | -109.3% | — | ||
| Q3 25 | — | -12.1% | ||
| Q2 25 | — | -20.0% | ||
| Q1 25 | — | -12.5% | ||
| Q4 24 | — | -7.6% | ||
| Q3 24 | -335.8% | -7.7% | ||
| Q2 24 | -66.0% | -16.1% | ||
| Q1 24 | -54.0% | -21.4% |
| Q4 25 | 20.4% | — | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 3.2% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | 74.0% | 5.5% | ||
| Q2 24 | 9.9% | 6.7% | ||
| Q1 24 | 13.8% | 2.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.35× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLSK
Segment breakdown not available.
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
