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Side-by-side financial comparison of CLEANSPARK, INC. (CLSK) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
CLEANSPARK, INC. is the larger business by last-quarter revenue ($181.2M vs $143.5M, roughly 1.3× FTAI Infrastructure Inc.). FTAI Infrastructure Inc. runs the higher net margin — -68.1% vs -209.0%, a 140.9% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 11.6%). FTAI Infrastructure Inc. produced more free cash flow last quarter ($-68.6M vs $-198.1M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs 31.9%).
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.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
CLSK vs FIP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $181.2M | $143.5M |
| Net Profit | $-378.7M | $-97.7M |
| Gross Margin | 47.2% | — |
| Operating Margin | -174.7% | -45.7% |
| Net Margin | -209.0% | -68.1% |
| Revenue YoY | 11.6% | 77.7% |
| Net Profit YoY | -253.5% | 21.6% |
| EPS (diluted) | — | $-1.04 |
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 | $143.5M | ||
| Q3 25 | — | $140.6M | ||
| Q2 25 | — | $122.3M | ||
| Q1 25 | — | $96.2M | ||
| Q4 24 | — | $80.8M | ||
| Q3 24 | $89.3M | $83.3M | ||
| Q2 24 | $104.1M | $84.9M | ||
| Q1 24 | $111.8M | $82.5M |
| Q4 25 | $-378.7M | $-97.7M | ||
| Q3 25 | — | $-104.5M | ||
| Q2 25 | — | $-70.0M | ||
| Q1 25 | — | $120.2M | ||
| Q4 24 | — | $-124.7M | ||
| Q3 24 | $-62.2M | $-43.0M | ||
| Q2 24 | $-236.2M | $-48.1M | ||
| Q1 24 | $126.7M | $-50.3M |
| 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% | -45.7% | ||
| Q3 25 | — | -70.8% | ||
| Q2 25 | — | -56.4% | ||
| Q1 25 | — | 81.8% | ||
| Q4 24 | — | -152.7% | ||
| Q3 24 | -73.5% | -51.7% | ||
| Q2 24 | -239.2% | -56.4% | ||
| Q1 24 | — | -58.8% |
| Q4 25 | -209.0% | -68.1% | ||
| Q3 25 | — | -74.4% | ||
| Q2 25 | — | -57.2% | ||
| Q1 25 | — | 125.0% | ||
| Q4 24 | — | -154.4% | ||
| Q3 24 | -69.6% | -51.6% | ||
| Q2 24 | -226.9% | -56.7% | ||
| Q1 24 | 113.4% | -60.9% |
| Q4 25 | — | $-1.04 | ||
| Q3 25 | — | $-1.38 | ||
| Q2 25 | — | $-0.73 | ||
| Q1 25 | — | $0.89 | ||
| Q4 24 | — | $-1.21 | ||
| Q3 24 | — | $-0.45 | ||
| Q2 24 | — | $-0.52 | ||
| Q1 24 | — | $-0.54 |
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 | $57.4M |
| Total DebtLower is stronger | $1.8B | $3.8B |
| Stockholders' EquityBook value | $1.4B | $21.3M |
| Total Assets | $3.3B | $5.7B |
| Debt / EquityLower = less leverage | 1.29× | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $458.1M | $57.4M | ||
| Q3 25 | — | $34.7M | ||
| Q2 25 | — | $33.6M | ||
| Q1 25 | — | $26.3M | ||
| Q4 24 | — | $27.8M | ||
| Q3 24 | $121.2M | $20.3M | ||
| Q2 24 | $126.1M | $33.1M | ||
| Q1 24 | — | $23.0M |
| Q4 25 | $1.8B | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $7.2M | $1.5B | ||
| Q2 24 | $1.3M | $1.6B | ||
| Q1 24 | $5.1M | $1.3B |
| Q4 25 | $1.4B | $21.3M | ||
| Q3 25 | — | $181.1M | ||
| Q2 25 | — | $375.5M | ||
| Q1 25 | — | $476.2M | ||
| Q4 24 | — | $202.7M | ||
| Q3 24 | $1.8B | $370.8M | ||
| Q2 24 | $1.4B | $394.8M | ||
| Q1 24 | $1.5B | $402.5M |
| Q4 25 | $3.3B | $5.7B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $2.0B | $2.4B | ||
| Q2 24 | $1.5B | $2.5B | ||
| Q1 24 | $1.5B | $2.3B |
| Q4 25 | 1.29× | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | 0.00× | 4.14× | ||
| Q2 24 | 0.00× | 3.94× | ||
| Q1 24 | 0.00× | 3.34× |
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 | $-2.8M |
| Free Cash FlowOCF − Capex | $-198.1M | $-68.6M |
| FCF MarginFCF / Revenue | -109.3% | -47.8% |
| Capex IntensityCapex / Revenue | 20.4% | 45.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-626.9M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-161.1M | $-2.8M | ||
| Q3 25 | — | $-24.4M | ||
| Q2 25 | — | $-5.2M | ||
| Q1 25 | — | $-85.7M | ||
| Q4 24 | — | $-8.1M | ||
| Q3 24 | $-233.7M | $14.2M | ||
| Q2 24 | $-58.4M | $-17.6M | ||
| Q1 24 | $-44.8M | $-3.9M |
| Q4 25 | $-198.1M | $-68.6M | ||
| Q3 25 | — | $-90.7M | ||
| Q2 25 | — | $-87.5M | ||
| Q1 25 | — | $-151.7M | ||
| Q4 24 | — | $-34.3M | ||
| Q3 24 | $-299.8M | $-11.7M | ||
| Q2 24 | $-68.7M | $-32.1M | ||
| Q1 24 | $-60.3M | $-16.7M |
| Q4 25 | -109.3% | -47.8% | ||
| Q3 25 | — | -64.5% | ||
| Q2 25 | — | -71.6% | ||
| Q1 25 | — | -157.7% | ||
| Q4 24 | — | -42.4% | ||
| Q3 24 | -335.8% | -14.0% | ||
| Q2 24 | -66.0% | -37.9% | ||
| Q1 24 | -54.0% | -20.3% |
| Q4 25 | 20.4% | 45.9% | ||
| Q3 25 | — | 47.2% | ||
| Q2 25 | — | 67.3% | ||
| Q1 25 | — | 68.6% | ||
| Q4 24 | — | 32.5% | ||
| Q3 24 | 74.0% | 31.1% | ||
| Q2 24 | 9.9% | 17.2% | ||
| Q1 24 | 13.8% | 15.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| 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.
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
