vs
Side-by-side financial comparison of CLEANSPARK, INC. (CLSK) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
CLEANSPARK, INC. is the larger business by last-quarter revenue ($181.2M vs $101.1M, roughly 1.8× FORRESTER RESEARCH, INC.). FORRESTER RESEARCH, INC. runs the higher net margin — -33.5% vs -209.0%, a 175.5% gap on every dollar of revenue. On growth, CLEANSPARK, INC. posted the faster year-over-year revenue change (11.6% vs -6.5%). FORRESTER RESEARCH, INC. produced more free cash flow last quarter ($-4.3M vs $-198.1M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs 0.5%).
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.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
CLSK vs FORR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $181.2M | $101.1M |
| Net Profit | $-378.7M | $-33.9M |
| Gross Margin | 47.2% | 56.7% |
| Operating Margin | -174.7% | -36.6% |
| Net Margin | -209.0% | -33.5% |
| Revenue YoY | 11.6% | -6.5% |
| Net Profit YoY | -253.5% | -7941.4% |
| EPS (diluted) | — | $-1.75 |
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 | $101.1M | ||
| Q3 25 | — | $94.3M | ||
| Q2 25 | — | $111.7M | ||
| Q1 25 | — | $89.9M | ||
| Q4 24 | — | $108.0M | ||
| Q3 24 | $89.3M | $102.5M | ||
| Q2 24 | $104.1M | $121.8M | ||
| Q1 24 | $111.8M | $100.1M |
| Q4 25 | $-378.7M | $-33.9M | ||
| Q3 25 | — | $-2.1M | ||
| Q2 25 | — | $3.9M | ||
| Q1 25 | — | $-87.3M | ||
| Q4 24 | — | $432.0K | ||
| Q3 24 | $-62.2M | $-5.8M | ||
| Q2 24 | $-236.2M | $6.3M | ||
| Q1 24 | $126.7M | $-6.7M |
| Q4 25 | 47.2% | 56.7% | ||
| Q3 25 | — | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 58.8% | ||
| Q3 24 | 36.0% | 60.5% | ||
| Q2 24 | 56.6% | 57.3% | ||
| Q1 24 | 69.3% | 54.9% |
| Q4 25 | -174.7% | -36.6% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | — | -97.5% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | -73.5% | -0.7% | ||
| Q2 24 | -239.2% | 9.3% | ||
| Q1 24 | — | -9.3% |
| Q4 25 | -209.0% | -33.5% | ||
| Q3 25 | — | -2.3% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | -97.1% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | -69.6% | -5.7% | ||
| Q2 24 | -226.9% | 5.2% | ||
| Q1 24 | 113.4% | -6.7% |
| Q4 25 | — | $-1.75 | ||
| Q3 25 | — | $-0.11 | ||
| Q2 25 | — | $0.20 | ||
| Q1 25 | — | $-4.62 | ||
| Q4 24 | — | $0.02 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.33 | ||
| Q1 24 | — | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $1.4B | $126.5M |
| Total Assets | $3.3B | $404.0M |
| Debt / EquityLower = less leverage | 1.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $458.1M | $63.3M | ||
| Q3 25 | — | $65.1M | ||
| Q2 25 | — | $67.8M | ||
| Q1 25 | — | $75.6M | ||
| Q4 24 | — | $56.1M | ||
| Q3 24 | $121.2M | $62.8M | ||
| Q2 24 | $126.1M | $58.9M | ||
| Q1 24 | — | $61.4M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $7.2M | — | ||
| Q2 24 | $1.3M | — | ||
| Q1 24 | $5.1M | — |
| Q4 25 | $1.4B | $126.5M | ||
| Q3 25 | — | $157.7M | ||
| Q2 25 | — | $159.5M | ||
| Q1 25 | — | $147.4M | ||
| Q4 24 | — | $229.5M | ||
| Q3 24 | $1.8B | $234.3M | ||
| Q2 24 | $1.4B | $237.1M | ||
| Q1 24 | $1.5B | $230.9M |
| Q4 25 | $3.3B | $404.0M | ||
| Q3 25 | — | $414.2M | ||
| Q2 25 | — | $436.0M | ||
| Q1 25 | — | $439.8M | ||
| Q4 24 | — | $503.9M | ||
| Q3 24 | $2.0B | $505.3M | ||
| Q2 24 | $1.5B | $524.2M | ||
| Q1 24 | $1.5B | $555.7M |
| 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 | $-3.2M |
| Free Cash FlowOCF − Capex | $-198.1M | $-4.3M |
| FCF MarginFCF / Revenue | -109.3% | -4.2% |
| Capex IntensityCapex / Revenue | 20.4% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-626.9M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-161.1M | $-3.2M | ||
| Q3 25 | — | $1.2M | ||
| Q2 25 | — | $-3.6M | ||
| Q1 25 | — | $26.7M | ||
| Q4 24 | — | $-1.8M | ||
| Q3 24 | $-233.7M | $264.0K | ||
| Q2 24 | $-58.4M | $-2.9M | ||
| Q1 24 | $-44.8M | $611.0K |
| Q4 25 | $-198.1M | $-4.3M | ||
| Q3 25 | — | $524.0K | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $26.1M | ||
| Q4 24 | — | $-2.5M | ||
| Q3 24 | $-299.8M | $-223.0K | ||
| Q2 24 | $-68.7M | $-3.7M | ||
| Q1 24 | $-60.3M | $-815.0K |
| Q4 25 | -109.3% | -4.2% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | -3.8% | ||
| Q1 25 | — | 29.0% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | -335.8% | -0.2% | ||
| Q2 24 | -66.0% | -3.1% | ||
| Q1 24 | -54.0% | -0.8% |
| Q4 25 | 20.4% | 1.1% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | 74.0% | 0.5% | ||
| Q2 24 | 9.9% | 0.7% | ||
| Q1 24 | 13.8% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| 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.
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
