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Side-by-side financial comparison of CLEANSPARK, INC. (CLSK) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
CLEANSPARK, INC. is the larger business by last-quarter revenue ($181.2M vs $122.1M, roughly 1.5× NOODLES & Co). NOODLES & Co runs the higher net margin — -7.5% vs -209.0%, a 201.5% gap on every dollar of revenue. On growth, CLEANSPARK, INC. posted the faster year-over-year revenue change (11.6% vs -4.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-198.1M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs -1.2%).
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.
Noodles & Company is an American fast-casual restaurant that offers international and American noodle dishes in addition to soups and salads. Noodles & Company was founded in 1995 by Aaron Kennedy and is headquartered in Broomfield, Colorado. The company went public in 2013 and recorded a $457 million revenue in 2017. In mid-2022, there were 458 Noodles & Company locations across 31 states.
CLSK vs NDLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $181.2M | $122.1M |
| Net Profit | $-378.7M | $-9.2M |
| Gross Margin | 47.2% | — |
| Operating Margin | -174.7% | -5.2% |
| Net Margin | -209.0% | -7.5% |
| Revenue YoY | 11.6% | -4.1% |
| Net Profit YoY | -253.5% | 32.8% |
| EPS (diluted) | — | $-0.20 |
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 | — | $122.1M | ||
| Q2 25 | — | $123.8M | ||
| Q4 24 | — | $122.8M | ||
| Q3 24 | $89.3M | $127.4M | ||
| Q2 24 | $104.1M | $121.4M | ||
| Q1 24 | $111.8M | $124.3M | ||
| Q4 23 | $73.8M | $127.9M |
| Q4 25 | $-378.7M | — | ||
| Q3 25 | — | $-9.2M | ||
| Q2 25 | — | $-9.1M | ||
| Q4 24 | — | $-6.8M | ||
| Q3 24 | $-62.2M | $-13.6M | ||
| Q2 24 | $-236.2M | $-6.1M | ||
| Q1 24 | $126.7M | $-6.1M | ||
| Q4 23 | $25.9M | $700.0K |
| Q4 25 | 47.2% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 36.0% | — | ||
| Q2 24 | 56.6% | — | ||
| Q1 24 | 69.3% | — | ||
| Q4 23 | 60.8% | — |
| Q4 25 | -174.7% | — | ||
| Q3 25 | — | -5.2% | ||
| Q2 25 | — | -5.2% | ||
| Q4 24 | — | -3.9% | ||
| Q3 24 | -73.5% | -9.0% | ||
| Q2 24 | -239.2% | -3.4% | ||
| Q1 24 | — | -3.7% | ||
| Q4 23 | 38.6% | 1.6% |
| Q4 25 | -209.0% | — | ||
| Q3 25 | — | -7.5% | ||
| Q2 25 | — | -7.3% | ||
| Q4 24 | — | -5.5% | ||
| Q3 24 | -69.6% | -10.7% | ||
| Q2 24 | -226.9% | -5.1% | ||
| Q1 24 | 113.4% | -4.9% | ||
| Q4 23 | 35.1% | 0.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.20 | ||
| Q2 25 | — | $-0.20 | ||
| Q4 24 | — | $-0.15 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $-0.14 | ||
| Q1 24 | — | $-1.64 | ||
| Q4 23 | — | $0.02 |
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 | $4.7M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $1.4B | $-38.9M |
| Total Assets | $3.3B | $280.6M |
| Debt / EquityLower = less leverage | 1.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $458.1M | — | ||
| Q3 25 | — | $4.7M | ||
| Q2 25 | — | $1.4M | ||
| Q4 24 | — | $3.3M | ||
| Q3 24 | $121.2M | $1.8M | ||
| Q2 24 | $126.1M | $1.3M | ||
| Q1 24 | — | $3.0M | ||
| Q4 23 | $48.5M | $2.5M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $7.2M | — | ||
| Q2 24 | $1.3M | — | ||
| Q1 24 | $5.1M | — | ||
| Q4 23 | $7.0M | — |
| Q4 25 | $1.4B | — | ||
| Q3 25 | — | $-38.9M | ||
| Q2 25 | — | $-13.9M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | $1.8B | $9.6M | ||
| Q2 24 | $1.4B | $21.9M | ||
| Q1 24 | $1.5B | $27.2M | ||
| Q4 23 | $809.0M | $32.5M |
| Q4 25 | $3.3B | — | ||
| Q3 25 | — | $280.6M | ||
| Q2 25 | — | $319.4M | ||
| Q4 24 | — | $340.5M | ||
| Q3 24 | $2.0B | $346.3M | ||
| Q2 24 | $1.5B | $360.4M | ||
| Q1 24 | $1.5B | $368.1M | ||
| Q4 23 | $862.7M | $368.8M |
| Q4 25 | 1.29× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 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 | $-161.1M | $4.3M |
| Free Cash FlowOCF − Capex | $-198.1M | $-2.8M |
| FCF MarginFCF / Revenue | -109.3% | -2.3% |
| Capex IntensityCapex / Revenue | 20.4% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-626.9M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-161.1M | — | ||
| Q3 25 | — | $4.3M | ||
| Q2 25 | — | $4.0M | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | $-233.7M | $4.7M | ||
| Q2 24 | $-58.4M | $7.0M | ||
| Q1 24 | $-44.8M | $164.0K | ||
| Q4 23 | $-47.7M | $16.9M |
| Q4 25 | $-198.1M | — | ||
| Q3 25 | — | $-2.8M | ||
| Q2 25 | — | $1.1M | ||
| Q4 24 | — | $-1.3M | ||
| Q3 24 | $-299.8M | $-4.5M | ||
| Q2 24 | $-68.7M | $-1.6M | ||
| Q1 24 | $-60.3M | $-15.2M | ||
| Q4 23 | $-75.2M | $4.1M |
| Q4 25 | -109.3% | — | ||
| Q3 25 | — | -2.3% | ||
| Q2 25 | — | 0.9% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | -335.8% | -3.5% | ||
| Q2 24 | -66.0% | -1.4% | ||
| Q1 24 | -54.0% | -12.2% | ||
| Q4 23 | -101.9% | 3.2% |
| Q4 25 | 20.4% | — | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | — | 2.4% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | 74.0% | 7.2% | ||
| Q2 24 | 9.9% | 7.1% | ||
| Q1 24 | 13.8% | 12.3% | ||
| Q4 23 | 37.3% | 10.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.35× | — | ||
| Q4 23 | -1.84× | 24.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLSK
Segment breakdown not available.
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
