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Side-by-side financial comparison of CLEANSPARK, INC. (CLSK) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $181.2M, roughly 1.9× CLEANSPARK, INC.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -209.0%, a 212.4% gap on every dollar of revenue. On growth, CLEANSPARK, INC. posted the faster year-over-year revenue change (11.6% vs 1.6%). Natural Grocers by Vitamin Cottage, Inc. produced more free cash flow last quarter ($11.6M vs $-198.1M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs 4.4%).
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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
CLSK vs NGVC — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $181.2M | $335.6M |
| Net Profit | $-378.7M | $11.3M |
| Gross Margin | 47.2% | 29.5% |
| Operating Margin | -174.7% | 4.4% |
| Net Margin | -209.0% | 3.4% |
| Revenue YoY | 11.6% | 1.6% |
| Net Profit YoY | -253.5% | 14.0% |
| EPS (diluted) | — | $0.49 |
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 | $335.6M | ||
| Q3 25 | — | $336.1M | ||
| Q2 25 | — | $328.7M | ||
| Q1 25 | — | $335.8M | ||
| Q4 24 | — | $330.2M | ||
| Q3 24 | $89.3M | $322.7M | ||
| Q2 24 | $104.1M | $309.1M | ||
| Q1 24 | $111.8M | $308.1M |
| Q4 25 | $-378.7M | $11.3M | ||
| Q3 25 | — | $11.8M | ||
| Q2 25 | — | $11.6M | ||
| Q1 25 | — | $13.1M | ||
| Q4 24 | — | $9.9M | ||
| Q3 24 | $-62.2M | $9.0M | ||
| Q2 24 | $-236.2M | $9.2M | ||
| Q1 24 | $126.7M | $8.0M |
| Q4 25 | 47.2% | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | 36.0% | 29.6% | ||
| Q2 24 | 56.6% | 29.2% | ||
| Q1 24 | 69.3% | 29.3% |
| Q4 25 | -174.7% | 4.4% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | -73.5% | 3.7% | ||
| Q2 24 | -239.2% | 4.2% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | -209.0% | 3.4% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | -69.6% | 2.8% | ||
| Q2 24 | -226.9% | 3.0% | ||
| Q1 24 | 113.4% | 2.6% |
| Q4 25 | — | $0.49 | ||
| Q3 25 | — | $0.51 | ||
| Q2 25 | — | $0.50 | ||
| Q1 25 | — | $0.56 | ||
| Q4 24 | — | $0.43 | ||
| Q3 24 | — | $0.38 | ||
| Q2 24 | — | $0.40 | ||
| 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 | $23.2M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $1.4B | $220.0M |
| Total Assets | $3.3B | $668.6M |
| Debt / EquityLower = less leverage | 1.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $458.1M | $23.2M | ||
| Q3 25 | — | $17.1M | ||
| Q2 25 | — | $13.2M | ||
| Q1 25 | — | $21.2M | ||
| Q4 24 | — | $6.3M | ||
| Q3 24 | $121.2M | $8.9M | ||
| Q2 24 | $126.1M | $13.9M | ||
| Q1 24 | — | $11.0M |
| 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 | $220.0M | ||
| Q3 25 | — | $212.4M | ||
| Q2 25 | — | $202.5M | ||
| Q1 25 | — | $193.0M | ||
| Q4 24 | — | $181.9M | ||
| Q3 24 | $1.8B | $174.3M | ||
| Q2 24 | $1.4B | $167.8M | ||
| Q1 24 | $1.5B | $160.0M |
| Q4 25 | $3.3B | $668.6M | ||
| Q3 25 | — | $670.5M | ||
| Q2 25 | — | $659.0M | ||
| Q1 25 | — | $664.6M | ||
| Q4 24 | — | $648.9M | ||
| Q3 24 | $2.0B | $655.5M | ||
| Q2 24 | $1.5B | $654.4M | ||
| Q1 24 | $1.5B | $656.6M |
| 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 | $21.1M |
| Free Cash FlowOCF − Capex | $-198.1M | $11.6M |
| FCF MarginFCF / Revenue | -109.3% | 3.4% |
| Capex IntensityCapex / Revenue | 20.4% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $-626.9M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-161.1M | $21.1M | ||
| Q3 25 | — | $15.6M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $34.1M | ||
| Q4 24 | — | $2.7M | ||
| Q3 24 | $-233.7M | $24.5M | ||
| Q2 24 | $-58.4M | $12.4M | ||
| Q1 24 | $-44.8M | $20.2M |
| Q4 25 | $-198.1M | $11.6M | ||
| Q3 25 | — | $7.5M | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | — | $-6.9M | ||
| Q3 24 | $-299.8M | $18.0M | ||
| Q2 24 | $-68.7M | $3.6M | ||
| Q1 24 | $-60.3M | $9.8M |
| Q4 25 | -109.3% | 3.4% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | -1.3% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | -2.1% | ||
| Q3 24 | -335.8% | 5.6% | ||
| Q2 24 | -66.0% | 1.2% | ||
| Q1 24 | -54.0% | 3.2% |
| Q4 25 | 20.4% | 2.9% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | 74.0% | 2.0% | ||
| Q2 24 | 9.9% | 2.9% | ||
| Q1 24 | 13.8% | 3.4% |
| Q4 25 | — | 1.86× | ||
| Q3 25 | — | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 2.60× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | -0.35× | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLSK
Segment breakdown not available.
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
