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Side-by-side financial comparison of CLEANSPARK, INC. (CLSK) and PicoCELA Inc. (PCLA). Click either name above to swap in a different company.
PicoCELA Inc. is the larger business by last-quarter revenue ($252.6M vs $181.2M, roughly 1.4× CLEANSPARK, INC.). PicoCELA Inc. runs the higher net margin — -125.2% vs -209.0%, a 83.8% gap on every dollar of revenue. CLEANSPARK, INC. produced more free cash flow last quarter ($-198.1M vs $-256.6M).
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.
PicoCELA Inc. is a global technology company specializing in low-power, high-reliability wireless connectivity solutions, including Wi-Fi HaLow modules and edge network infrastructure. It caters to industrial IoT, smart city, retail, and smart home segments, with a primary operational footprint across Asia, North America, and European markets.
CLSK vs PCLA — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $181.2M | $252.6M |
| Net Profit | $-378.7M | $-316.2M |
| Gross Margin | 47.2% | — |
| Operating Margin | -174.7% | -114.8% |
| Net Margin | -209.0% | -125.2% |
| Revenue YoY | 11.6% | — |
| Net Profit YoY | -253.5% | — |
| EPS (diluted) | — | — |
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 | — | ||
| Q1 25 | — | $252.6M | ||
| Q3 24 | $89.3M | — | ||
| Q2 24 | $104.1M | — | ||
| Q1 24 | $111.8M | — | ||
| Q4 23 | $73.8M | — | ||
| Q3 23 | $52.5M | — | ||
| Q2 23 | $45.5M | — |
| Q4 25 | $-378.7M | — | ||
| Q1 25 | — | $-316.2M | ||
| Q3 24 | $-62.2M | — | ||
| Q2 24 | $-236.2M | — | ||
| Q1 24 | $126.7M | — | ||
| Q4 23 | $25.9M | — | ||
| Q3 23 | $-76.4M | — | ||
| Q2 23 | $-14.2M | — |
| Q4 25 | 47.2% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 36.0% | — | ||
| Q2 24 | 56.6% | — | ||
| Q1 24 | 69.3% | — | ||
| Q4 23 | 60.8% | — | ||
| Q3 23 | 42.1% | — | ||
| Q2 23 | 54.6% | — |
| Q4 25 | -174.7% | — | ||
| Q1 25 | — | -114.8% | ||
| Q3 24 | -73.5% | — | ||
| Q2 24 | -239.2% | — | ||
| Q1 24 | — | — | ||
| Q4 23 | 38.6% | — | ||
| Q3 23 | -131.5% | — | ||
| Q2 23 | -34.2% | — |
| Q4 25 | -209.0% | — | ||
| Q1 25 | — | -125.2% | ||
| Q3 24 | -69.6% | — | ||
| Q2 24 | -226.9% | — | ||
| Q1 24 | 113.4% | — | ||
| Q4 23 | 35.1% | — | ||
| Q3 23 | -145.5% | — | ||
| Q2 23 | -31.2% | — |
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 | $456.8M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $1.4B | $354.8M |
| Total Assets | $3.3B | $1.2B |
| Debt / EquityLower = less leverage | 1.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $458.1M | — | ||
| Q1 25 | — | $456.8M | ||
| Q3 24 | $121.2M | — | ||
| Q2 24 | $126.1M | — | ||
| Q1 24 | — | — | ||
| Q4 23 | $48.5M | — | ||
| Q3 23 | $29.2M | — | ||
| Q2 23 | $21.8M | — |
| Q4 25 | $1.8B | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $7.2M | — | ||
| Q2 24 | $1.3M | — | ||
| Q1 24 | $5.1M | — | ||
| Q4 23 | $7.0M | — | ||
| Q3 23 | $8.9M | — | ||
| Q2 23 | $10.8M | — |
| Q4 25 | $1.4B | — | ||
| Q1 25 | — | $354.8M | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — | ||
| Q4 23 | $809.0M | — | ||
| Q3 23 | $675.7M | — | ||
| Q2 23 | $603.6M | — |
| Q4 25 | $3.3B | — | ||
| Q1 25 | — | $1.2B | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — | ||
| Q4 23 | $862.7M | — | ||
| Q3 23 | $761.6M | — | ||
| Q2 23 | $652.8M | — |
| Q4 25 | 1.29× | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.00× | — | ||
| Q4 23 | 0.01× | — | ||
| Q3 23 | 0.01× | — | ||
| Q2 23 | 0.02× | — |
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 | $-245.6M |
| Free Cash FlowOCF − Capex | $-198.1M | $-256.6M |
| FCF MarginFCF / Revenue | -109.3% | -101.6% |
| Capex IntensityCapex / Revenue | 20.4% | 4.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-626.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-161.1M | — | ||
| Q1 25 | — | $-245.6M | ||
| Q3 24 | $-233.7M | — | ||
| Q2 24 | $-58.4M | — | ||
| Q1 24 | $-44.8M | — | ||
| Q4 23 | $-47.7M | — | ||
| Q3 23 | $-34.9M | — | ||
| Q2 23 | $5.8M | — |
| Q4 25 | $-198.1M | — | ||
| Q1 25 | — | $-256.6M | ||
| Q3 24 | $-299.8M | — | ||
| Q2 24 | $-68.7M | — | ||
| Q1 24 | $-60.3M | — | ||
| Q4 23 | $-75.2M | — | ||
| Q3 23 | $-53.8M | — | ||
| Q2 23 | $-15.1M | — |
| Q4 25 | -109.3% | — | ||
| Q1 25 | — | -101.6% | ||
| Q3 24 | -335.8% | — | ||
| Q2 24 | -66.0% | — | ||
| Q1 24 | -54.0% | — | ||
| Q4 23 | -101.9% | — | ||
| Q3 23 | -102.3% | — | ||
| Q2 23 | -33.1% | — |
| Q4 25 | 20.4% | — | ||
| Q1 25 | — | 4.3% | ||
| Q3 24 | 74.0% | — | ||
| Q2 24 | 9.9% | — | ||
| Q1 24 | 13.8% | — | ||
| Q4 23 | 37.3% | — | ||
| Q3 23 | 35.8% | — | ||
| Q2 23 | 45.8% | — |
| Q4 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.35× | — | ||
| Q4 23 | -1.84× | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLSK
Segment breakdown not available.
PCLA
| Revenue from product | $179.1M | 71% |
| Revenue from SaaS, Maintenance and others | $42.4M | 17% |
| Revenue from product – related party | $31.0M | 12% |
