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Side-by-side financial comparison of CLEANSPARK, INC. (CLSK) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
CLEANSPARK, INC. is the larger business by last-quarter revenue ($181.2M vs $152.8M, roughly 1.2× Riot Platforms, Inc.). CLEANSPARK, INC. runs the higher net margin — -209.0% vs -452.0%, a 242.9% gap on every dollar of revenue. On growth, CLEANSPARK, INC. posted the faster year-over-year revenue change (11.6% vs 7.2%). CLEANSPARK, INC. produced more free cash flow last quarter ($-198.1M vs $-774.3M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs 38.8%).
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.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
CLSK vs RIOT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $181.2M | $152.8M |
| Net Profit | $-378.7M | $-690.7M |
| Gross Margin | 47.2% | — |
| Operating Margin | -174.7% | -447.9% |
| Net Margin | -209.0% | -452.0% |
| Revenue YoY | 11.6% | 7.2% |
| Net Profit YoY | -253.5% | -606.3% |
| EPS (diluted) | — | $-1.89 |
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 | $152.8M | ||
| Q3 25 | — | $180.2M | ||
| Q2 25 | — | $153.0M | ||
| Q1 25 | — | $161.4M | ||
| Q4 24 | — | $142.6M | ||
| Q3 24 | $89.3M | $84.8M | ||
| Q2 24 | $104.1M | $70.0M | ||
| Q1 24 | $111.8M | $79.3M |
| Q4 25 | $-378.7M | $-690.7M | ||
| Q3 25 | — | $104.5M | ||
| Q2 25 | — | $219.5M | ||
| Q1 25 | — | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | $-62.2M | $-154.4M | ||
| Q2 24 | $-236.2M | $-84.4M | ||
| Q1 24 | $126.7M | $211.8M |
| 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% | -447.9% | ||
| Q3 25 | — | 44.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -144.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | -73.5% | -143.3% | ||
| Q2 24 | -239.2% | -167.2% | ||
| Q1 24 | — | — |
| Q4 25 | -209.0% | -452.0% | ||
| Q3 25 | — | 58.0% | ||
| Q2 25 | — | 143.4% | ||
| Q1 25 | — | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | -69.6% | -182.1% | ||
| Q2 24 | -226.9% | -120.6% | ||
| Q1 24 | 113.4% | 267.1% |
| Q4 25 | — | $-1.89 | ||
| Q3 25 | — | $0.26 | ||
| Q2 25 | — | $0.58 | ||
| Q1 25 | — | $-0.90 | ||
| Q4 24 | — | $0.39 | ||
| Q3 24 | — | $-0.54 | ||
| Q2 24 | — | $-0.32 | ||
| Q1 24 | — | $0.51 |
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 | $233.5M |
| Total DebtLower is stronger | $1.8B | $840.8M |
| Stockholders' EquityBook value | $1.4B | $2.9B |
| Total Assets | $3.3B | $3.9B |
| Debt / EquityLower = less leverage | 1.29× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $458.1M | $233.5M | ||
| Q3 25 | — | $330.7M | ||
| Q2 25 | — | $255.4M | ||
| Q1 25 | — | $163.7M | ||
| Q4 24 | — | $277.9M | ||
| Q3 24 | $121.2M | $355.7M | ||
| Q2 24 | $126.1M | $481.2M | ||
| Q1 24 | — | $688.5M |
| Q4 25 | $1.8B | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | $7.2M | $5.7M | ||
| Q2 24 | $1.3M | — | ||
| Q1 24 | $5.1M | — |
| Q4 25 | $1.4B | $2.9B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | $1.8B | $2.7B | ||
| Q2 24 | $1.4B | $2.6B | ||
| Q1 24 | $1.5B | $2.5B |
| Q4 25 | $3.3B | $3.9B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | $2.0B | $2.9B | ||
| Q2 24 | $1.5B | $2.7B | ||
| Q1 24 | $1.5B | $2.6B |
| Q4 25 | 1.29× | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | 0.00× | 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 | $-572.9M |
| Free Cash FlowOCF − Capex | $-198.1M | $-774.3M |
| FCF MarginFCF / Revenue | -109.3% | -506.6% |
| Capex IntensityCapex / Revenue | 20.4% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-626.9M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-161.1M | $-572.9M | ||
| Q3 25 | — | $-114.0M | ||
| Q2 25 | — | $-231.3M | ||
| Q1 25 | — | $-122.1M | ||
| Q4 24 | — | $-255.1M | ||
| Q3 24 | $-233.7M | $-56.3M | ||
| Q2 24 | $-58.4M | $-42.5M | ||
| Q1 24 | $-44.8M | $-57.9M |
| Q4 25 | $-198.1M | $-774.3M | ||
| Q3 25 | — | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | — | $-495.4M | ||
| Q3 24 | $-299.8M | $-127.6M | ||
| Q2 24 | $-68.7M | $-96.1M | ||
| Q1 24 | $-60.3M | $-115.2M |
| Q4 25 | -109.3% | -506.6% | ||
| Q3 25 | — | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | — | -347.5% | ||
| Q3 24 | -335.8% | -150.5% | ||
| Q2 24 | -66.0% | -137.2% | ||
| Q1 24 | -54.0% | -145.2% |
| Q4 25 | 20.4% | 131.8% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 168.6% | ||
| Q3 24 | 74.0% | 84.1% | ||
| Q2 24 | 9.9% | 76.5% | ||
| Q1 24 | 13.8% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.35× | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLSK
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
