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Side-by-side financial comparison of CLEANSPARK, INC. (CLSK) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
CLEANSPARK, INC. is the larger business by last-quarter revenue ($181.2M vs $91.6M, roughly 2.0× SHENANDOAH TELECOMMUNICATIONS CO). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -209.0%, a 203.2% gap on every dollar of revenue. On growth, CLEANSPARK, INC. posted the faster year-over-year revenue change (11.6% vs 7.2%). SHENANDOAH TELECOMMUNICATIONS CO produced more free cash flow last quarter ($-78.6M vs $-198.1M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs 15.0%).
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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
CLSK vs SHEN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $181.2M | $91.6M |
| Net Profit | $-378.7M | $-5.4M |
| Gross Margin | 47.2% | — |
| Operating Margin | -174.7% | -1.0% |
| Net Margin | -209.0% | -5.9% |
| Revenue YoY | 11.6% | 7.2% |
| Net Profit YoY | -253.5% | -95.8% |
| EPS (diluted) | — | $-0.13 |
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 | $91.6M | ||
| Q3 25 | — | $89.8M | ||
| Q2 25 | — | $88.6M | ||
| Q1 25 | — | $87.9M | ||
| Q4 24 | — | $85.4M | ||
| Q3 24 | $89.3M | $87.6M | ||
| Q2 24 | $104.1M | $85.8M | ||
| Q1 24 | $111.8M | $69.2M |
| Q4 25 | $-378.7M | $-5.4M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-9.0M | ||
| Q1 25 | — | $-9.1M | ||
| Q4 24 | — | $-2.7M | ||
| Q3 24 | $-62.2M | $-5.3M | ||
| Q2 24 | $-236.2M | $-12.9M | ||
| Q1 24 | $126.7M | $214.7M |
| 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% | -1.0% | ||
| Q3 25 | — | -8.0% | ||
| Q2 25 | — | -10.3% | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | -6.7% | ||
| Q3 24 | -73.5% | -4.8% | ||
| Q2 24 | -239.2% | -18.5% | ||
| Q1 24 | — | -4.0% |
| Q4 25 | -209.0% | -5.9% | ||
| Q3 25 | — | -10.5% | ||
| Q2 25 | — | -10.2% | ||
| Q1 25 | — | -10.4% | ||
| Q4 24 | — | -3.2% | ||
| Q3 24 | -69.6% | -6.0% | ||
| Q2 24 | -226.9% | -15.0% | ||
| Q1 24 | 113.4% | 310.0% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | — | $-0.20 | ||
| Q2 25 | — | $-0.19 | ||
| Q1 25 | — | $-0.19 | ||
| Q4 24 | — | $-0.34 | ||
| Q3 24 | — | $-0.13 | ||
| Q2 24 | — | $-0.24 | ||
| Q1 24 | — | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | $1.8B | $642.4M |
| Stockholders' EquityBook value | $1.4B | $880.8M |
| Total Assets | $3.3B | $1.9B |
| Debt / EquityLower = less leverage | 1.29× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $458.1M | $27.3M | ||
| Q3 25 | — | $22.6M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $87.5M | ||
| Q4 24 | — | $46.3M | ||
| Q3 24 | $121.2M | $43.1M | ||
| Q2 24 | $126.1M | $43.8M | ||
| Q1 24 | — | $389.7M |
| Q4 25 | $1.8B | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | $7.2M | $345.2M | ||
| Q2 24 | $1.3M | $297.4M | ||
| Q1 24 | $5.1M | $298.7M |
| Q4 25 | $1.4B | $880.8M | ||
| Q3 25 | — | $892.7M | ||
| Q2 25 | — | $902.0M | ||
| Q1 25 | — | $910.5M | ||
| Q4 24 | — | $918.6M | ||
| Q3 24 | $1.8B | $925.4M | ||
| Q2 24 | $1.4B | $933.1M | ||
| Q1 24 | $1.5B | $871.6M |
| Q4 25 | $3.3B | $1.9B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $2.0B | $1.7B | ||
| Q2 24 | $1.5B | $1.7B | ||
| Q1 24 | $1.5B | $1.4B |
| Q4 25 | 1.29× | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | 0.00× | 0.37× | ||
| Q2 24 | 0.00× | 0.32× | ||
| Q1 24 | 0.00× | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-198.1M | $-78.6M |
| FCF MarginFCF / Revenue | -109.3% | -85.8% |
| Capex IntensityCapex / Revenue | 20.4% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-626.9M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-161.1M | $28.8M | ||
| Q3 25 | — | $30.7M | ||
| Q2 25 | — | $20.9M | ||
| Q1 25 | — | $20.5M | ||
| Q4 24 | — | $20.6M | ||
| Q3 24 | $-233.7M | $24.3M | ||
| Q2 24 | $-58.4M | $2.5M | ||
| Q1 24 | $-44.8M | $15.2M |
| Q4 25 | $-198.1M | $-78.6M | ||
| Q3 25 | — | $-51.4M | ||
| Q2 25 | — | $-65.3M | ||
| Q1 25 | — | $-62.7M | ||
| Q4 24 | — | $-72.0M | ||
| Q3 24 | $-299.8M | $-51.3M | ||
| Q2 24 | $-68.7M | $-78.3M | ||
| Q1 24 | $-60.3M | $-54.9M |
| Q4 25 | -109.3% | -85.8% | ||
| Q3 25 | — | -57.2% | ||
| Q2 25 | — | -73.7% | ||
| Q1 25 | — | -71.3% | ||
| Q4 24 | — | -84.3% | ||
| Q3 24 | -335.8% | -58.5% | ||
| Q2 24 | -66.0% | -91.3% | ||
| Q1 24 | -54.0% | -79.3% |
| Q4 25 | 20.4% | 117.2% | ||
| Q3 25 | — | 91.4% | ||
| Q2 25 | — | 97.3% | ||
| Q1 25 | — | 94.7% | ||
| Q4 24 | — | 108.4% | ||
| Q3 24 | 74.0% | 86.2% | ||
| Q2 24 | 9.9% | 94.2% | ||
| Q1 24 | 13.8% | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.35× | 0.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLSK
Segment breakdown not available.
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
