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Side-by-side financial comparison of CLEANSPARK, INC. (CLSK) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
CLEANSPARK, INC. is the larger business by last-quarter revenue ($181.2M vs $124.7M, roughly 1.5× SMITH & WESSON BRANDS, INC.). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs -209.0%, a 210.6% gap on every dollar of revenue. On growth, CLEANSPARK, INC. posted the faster year-over-year revenue change (11.6% vs -3.9%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $-198.1M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
CLSK vs SWBI — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $181.2M | $124.7M |
| Net Profit | $-378.7M | $1.9M |
| Gross Margin | 47.2% | 24.3% |
| Operating Margin | -174.7% | 3.3% |
| Net Margin | -209.0% | 1.5% |
| Revenue YoY | 11.6% | -3.9% |
| Net Profit YoY | -253.5% | -53.6% |
| EPS (diluted) | — | $0.04 |
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 | $124.7M | ||
| Q3 25 | — | $85.1M | ||
| Q2 25 | — | $140.8M | ||
| Q1 25 | — | $115.9M | ||
| Q4 24 | — | $129.7M | ||
| Q3 24 | $89.3M | $88.3M | ||
| Q2 24 | $104.1M | $159.1M | ||
| Q1 24 | $111.8M | $137.5M |
| Q4 25 | $-378.7M | $1.9M | ||
| Q3 25 | — | $-3.4M | ||
| Q2 25 | — | $8.6M | ||
| Q1 25 | — | $2.1M | ||
| Q4 24 | — | $4.5M | ||
| Q3 24 | $-62.2M | $-1.9M | ||
| Q2 24 | $-236.2M | $27.9M | ||
| Q1 24 | $126.7M | $7.9M |
| Q4 25 | 47.2% | 24.3% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | 36.0% | 27.4% | ||
| Q2 24 | 56.6% | 35.5% | ||
| Q1 24 | 69.3% | 28.7% |
| Q4 25 | -174.7% | 3.3% | ||
| Q3 25 | — | -3.5% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 4.1% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | -73.5% | -1.7% | ||
| Q2 24 | -239.2% | 17.4% | ||
| Q1 24 | — | 8.2% |
| Q4 25 | -209.0% | 1.5% | ||
| Q3 25 | — | -4.0% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | -69.6% | -2.1% | ||
| Q2 24 | -226.9% | 17.5% | ||
| Q1 24 | 113.4% | 5.7% |
| Q4 25 | — | $0.04 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $0.19 | ||
| Q1 25 | — | $0.05 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $0.60 | ||
| Q1 24 | — | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $1.4B | $363.2M |
| Total Assets | $3.3B | $548.6M |
| Debt / EquityLower = less leverage | 1.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $458.1M | $22.4M | ||
| Q3 25 | — | $18.0M | ||
| Q2 25 | — | $25.2M | ||
| Q1 25 | — | $26.7M | ||
| Q4 24 | — | $39.1M | ||
| Q3 24 | $121.2M | $35.5M | ||
| Q2 24 | $126.1M | $60.8M | ||
| Q1 24 | — | $47.4M |
| 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 | $363.2M | ||
| Q3 25 | — | $364.4M | ||
| Q2 25 | — | $372.5M | ||
| Q1 25 | — | $366.9M | ||
| Q4 24 | — | $371.5M | ||
| Q3 24 | $1.8B | $380.0M | ||
| Q2 24 | $1.4B | $399.9M | ||
| Q1 24 | $1.5B | $376.4M |
| Q4 25 | $3.3B | $548.6M | ||
| Q3 25 | — | $554.6M | ||
| Q2 25 | — | $559.6M | ||
| Q1 25 | — | $578.9M | ||
| Q4 24 | — | $587.4M | ||
| Q3 24 | $2.0B | $571.3M | ||
| Q2 24 | $1.5B | $577.4M | ||
| Q1 24 | $1.5B | $570.6M |
| 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 | $27.3M |
| Free Cash FlowOCF − Capex | $-198.1M | $16.3M |
| FCF MarginFCF / Revenue | -109.3% | 13.1% |
| Capex IntensityCapex / Revenue | 20.4% | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-626.9M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-161.1M | $27.3M | ||
| Q3 25 | — | $-8.1M | ||
| Q2 25 | — | $40.8M | ||
| Q1 25 | — | $-9.8M | ||
| Q4 24 | — | $-7.4M | ||
| Q3 24 | $-233.7M | $-30.8M | ||
| Q2 24 | $-58.4M | $43.7M | ||
| Q1 24 | $-44.8M | $25.2M |
| Q4 25 | $-198.1M | $16.3M | ||
| Q3 25 | — | $-12.4M | ||
| Q2 25 | — | $33.5M | ||
| Q1 25 | — | $-16.1M | ||
| Q4 24 | — | $-10.7M | ||
| Q3 24 | $-299.8M | $-35.5M | ||
| Q2 24 | $-68.7M | $38.2M | ||
| Q1 24 | $-60.3M | $7.0M |
| Q4 25 | -109.3% | 13.1% | ||
| Q3 25 | — | -14.6% | ||
| Q2 25 | — | 23.8% | ||
| Q1 25 | — | -13.9% | ||
| Q4 24 | — | -8.3% | ||
| Q3 24 | -335.8% | -40.2% | ||
| Q2 24 | -66.0% | 24.0% | ||
| Q1 24 | -54.0% | 5.1% |
| Q4 25 | 20.4% | 8.8% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 74.0% | 5.3% | ||
| Q2 24 | 9.9% | 3.5% | ||
| Q1 24 | 13.8% | 13.2% |
| Q4 25 | — | 14.22× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.73× | ||
| Q1 25 | — | -4.68× | ||
| Q4 24 | — | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | -0.35× | 3.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
