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Side-by-side financial comparison of CLEANSPARK, INC. (CLSK) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
CLEANSPARK, INC. is the larger business by last-quarter revenue ($181.2M vs $100.0M, roughly 1.8× Latham Group, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -209.0%, a 202.0% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 11.6%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-198.1M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
CLSK vs SWIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $181.2M | $100.0M |
| Net Profit | $-378.7M | $-7.0M |
| Gross Margin | 47.2% | 28.0% |
| Operating Margin | -174.7% | -10.7% |
| Net Margin | -209.0% | -7.0% |
| Revenue YoY | 11.6% | 14.5% |
| Net Profit YoY | -253.5% | 76.0% |
| EPS (diluted) | — | $-0.06 |
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 | $100.0M | ||
| Q3 25 | — | $161.9M | ||
| Q2 25 | — | $172.6M | ||
| Q1 25 | — | $111.4M | ||
| Q4 24 | — | $87.3M | ||
| Q3 24 | $89.3M | $150.5M | ||
| Q2 24 | $104.1M | $160.1M | ||
| Q1 24 | $111.8M | $110.6M |
| Q4 25 | $-378.7M | $-7.0M | ||
| Q3 25 | — | $8.1M | ||
| Q2 25 | — | $16.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | — | $-29.2M | ||
| Q3 24 | $-62.2M | $5.9M | ||
| Q2 24 | $-236.2M | $13.3M | ||
| Q1 24 | $126.7M | $-7.9M |
| Q4 25 | 47.2% | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | 36.0% | 32.4% | ||
| Q2 24 | 56.6% | 33.1% | ||
| Q1 24 | 69.3% | 27.7% |
| Q4 25 | -174.7% | -10.7% | ||
| Q3 25 | — | 13.3% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | -4.4% | ||
| Q4 24 | — | -14.9% | ||
| Q3 24 | -73.5% | 8.9% | ||
| Q2 24 | -239.2% | 12.5% | ||
| Q1 24 | — | -1.9% |
| Q4 25 | -209.0% | -7.0% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | -5.4% | ||
| Q4 24 | — | -33.4% | ||
| Q3 24 | -69.6% | 3.9% | ||
| Q2 24 | -226.9% | 8.3% | ||
| Q1 24 | 113.4% | -7.1% |
| Q4 25 | — | $-0.06 | ||
| Q3 25 | — | $0.07 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $-0.05 | ||
| Q4 24 | — | $-0.24 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | — | $0.11 | ||
| Q1 24 | — | $-0.07 |
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 | — |
| Total DebtLower is stronger | $1.8B | $279.8M |
| Stockholders' EquityBook value | $1.4B | $405.9M |
| Total Assets | $3.3B | $823.2M |
| Debt / EquityLower = less leverage | 1.29× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $458.1M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $121.2M | — | ||
| Q2 24 | $126.1M | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.8B | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | $7.2M | $282.8M | ||
| Q2 24 | $1.3M | $282.4M | ||
| Q1 24 | $5.1M | $282.8M |
| Q4 25 | $1.4B | $405.9M | ||
| Q3 25 | — | $408.4M | ||
| Q2 25 | — | $398.4M | ||
| Q1 25 | — | $381.1M | ||
| Q4 24 | — | $387.2M | ||
| Q3 24 | $1.8B | $416.6M | ||
| Q2 24 | $1.4B | $408.1M | ||
| Q1 24 | $1.5B | $391.8M |
| Q4 25 | $3.3B | $823.2M | ||
| Q3 25 | — | $844.4M | ||
| Q2 25 | — | $822.1M | ||
| Q1 25 | — | $824.6M | ||
| Q4 24 | — | $794.2M | ||
| Q3 24 | $2.0B | $853.4M | ||
| Q2 24 | $1.5B | $830.0M | ||
| Q1 24 | $1.5B | $808.6M |
| Q4 25 | 1.29× | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | 0.00× | 0.68× | ||
| Q2 24 | 0.00× | 0.69× | ||
| Q1 24 | 0.00× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-198.1M | $14.1M |
| FCF MarginFCF / Revenue | -109.3% | 14.1% |
| Capex IntensityCapex / Revenue | 20.4% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-626.9M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-161.1M | $23.3M | ||
| Q3 25 | — | $51.0M | ||
| Q2 25 | — | $36.0M | ||
| Q1 25 | — | $-46.9M | ||
| Q4 24 | — | $6.2M | ||
| Q3 24 | $-233.7M | $37.2M | ||
| Q2 24 | $-58.4M | $52.4M | ||
| Q1 24 | $-44.8M | $-34.5M |
| Q4 25 | $-198.1M | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | $-299.8M | $33.2M | ||
| Q2 24 | $-68.7M | $47.9M | ||
| Q1 24 | $-60.3M | $-39.9M |
| Q4 25 | -109.3% | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | -335.8% | 22.1% | ||
| Q2 24 | -66.0% | 29.9% | ||
| Q1 24 | -54.0% | -36.0% |
| Q4 25 | 20.4% | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | 74.0% | 2.7% | ||
| Q2 24 | 9.9% | 2.8% | ||
| Q1 24 | 13.8% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | -0.35× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLSK
Segment breakdown not available.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
