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Side-by-side financial comparison of CLEANSPARK, INC. (CLSK) and Vericel Corp (VCEL). Click either name above to swap in a different company.
CLEANSPARK, INC. is the larger business by last-quarter revenue ($181.2M vs $92.9M, roughly 1.9× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -209.0%, a 234.0% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 11.6%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-198.1M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs 34.6%).
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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
CLSK vs VCEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $181.2M | $92.9M |
| Net Profit | $-378.7M | $23.2M |
| Gross Margin | 47.2% | 78.7% |
| Operating Margin | -174.7% | 24.1% |
| Net Margin | -209.0% | 25.0% |
| Revenue YoY | 11.6% | 23.3% |
| Net Profit YoY | -253.5% | 17.3% |
| EPS (diluted) | — | $0.46 |
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 | $92.9M | ||
| Q3 25 | — | $67.5M | ||
| Q2 25 | — | $63.2M | ||
| Q1 25 | — | $52.6M | ||
| Q4 24 | — | $75.4M | ||
| Q3 24 | $89.3M | $57.9M | ||
| Q2 24 | $104.1M | $52.7M | ||
| Q1 24 | $111.8M | $51.3M |
| Q4 25 | $-378.7M | $23.2M | ||
| Q3 25 | — | $5.1M | ||
| Q2 25 | — | $-553.0K | ||
| Q1 25 | — | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | $-62.2M | $-901.0K | ||
| Q2 24 | $-236.2M | $-4.7M | ||
| Q1 24 | $126.7M | $-3.9M |
| Q4 25 | 47.2% | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | 36.0% | 71.9% | ||
| Q2 24 | 56.6% | 69.5% | ||
| Q1 24 | 69.3% | 68.9% |
| Q4 25 | -174.7% | 24.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | -73.5% | -4.3% | ||
| Q2 24 | -239.2% | -11.5% | ||
| Q1 24 | — | -10.7% |
| Q4 25 | -209.0% | 25.0% | ||
| Q3 25 | — | 7.5% | ||
| Q2 25 | — | -0.9% | ||
| Q1 25 | — | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | -69.6% | -1.6% | ||
| Q2 24 | -226.9% | -8.9% | ||
| Q1 24 | 113.4% | -7.5% |
| Q4 25 | — | $0.46 | ||
| Q3 25 | — | $0.10 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $-0.02 | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | — | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $1.4B | $354.6M |
| Total Assets | $3.3B | $488.0M |
| Debt / EquityLower = less leverage | 1.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $458.1M | $137.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | — | $116.2M | ||
| Q3 24 | $121.2M | $101.7M | ||
| Q2 24 | $126.1M | $102.5M | ||
| Q1 24 | — | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | — | $321.9M | ||
| Q2 25 | — | $306.8M | ||
| Q1 25 | — | $295.5M | ||
| Q4 24 | — | $292.0M | ||
| Q3 24 | $1.8B | $257.5M | ||
| Q2 24 | $1.4B | $243.0M | ||
| Q1 24 | $1.5B | $233.9M |
| Q4 25 | $3.3B | $488.0M | ||
| Q3 25 | — | $453.3M | ||
| Q2 25 | — | $435.6M | ||
| Q1 25 | — | $424.6M | ||
| Q4 24 | — | $432.7M | ||
| Q3 24 | $2.0B | $390.4M | ||
| Q2 24 | $1.5B | $376.8M | ||
| Q1 24 | $1.5B | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | $-198.1M | $12.8M |
| FCF MarginFCF / Revenue | -109.3% | 13.8% |
| Capex IntensityCapex / Revenue | 20.4% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-626.9M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-161.1M | $15.0M | ||
| Q3 25 | — | $22.1M | ||
| Q2 25 | — | $8.2M | ||
| Q1 25 | — | $6.6M | ||
| Q4 24 | — | $22.2M | ||
| Q3 24 | $-233.7M | $10.2M | ||
| Q2 24 | $-58.4M | $18.5M | ||
| Q1 24 | $-44.8M | $7.2M |
| Q4 25 | $-198.1M | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | $-299.8M | $-9.2M | ||
| Q2 24 | $-68.7M | $1.8M | ||
| Q1 24 | $-60.3M | $-6.8M |
| Q4 25 | -109.3% | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | -335.8% | -15.9% | ||
| Q2 24 | -66.0% | 3.4% | ||
| Q1 24 | -54.0% | -13.3% |
| Q4 25 | 20.4% | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | 74.0% | 33.5% | ||
| Q2 24 | 9.9% | 31.8% | ||
| Q1 24 | 13.8% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
