CleanSpark Inc (CLSK)
Operating return on assets (Operating ROA)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating income (ttm) | US$ in thousands | -242,723 | 32,422 | -149,043 | -152,535 | 80,958 | -73,649 | -131,043 | -102,612 | -102,343 | -82,058 | -37,864 | -2,498 | 838 | -4,458 | -25,939 | -28,383 | -18,547 | -18,322 | -15,143 | -17,217 |
| Total assets | US$ in thousands | 2,657,000 | 2,779,290 | 1,962,660 | 1,475,580 | 1,537,320 | 862,731 | 761,578 | 652,803 | 531,553 | 486,789 | 452,625 | 411,059 | 424,797 | 418,145 | 317,473 | 297,489 | 292,613 | 78,173 | 22,340 | 20,628 |
| Operating ROA | -9.14% | 1.17% | -7.59% | -10.34% | 5.27% | -8.54% | -17.21% | -15.72% | -19.25% | -16.86% | -8.37% | -0.61% | 0.20% | -1.07% | -8.17% | -9.54% | -6.34% | -23.44% | -67.78% | -83.46% |
March 31, 2025 calculation
Operating ROA = Operating income (ttm) ÷ Total assets
= $-242,723K ÷ $2,657,000K
= -9.14%
Based on the provided data, CleanSpark Inc’s operating return on assets (ROA) demonstrates a significant improvement over the analyzed period, transitioning from markedly negative values to positive territory in recent periods. Initially, as of June 30, 2020, the operating ROA was -83.46%, indicating a substantial loss relative to the company’s assets. Over the subsequent months, there was a progressive upward trend, with the figure gradually reducing in negativity. By December 31, 2020, the operating ROA improved to -23.44%, and continued to narrow through 2021, reaching -1.07% on December 31, 2021, reflecting ongoing operational efficiency gains.
In 2022, the improvement plateaued temporarily with fluctuations; the operating ROA was -0.61% on June 30, 2022, and worsened slightly to -8.37% by September 30, 2022, and further to -16.86% at year-end. The negative trend persisted into 2023, with readings of -19.25% in March and -15.72% in June, before stabilizing around -17.21% in September 2023.
A notable shift occurred at the end of 2023 and early 2024, when the operating ROA turned positive, reaching 5.27% by March 31, 2024, and further improving to 1.17% at December 31, 2024. This indicates a significant turnaround in operational performance, suggesting the company’s activities have begun generating sufficient returns relative to its assets. However, in the latest period reported (March 31, 2025), the operating ROA declines again to -9.14%, indicating some recent challenges or volatility affecting operational profitability.
Overall, the trend of CleanSpark Inc’s operating ROA reflects a trajectory of substantial improvement from deeply negative figures in 2020, reaching a positive peak at the end of 2024, followed by a subsequent decline. This pattern suggests that the company has made considerable progress in operational efficiency, though recent fluctuations imply that the underlying operational profitability remains subject to volatility or competitive and market pressures.
Peer comparison
Mar 31, 2025