CleanSpark Inc (CLSK)
Pretax margin
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | -193,898 | 86,267 | -142,433 | -148,631 | 82,989 | -73,507 | -131,303 | -103,925 | -106,044 | -85,846 | -39,714 | -3,927 | -1,766 | 3,602 | -19,210 | -20,906 | -15,382 | -28,597 | -23,345 | -28,379 |
| Revenue (ttm) | US$ in thousands | 537,401 | 467,488 | 378,968 | 342,808 | 284,080 | 214,827 | 168,860 | 141,918 | 127,566 | 122,218 | 131,524 | 132,496 | 113,384 | 84,306 | 49,439 | 24,249 | 15,772 | 11,310 | 10,029 | 10,397 |
| Pretax margin | -36.08% | 18.45% | -37.58% | -43.36% | 29.21% | -34.22% | -77.76% | -73.23% | -83.13% | -70.24% | -30.20% | -2.96% | -1.56% | 4.27% | -38.86% | -86.21% | -97.53% | -252.85% | -232.77% | -272.95% |
March 31, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-193,898K ÷ $537,401K
= -36.08%
The pretax margin of CleanSpark Inc exhibits significant volatility over the analyzed period. Initially, from June 30, 2020, through December 31, 2021, the company's pretax margins were predominantly negative, indicating consistent pre-tax losses. During this timeframe, margins ranged from as low as -272.95% in June 2020 to a slight positive of 4.27% in December 2021, suggesting an improving trend toward profitability but still characterized by substantial losses.
A notable turning point occurred around the end of 2021, with the pretax margin becoming positive for the first time in the timeframe analyzed, reaching 4.27% at the end of December 2021. However, this profitability was short-lived, as subsequent quarters displayed a return to negative margins, with fluctuations ranging from approximately -1.56% to over -83% between 2022 and mid-2023.
The period from March 2022 through September 2023 was marked by persistent negative pretax margins, often exceeding -70%, reflecting continued challenges in achieving pre-tax profitability. Nevertheless, there was a temporary resurgence of positive margins in December 2023 (18.45%), indicating a period of improved pre-tax performance.
Looking forward into 2024, the pretax margin again turned negative in the first quarter, but by December 31, 2024, the margin improved to a positive 18.45%. However, projections into March 2025 suggest a deterioration back into negative territory (-36.08%).
Overall, the company's pretax margin history indicates a pattern of frequent and substantial fluctuations, with episodes of both significant losses and occasional gains, highlighting ongoing volatility in operational or financial performance over the analyzed period.
Peer comparison
Mar 31, 2025