CleanSpark Inc (CLSK)
Profitability ratios
Return on sales
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit margin | 43.49% | 45.97% | 49.78% | 54.92% | 50.56% | 40.31% | 29.09% | 7.60% | 13.47% | 20.64% | 35.09% | 73.54% | 74.80% | 74.59% | 71.77% | 67.43% | 55.99% | 26.10% | 21.15% | 15.65% |
| Operating profit margin | -45.17% | 6.94% | -39.33% | -44.50% | 28.50% | -34.28% | -77.60% | -72.30% | -80.23% | -67.14% | -28.79% | -1.89% | 0.74% | -5.29% | -52.47% | -117.05% | -117.59% | -162.00% | -150.99% | -165.60% |
| 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% |
| Net profit margin | -35.43% | 16.07% | -38.47% | -46.23% | 22.37% | -38.01% | -80.89% | -73.29% | -93.39% | -82.51% | -43.59% | -15.39% | -6.82% | -0.19% | -44.12% | -96.94% | -97.53% | -252.85% | -232.77% | -272.95% |
The analysis of CleanSpark Inc.'s profitability ratios over the specified period reveals a trajectory of notable fluctuations with distinct phases of performance.
Initially, the company's gross profit margin demonstrated a significant upward trend from 15.65% on June 30, 2020, to a peak of approximately 74.59% at the end of 2021. This progression indicates an improving ability to generate gross profit relative to sales, reflecting enhancements in cost management or product pricing strategies during this early phase.
However, subsequent quarters experienced a sharp decline, with the gross margin dropping to 7.60% by June 30, 2023, and partially recovering thereafter to approximately 50.56% as of March 31, 2024. The recent upward movement in gross margin suggests a potential stabilization or improvement in sales efficiency or cost controls.
Operating profit margins present a contrasting narrative, initially deeply negative, ranging from –165.60% to –117.05% in mid-2021. These figures highlight substantial operating losses aligning with startup or early growth stages. Progressively, the margin showed improvement, moving toward breakeven at 0.74% by March 31, 2022, then fluctuating into negative territory again in subsequent quarters. Notably, there was a positive operating margin of 28.50% on March 31, 2024, indicating a period of operational profitability, which was not sustained in the following quarter, reflecting volatility in operational efficiency.
Pretax margins follow a similar trend, initially sharply negative and improving towards breakeven at times, with a notable positive of 29.21% on March 31, 2024, before reverting to negative figures. This pattern underscores periods of both pre-tax profitability and loss, influenced by operational and non-operational factors.
Net profit margins mirror the pretax pattern, demonstrating the company's struggle with profitability in earlier periods, with severe negative margins, with the exception of brief positive margins in December 2021 and March 2024. The most recent data show a brief net profit of 22.37% at March 31, 2024, signaling a turnaround phase, subsequently reverting to negative margins later in 2024 and into 2025.
Overall, the company's profitability ratios reflect a transition from significant operational losses to intermittent periods of profitability, with the most notable positive swings occurring in early 2024. These patterns suggest ongoing volatility, with recent signs of margin improvement potentially indicative of operational or strategic adjustments aiming at sustained profitability.
Return on investment
| 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 return on assets (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% |
| Return on assets (ROA) | -7.17% | 2.70% | -7.43% | -10.74% | 4.13% | -9.46% | -17.93% | -15.93% | -22.41% | -20.72% | -12.67% | -4.96% | -1.82% | -0.04% | -6.87% | -7.90% | -5.26% | -36.58% | -104.50% | -137.58% |
| Return on total capital | -10.03% | 4.44% | -7.95% | -10.44% | 5.84% | -8.73% | -18.93% | -16.67% | -21.85% | -19.70% | -9.63% | -0.19% | 0.38% | 1.72% | -5.27% | -7.49% | -3.24% | -26.01% | -88.52% | -56.12% |
| Return on equity (ROE) | -10.07% | 3.72% | -8.28% | -11.30% | 4.34% | -10.07% | -20.17% | -17.23% | -25.14% | -23.61% | -14.19% | -5.41% | -1.93% | -0.04% | -7.13% | -8.34% | -5.42% | -39.70% | -142.12% | -154.59% |
The analyzing of CleanSpark Inc.’s profitability ratios from June 2020 through March 2025 reveals a trend characterized by significant volatility, especially during the early periods, followed by notable improvement and sporadic fluctuations in recent periods.
Operating Return on Assets (Operating ROA):
Initially, the company experienced substantial negative Operating ROA figures, with a peak deficit of -83.46% as of June 2020. Over time, there was a steady improvement in this metric, culminating in a positive value of +5.27% by March 2024. This turning point signifies that the company transitioned from operating losses to generating operating income relative to its assets. However, this upward trajectory was not linear; it was interrupted by setbacks such as negative values in September 2022 (-8.37%) and March 2023 (-19.25%), before returning to a positive territory in December 2023. The latest data indicates a setback again in June 2024 (-10.34%) and September 2024 (-7.59%), but notably, the ratio achieves a modest positive figure of +1.17% in December 2024 before slipping back into negative territory in March 2025.
Return on Assets (ROA):
A similar pattern is observed within ROA figures, which were deeply negative, reaching -137.58% in June 2020. The company exhibited gradual improvement through 2021 and 2022, with the most notable turn occurring in March 2024 when ROA turns positive at +4.13%. Nevertheless, the trend remains volatile, with negative readings resurging in subsequent periods, notably in June and September 2024, and a modest negative value of -7.17% in March 2025.
Return on Total Capital:
This ratio mirrors the general trend seen in other profitability metrics, starting with substantial negative values (-56.12% in June 2020) and moving toward a positive 5.84% in March 2024. The trajectory indicates enhanced efficiency in capital utilization over time. Nevertheless, setbacks reoccur in later quarters, with negative valuations again evident in June and September 2024, aligning with overall fluctuations in profitability.
Return on Equity (ROE):
ROE displayed deep negatives, reaching -154.59% in June 2020. Similar to other ratios, the figure improved over the subsequent periods and turned positive (+4.34%) by March 2024. This suggests that shareholders’ equity was increasingly earning returns, especially in the most recent quarter. However, the series is characterized by volatility, with recent periods again turning negative, notably in June, September 2024, and March 2025.
Summary:
Overall, CleanSpark Inc. exhibited a challenging profitability environment during the initial years (2020–2022), with very negative ratios across all metrics. The company made significant progress in 2023 and early 2024, evidenced by the transition to positive ROA, ROE, and Return on Total Capital figures, indicating operational and financial efficiency improvements. Nonetheless, recent fluctuations, including negative readings in late 2024 and early 2025, suggest continued volatility. The recent positive readings in December 2024 mark a potential turnaround point, but the overall trend indicates ongoing challenges in sustaining consistent profitability.