CleanSpark Inc (CLSK)
Return on total capital
| 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 interest and tax (EBIT) (ttm) | US$ in thousands | -189,689 | 89,735 | -139,937 | -146,433 | 85,436 | -70,787 | -128,202 | -100,631 | -103,545 | -84,138 | -38,921 | -703 | 1,538 | 6,780 | -16,107 | -21,096 | -9,184 | -18,738 | -14,540 | -10,303 |
| Long-term debt | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total stockholders’ equity | US$ in thousands | 1,890,490 | 2,021,590 | 1,760,840 | 1,402,200 | 1,462,920 | 810,561 | 677,227 | 603,648 | 473,881 | 427,035 | 404,012 | 376,867 | 400,918 | 394,075 | 305,716 | 281,796 | 283,720 | 72,035 | 16,426 | 18,358 |
| 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% |
March 31, 2025 calculation
Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $-189,689K ÷ ($—K + $1,890,490K)
= -10.03%
The analysis of CleanSpark Inc's return on total capital (ROTC) over the observed periods indicates substantial variability and a generally challenging profitability environment relative to total capital employed. Starting from substantial negative figures in mid-2020, with a return of -56.12% on June 30, 2020, the company experienced a worsening trajectory, reaching an all-time low of -88.52% by September 30, 2020. During subsequent quarters, there was some degree of improvement; for instance, by December 31, 2020, the ROTC narrowed to -26.01%, and further to -3.24% by March 31, 2021.
Throughout 2021, the trend stabilized somewhat, with the ROTC crossing into positive territory at 1.72% on December 31, 2021, and maintaining near-zero levels into March 2022. Nonetheless, the subsequent periods reflected continued volatility: the ROTC dipped back into negative territory, reaching -0.19% in June 2022 and further declines, such as -9.63% on September 30, 2022, and -19.70% on December 31, 2022.
In 2023, the metric demonstrated persistent negative values, with a low of -21.85% on March 31, 2023, although there was a partial recovery to -16.67% by June 30, 2023, and an improvement to -8.73% on December 31, 2023. Notably, during the first quarter of 2024, the ROTC turned positive at 5.84%, indicating a possible turnaround. However, this upward trend was short-lived, as subsequent quarters saw declines to approximately -10% and -7.95%, with a still-positive value of 4.44% on December 31, 2024, before reverting to negative at -10.03% on March 31, 2025.
Overall, the historical data reveal a pattern characterized by pronounced negative returns on total capital in most periods, suggesting challenges in generating efficient returns relative to total capital employed. The intermittent positive figures may reflect periods of operational improvement or strategic restructuring, yet the overarching trend indicates that CleanSpark Inc has struggled to sustain consistent profitability from its total capital investments during this timeframe.
Peer comparison
Mar 31, 2025