**Bullish Points:**
1. Bitcoin mining revenue increased by 12% to $181,180 for the three months ended December 31, 2025, driven by a higher average bitcoin price despite a decrease in total bitcoin mined.
2. Investing activities generated $79,590 during the three months ended December 31, 2025, mainly from proceeds from the sale of bitcoin and miners.
3. Financing activities generated $496,378 during the three months ended December 31, 2025, primarily from proceeds from convertible notes, indicating successful capital-raising efforts.
**Bearish Points:**
1. The company reported a net loss of $378,711 for the three months ended December 31, 2025, compared to a net income of $246,791 in the same period of 2024, primarily due to a significant decrease in the fair value of bitcoin.
2. Cost of revenues increased by 36% to $95,621, driven by higher energy costs, which could pressure margins.
3. Professional fees rose by 39% to $5,406, and payroll expenses increased by 14% to $23,785, reflecting higher operational costs.
4. General and administrative expenses surged by 54% to $15,442, due to increased corporate overhead costs.
5. Loss on the fair value of bitcoin was $246,832, compared to a gain of $218,206 in the prior year, highlighting the impact of bitcoin price volatility.
6. Depreciation and amortization expenses increased by 61% to $106,311, due to the addition of miners and mining-related equipment.
7. Other expenses amounted to $93,572, compared to other income of $46,032 in the prior year, primarily due to a loss on bitcoin collateral.
8. Cash flows used in operating activities were $161,135, reflecting higher costs related to operations, payroll, and administrative expenses.
**Summary:**
CleanSpark, Inc. (CLSK) experienced a challenging quarter, with a net loss driven by a significant decrease in the fair value of bitcoin and increased operational costs. While bitcoin mining revenue grew due to higher average bitcoin prices, the company faced rising costs in energy, payroll, and administrative expenses, which weighed on profitability. Additionally, the volatility in bitcoin's value negatively impacted the company's financial performance. On the positive side, CleanSpark successfully generated cash from investing and financing activities, which could support future operations and growth.
For more information, you can read the original text of CleanSpark, Inc.'s financial report .
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