CleanSpark, Inc
(NASDAQ:CLSK)

CleanSpark, Inc. provides energy software and control technology solutions worldwide. It offers distributed energy systems that allow customers to design, engineer, communicate, and manage renewable energy generation, storage, and consumption; and microgrids, which comprise generation, energy storag...

Website: http://www.cleanspark.com

Founded: 1987

CEO: Zachary K. Bradford

Sector: Technology

Industry: Software-Infrastructure

Technology Blockchain

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At a glance:

High Exposure to Bitcoin Mining Economics: CleanSpark’s results and outlook are highly sensitive to Bitcoin price, network hashrate, mining difficulty, and block rewards, which can drive significant earnings and cash flow volatility.
Scale and Fleet Efficiency Are Core Value Drivers: Operational performance hinges on expanding hashrate while improving fleet efficiency (e.g., joules per terahash), uptime, and procurement terms for miners and infrastructure.
Power Strategy and Energy Costs Are a Key Differentiator: Access to low-cost, reliable power—via long-term contracts, demand response/curtailment programs, and site selection—materially impacts mining margins and competitiveness.
Balance Sheet and Capital Allocation Matter in Downcycles: Liquidity management, leverage levels, and decisions to hold versus sell mined Bitcoin can meaningfully affect resilience through crypto downturns and the ability to fund growth.
Regulatory and Hosting/Infrastructure Execution Risks: Permitting, grid interconnection timelines, and evolving regulatory scrutiny around energy usage and digital assets can affect expansion schedules and operating costs.

Bull Thesis:

Aggressive Hashrate Expansion and Operational Efficiency: CleanSpark has consistently demonstrated strong growth in its mining capacity (hashrate) through strategic investments and facility expansions. The company often highlights its focus on operational efficiency, aiming for lower energy costs per terahash, which can lead to higher margins compared to peers.
Strategic Acquisitions and Vertical Integration: The company has a track record of acquiring existing mining facilities and developing new sites, allowing for rapid scaling and control over its infrastructure. This strategy can lead to cost efficiencies and faster deployment of new mining rigs, enhancing its competitive position.
Direct Leverage to Bitcoin Price Upside: As a pure-play Bitcoin miner, CleanSpark offers investors direct exposure to the potential appreciation of Bitcoin's price. A rising Bitcoin price directly translates to higher revenue and profitability for the company, amplifying returns during cryptocurrency bull markets.
Focus on Sustainable Energy and ESG Appeal: CleanSpark emphasizes its commitment to utilizing sustainable and low-carbon energy sources for its mining operations. This focus not only aligns with growing ESG investment trends but can also provide more stable and potentially lower energy costs, reducing operational risk and attracting a broader investor base.

Bear Thesis:

High Sensitivity to Bitcoin Price Volatility: CleanSpark's revenue and profitability are directly tied to the volatile price of Bitcoin. Significant downturns in Bitcoin's value can severely impact the company's financial performance, leading to reduced revenue, potential asset impairments, and liquidity challenges, regardless of operational efficiency.
Intense Capital Expenditure and Shareholder Dilution: The Bitcoin mining industry is highly capital-intensive, requiring continuous investment in new mining rigs and infrastructure to maintain competitiveness. This often necessitates frequent capital raises, which can lead to significant shareholder dilution through the issuance of new equity, impacting per-share value.
Increasing Network Difficulty and Halving Impact: As more miners join the Bitcoin network globally, the mining difficulty increases, meaning each miner earns fewer Bitcoin for the same amount of computational power. Furthermore, the periodic Bitcoin halving events reduce block rewards, putting constant pressure on miners to increase efficiency and scale to maintain profitability.
Energy Cost Volatility and Regulatory Scrutiny: While CleanSpark aims for low-cost energy, fluctuations in energy prices can significantly impact operating margins. Additionally, the energy consumption of Bitcoin mining faces increasing regulatory scrutiny and environmental concerns, which could lead to unfavorable policies or increased operational costs in certain jurisdictions.

Main Competitors:

Marathon Digital Holdings ($MARA) (Bitcoin Mining Operations), Directly competes with CleanSpark in large-scale Bitcoin mining operations, focusing on increasing hash rate, optimizing energy efficiency, and acquiring new mining hardware. Both aim to maximize Bitcoin production and shareholder value through efficient operations and strategic growth.
Riot Platforms ($RIOT) (Bitcoin Mining & Data Center Operations), A major competitor in the Bitcoin mining space, similar to CleanSpark, Riot operates large-scale mining facilities, invests in advanced ASIC miners, and focuses on vertical integration, including power infrastructure. They compete for hash rate market share, operational efficiency, and access to low-cost energy.
Hut 8 Corp ($HUT) (Bitcoin Mining & High-Performance Computing), Competes in large-scale Bitcoin mining, similar to CleanSpark, by operating data centers and deploying mining hardware. Hut 8 also has a growing high-performance computing (HPC) segment, which offers some diversification, but its core competition with CleanSpark remains in the Bitcoin mining sector for hash rate and operational efficiency.
Cipher Mining Inc. ($CIFR) (Bitcoin Mining Operations), A rapidly growing Bitcoin mining company that competes with CleanSpark for hash rate market share, access to capital for expansion, and efficient operation of large-scale mining facilities. Both companies are focused on scaling their operations and optimizing their energy costs to maximize Bitcoin production.

Moat:

CleanSpark operates in a highly competitive and capital-intensive Bitcoin mining industry. Its primary competitors are other large-scale, publicly traded miners who vie for hash rate market share, operational efficiency, and access to low-cost, sustainable energy. CleanSpark's competitive advantages (moat) lie in its focus on operational efficiency, strategic energy procurement (often from sustainable sources), and its ability to rapidly scale its infrastructure. However, the industry faces challenges from Bitcoin price volatility, intense competition for the latest mining hardware, and evolving regulatory landscapes, making cost management and strategic growth paramount for all players.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-10-01	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-10-01	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-10-01	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-10-01	2009-09-30	2009-06-30	2009-03-31	2008-12-31

revenues																										976,824	552,385.5	1,222,736	723,899	262,907	111,704	328,586	120,265	18,080	59,422	103,908	200,749	83,884										2,555
bitcoin mining revenue	136,408,000	181,180,000	223,652,000	198,644,000	181,712,000	162,306,000	89,275,000	104,108,000	111,799,000	73,786,000	52,460,000	45,427,000	42,488,000	27,746,000
costs and expenses
cost of revenues	81,691,000	95,621,000	97,259,000	90,128,000	85,424,000	70,290,000	57,142,000	45,180,000	34,298,000	28,896,000	30,401,000	20,681,000	22,082,000	20,416,000	16,625,700	10,341,026	12,127,120	8,797,926	7,355,387	3,848,817	1,537,683					882,721	455,372	1,006,144	592,018	223,326	18,629	288,400	77,277	6,468	32,402	71,305	174,614	17,974										700
professional fees	9,652,000	5,406,000	3,913,000	3,004,000	2,983,000	3,885,000	5,657,000	4,368,000	2,208,000	1,572,000	2,063,000	2,225,000	3,750,000	2,831,000	880,084	1,432,747	900,976	3,317,819	5,041,022	2,047,654	2,456,554	1,712,723	3,289,071	709,367	1,005,991	1,516,587	1,109,769	1,296,993	1,406,269	1,016,007	419,250	364,863	331,891	155,001	227,986	274,004	225,600	289,344	1,657,033	54,403	167,795	46,362	41,587	45,713	3,172,884	117,772	31,076	2,300
payroll expenses	24,922,000	23,785,000	51,857,000	16,398,000	15,255,000	20,869,000	24,804,000	17,150,000	16,820,000	15,321,000	15,757,000	10,405,000	9,750,000	9,802,000	16,710,376	7,617,576	10,542,025	8,883,047	22,663,210	11,830,196	3,262,097	3,314,201	4,121,167	996,555	984,380	711,539	582,753	211,129	313,170	160,351	1,084,620	128,604	107,775	258,198	161,452	93,322	9,289
general and administrative expenses	16,105,000	15,442,000	14,269,000	16,566,000	11,736,000	10,054,000	10,127,000	8,235,000	6,819,000	5,003,000	7,706,000	5,064,000	4,329,000	3,724,000	3,714,276	2,113,414	3,182,946	1,888,100	4,470,815	1,430,339	1,243,154	950,139	272,225	279,045	311,131	230,661	438,734	222,167	159,408	96,989	80,630	58,541	64,566	75,942	110,068	110,349	78,137	67,265	43,850	15,674	9,551	17,068	7,645	8,258	13,130	17,782	2,444	9,457	8,287	8,622	3,837	4,410	8,176	7,547	3,562	10,613	7,547	4,811	2,469	22,493	11,531	2,469	659	17,709	1,841	17,709	16,124	2,211	27,057	3,722	27,057	25,098	19,233
loss on disposal of assets	3,990,000		2,529,000	156,000	-2,230,000	-791,000	3,185,000	-47,000	1,652,000	677,000	1,928,000		3,000																						-3,204.25			-12,817
loss on fair value of bitcoin	224,107,000	246,832,000	-89,797,500	-268,651,000	127,667,000		-26,851,500	48,338,000
depreciation and amortization	115,881,000	106,311,000	108,325,000	94,880,000	78,901,000	66,229,000	51,848,000	40,727,000	32,187,000	29,847,000	58,203,000	21,850,000	21,346,000	19,329,000	16,385,130	14,811,291	11,661,633	7,697,568	10,118,055	3,656,757	2,117,172	1,078,429	667,600	703,367	674,587	626,777	627,732	618,130	499,636	157,483	222,276	209,963	207,519	560,540	1,015,479	1,004,317	809,786	488,758	544,545	13,426	13,357	7,128	740	731	689	640
indirect tax contingency expenses	1,731,000	3,162,000
impairment expense - fixed assets		1,398,000					7,806,000	189,235,000
impairment expense - other	4,008,000						320,000		396,000
total costs and expenses	482,087,000	497,734,000	222,818,000	-47,519,000	319,736,000	-47,670,000	154,872,000	353,186,000	-25,322,000	45,275,000	121,609,000	61,108,000	60,032,000	56,702,000	66,831,175	45,969,250	38,305,184	36,806,806	62,534,275	26,534,244	10,616,660
income from operations	-345,679,000	-316,554,000	834,000	246,163,000	-138,024,000	209,976,000	-65,597,000	-249,078,000	137,121,000	28,511,000	-69,089,000	-15,585,000	-17,486,000	-28,883,000	-40,658,291	-14,941,469	3,332,808	4,435,163	-21,169,941	-14,618,179	-2,496,972	-6,170,098	-7,736,004	-2,143,599	-2,272,052	-2,991,461	-9,809,555	-2,476,698	-2,587,683	-1,739,909	-3,953,854	-1,054,939	-1,026,754	-1,040,384	-1,488,158	-1,449,419	-1,096,677	-779,825			-191,071	-72,016	-49,972	-54,776	-3,188,917	-186,194	-33,520	-9,902	-8,287	-8,622	-3,837	-4,410	-8,176	-7,547	-3,562	-10,613	-7,547	-4,811	-2,469	-22,493	-11,531	-2,469	-659	-17,709	-1,841	-17,709	-16,124	-2,211	-27,057	-6,764.25	-27,057	-25,098	-19,233
yoy	150.45%	-250.76%	-101.27%	-198.83%	-200.66%	636.47%	-5.05%	1498.19%	-884.18%	-198.71%	69.93%	4.31%	-624.66%	-751.23%	92.06%	2.21%	-233.47%	-171.88%	173.65%	581.95%	9.90%	106.26%	-21.14%	-13.45%	-12.20%	71.93%	148.10%	134.77%	152.03%	67.24%	165.69%	-27.22%	-6.38%	33.41%			473.96%	982.85%			-94.01%	-61.32%	49.08%	453.18%	38380.96%	2059.52%	773.60%	124.54%	1.36%	14.24%	7.72%	-58.45%	8.33%	56.87%	44.27%	-52.82%	-34.55%	94.86%	274.66%	27.01%	526.34%	-86.06%	-95.91%	700.95%	-93.20%	161.80%	-40.41%	-91.19%	40.68%
qoq	9.20%	-38056.12%	-99.66%	-278.35%	-165.73%	-420.10%	-73.66%	-281.65%	380.94%	-141.27%	343.30%	-10.87%	-39.46%	-28.96%	172.12%	-548.31%	-24.85%	-120.95%	44.82%	485.44%	-59.53%	-20.24%	260.89%	-5.65%	-24.05%	-69.50%	296.07%	-4.29%	48.73%	-55.99%	274.79%	2.75%	-1.31%	-30.09%	2.67%	32.16%	40.63%				165.32%	44.11%	-8.77%	-98.28%	1612.69%	455.47%	238.52%	19.49%	-3.89%	124.71%	-12.99%	-46.06%	8.33%	111.88%	-66.44%	40.63%	56.87%	94.86%	-89.02%	95.07%	367.03%	274.66%	-96.28%	861.92%	-89.60%	9.83%	629.26%	-91.83%	300.00%	-75.00%	7.81%	30.49%
operating margin %	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-73.48%	-239.25%	122.65%	38.64%	-131.55%	-34.24%	-41.10%	-103.82%	-155.35%	-48.16%	8.00%	10.75%	-51.18%	-122.68%	-30.75%	-273.31%	-395.72%	-62.34%	-62.11%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%
other income	105,000		-500,000	1,509,000	183,000								11,000		-2		308,038		524,778	1,441	541,576			20,000
gain on bitcoin collateral	-38,838,000	-103,620,000	18,343,000	31,354,000		42,493,000
gain on derivative securities	-4,840,000	11,795,000	-387,250	-430,000		3,622,000
interest income	3,072,000	2,185,000	280,000	355,000	2,014,000	1,476,000	2,646,000	2,638,000	2,684,000	586,000	307,000	52,000	52,000	70,000	52,932	52,355	51,782	33,471	10,739,582	28,625	26,098	46,644
interest expense	-2,054,000	-3,696,000	-5,055,000	-3,454,000	-1,267,000	-1,559,000	-898,000	-485,000	-526,000	-546,000	-600,000	-689,000	-799,000	-889,000	-702,868	-314,383	-9,584	-52,709					68,148	-7,066,496	-1,891,283	-1,560,315	-2,287,375	-1,495,213	-5,183,657	-517,417	-506,345	-368,690	-33,288	-16,131	-2,632	-158	-105									-5,144	49	-997	-1,928	-1,817	-1,697	-1,645	-1,568	-2,673	-1,475	-4,095	-2,673	-1,320	-1,685	-1,141	-2,642	-1,685	-748
total other income	-42,555,000	-93,572,000	13,071,000	29,334,000	-3,811,000	46,032,000	3,263,000	3,341,000	1,209,000	-1,203,000	557,000	1,468,000	-680,000	-1,605,000	-495,892	-1,294,607	-3,503,543	10,050,592	15,640,584	-2,058,948	9,897,012	-997,432	672,514	-6,407,702	-3,543,046	1,075,207	-2,287,375	-1,495,213	-5,176,857	-543,642	-34,513,024	-5,098,908	-97,988	-16,131	-8,553,953	-158	-104,702	-12,817	-32		721					-5,144			-1,928	-1,227.5	-1,697	-1,645	-1,568	-2,673	-1,023.75	-4,095	-2,673	-1,320	-1,685	-660.5	-2,642	-1,685	-748	2,353	588.25	2,353	2,353	2,353
income before income tax expense	-388,234,000	-410,126,000	13,905,000	275,497,000	-141,835,000	256,008,000			138,330,000	27,308,000
income tax expense	-9,891,000	-31,415,000	14,830,000	18,107,000	-3,043,000	9,217,000	-155,000	-9,495,000	11,595,000	1,399,000
net income	-378,343,000	-378,711,000	-925,000	257,390,000	-138,792,000	246,791,000	-62,179,000	-236,242,000	126,735,000	25,909,000	-74,879,000	-14,219,000	-18,460,000	-29,031,000	-42,301,151	-29,340,223	-170,735	14,485,755	-5,529,357	-16,677,127		-7,167,530	-7,063,490	-8,551,301	-5,815,098	-1,916,254	-12,096,930	-3,971,911	-7,764,540	-2,283,551	-38,466,878	-6,153,847	-1,124,742	-1,056,515	-10,042,111	-1,449,577	-1,201,379	-792,642			-190,350	-72,016	-49,972	-54,776	-3,188,917	-191,338	26,529	-10,899	-10,215	-10,439	-5,534	-6,055	-9,744	-10,220	-5,037	-14,708	-10,220	-6,131	-4,154	-23,634	-14,173	-4,154	-1,407	-15,356	-3,490	-15,356	-13,771	142	-27,057	-3,722	-27,057	-25,098	-19,233
yoy	172.60%	-253.45%	-98.51%	-208.95%	-209.51%	852.53%	-16.96%	1561.45%	-786.54%	-189.25%	77.01%	-51.54%	10712.08%	-300.41%	665.03%	75.93%		-302.10%	-21.72%	95.02%		274.04%	-41.61%	115.29%	-25.11%	-16.08%	-68.55%	-35.46%	590.34%	116.14%	283.06%	324.53%	-6.38%	33.29%			531.14%	1000.65%			-94.03%	-62.36%	-288.37%	402.58%	31117.98%	1732.92%	-579.38%	80.00%	4.83%	2.14%	9.87%	-58.83%	-4.66%	66.69%	21.26%	-37.77%	-27.89%	47.59%	195.24%	53.91%	306.10%	-72.95%	-89.78%	-10914.08%	-87.10%	312.57%	-49.10%	-100.57%	40.68%
qoq	-0.10%	40841.73%	-100.36%	-285.45%	-156.24%	-496.90%	-73.68%	-286.41%	389.15%	-134.60%	426.61%	-22.97%	-36.41%	-31.37%	44.17%	17084.66%	-101.18%	-361.98%	-66.84%			1.47%	-17.40%	47.05%	203.46%	-84.16%	204.56%	-48.85%	240.02%	-94.06%	525.09%	447.13%	6.46%	-89.48%	592.76%	20.66%	51.57%				164.32%	44.11%	-8.77%	-98.28%	1566.64%	-821.24%	-343.41%	6.70%	-2.15%	88.63%	-8.60%	-37.86%	-4.66%	102.90%	-65.75%	43.91%	66.69%	47.59%	-82.42%	66.75%	241.19%	195.24%	-90.84%	340.00%	-77.27%	11.51%	-9797.89%	-100.52%	626.95%	-86.24%	7.81%	30.49%
net income margin %	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-69.65%	-226.92%	113.36%	35.11%	-142.57%	-31.23%	-43.39%	-104.36%	-161.62%	-94.56%	-0.41%	35.12%	-13.37%	-139.95%	0%	-317.49%	-361.32%	-248.68%	-158.96%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%
preferred stock dividends, including deemed dividend	30,000,000
net income attributable to common shareholders	-408,343,000	-378,711,000	-1,321,000	251,787,000	-138,792,000	241,650,000			123,893,000	25,330,000			-18,460,000	-29,031,000			-191,563	14,171,144
other comprehensive income, net of tax			-3,173,000	-223,000
total comprehensive income attributable to common shareholders	-408,343,000	-378,711,000	-4,494,000	251,564,000	-135,846,000	241,682,000	-21,733,250	-236,214,000	123,922,000	25,359,000			-18,431,000	-29,002,000			-163,084	14,189,257
income from continuing operations per common share - basic	-1,520	-1,350	-10	900			-105	-1,030	590	140	-180	-120	-230	-460	-0.97	-0.39
weighted-average common shares outstanding - basic	267,827,913,000	281,474,949,000	282,182,800,000	280,997,649,000	280,853,882,000	284,549,900,000	216,860,819,000	228,642,939,000	209,287,089,000	178,809,264,000	102,707,509,000	114,844,402,000	80,469,471,000	66,395,174,000	42,614,197	41,277,090		40,279,938		34,014,221	25,925,259
income from continuing operations per common share - diluted	-1,520	-1,350	-10	780			-105	-1,030	580	140	-180	-120	-230	-460	-0.97	-0.39
weighted-average common shares outstanding - diluted	267,827,913,000	281,474,949,000	317,761,220,000	325,594,451,000	280,853,882,000	291,887,140,000	216,860,819,000	228,642,939,000	212,099,068,000	180,783,535,000	102,707,509,000	114,844,402,000	80,469,471,000	66,395,174,000	42,614,197	41,277,090		40,485,761
gain on disposal of assets		-223,000																																							721
other expense		-236,000
preferred stock dividends			396,000	5,603,000		5,141,000	1,000		2,842,000	579,000							20,828	314,611			177,505
loss on derivative securities					-4,741,000
other comprehensive income					2,946,000	32,000	21,500	28,000	29,000	29,000	30,000	28,000	29,000	29,000	40,112	28,796	28,479	18,113
income from operations per common share - basic					-490	850
income from operations per common share - diluted					-490	830
gain on fair value of bitcoin						-218,206,000			-119,702,000	-36,041,000
other services revenue											60,000	96,000	58,000	73,000	55,241	86,055	86,282	297,181	999,144	402,628
total revenues							89,275,000	104,108,000	111,799,000	73,786,000	52,520,000	45,523,000	42,546,000	27,819,000	26,172,884	31,027,781	41,637,992	41,241,969	41,364,334	11,916,065	8,119,688	2,257,570	1,954,920	3,438,674	3,658,283
yoy							69.98%	128.69%	162.77%	165.24%	100.67%	46.72%	2.18%	-32.55%	-36.73%	160.39%	412.80%	1726.83%	2015.91%	246.53%	121.95%
qoq							-14.25%	-6.88%	51.52%	40.49%	15.37%	7.00%	52.94%	6.29%	-15.65%	-25.48%	0.96%	-0.30%	247.13%	46.76%	259.66%	15.48%	-43.15%	-6.00%
impairment expense - bitcoin
realized loss on sale of bitcoin											-190,500	143,000	-1,422,000	517,000
change in fair value of contingent consideration											-1,000	2,000,000		485,000	-40,060		290,249	55,542
unrealized gain on derivative security							-251,250	1,188,000	-949,000		-277,500	105,000	56,000	-1,271,000	194,106	-1,032,579	-1,410,146	298,849	1,246,202	-2,060,774	8,400,629	-1,020,494
loss before income tax expense							-62,334,000	-245,737,000
loss from continuing operations							-62,179,000	-236,242,000
discontinued operations
income from discontinued operations											265,250	-102,000	-294,000	1,457,000
income on discontinued operations											265,250	-102,000	-294,000	1,457,000
net loss attributable to common shareholders							-62,180,000	-236,242,000			-74,879,000	-14,219,000			-42,301,151	-29,340,223			-4,070,663.25	-16,677,127
income on discontinued operations per common share - basic											2.5			20
income on discontinued operations per common share - diluted											2.5			20
other impairment expense											6,146,000	740,000	194,000	83,000	757,864	4,418,714	811,345	6,222,346
realized gain on sale of bitcoin
income from continuing operations									126,735,000	25,909,000	-15,692,750	-14,117,000	-18,166,000	-30,488,000	266,197.5	-16,236,076
unrealized loss on derivative security										-1,243,000
realized gain on sale of equity security																		665
unrealized loss on equity security																		-1,847
income before income tax (expense) or benefit											-15,692,750	-14,117,000	-18,166,000	-30,488,000	266,197.5	-16,236,076	-170,735	14,485,755
income tax (expense) or benefit
total comprehensive loss attributable to common shareholders											-74,849,000	-14,191,000			-42,261,039	-29,311,427
digital currency mining revenue															26,220,510.75	30,941,726	36,965,739	36,974,578		8,649,440		733,410
(gain) on disposal of assets															-160,672.75		-920,861
realized loss on sale of digital currency															-506,606.75	5,234,482
unrealized gain on equity security															-461.75				-83,521	-170,586	343,000	-73,500	38,500	-80,500		368,868
loss from discontinued operations															-1,146,968	-13,104,147
loss on discontinued operations															-1,146,968	-13,104,147
loss on discontinued operations per common share - basic															-0.01	-0.32
loss on discontinued operations per common share - diluted															-0.01	-0.32
energy hardware, software and services revenue																	4,585,971	3,970,210	1,518,557	2,863,997
realized gain on sale of digital currency																	-2,733,882	9,994,791		36,438	585,709	49,918
income per common share - basic																		0.35
loss on write off and disposal of assets																		-278,170
income per common share - diluted																		0.35
impairment expense																				3,720,481
realized gain on sale of equity securities																				105,908
loss per common share - basic																			-0.58	-0.49
loss per common share - diluted																			-0.58	-0.49
fully diluted weighted-average common shares outstanding																				34,014,221	32,697,863
sale of goods revenues																					891,965	1,088,034	1,347,748	2,995,332	3,352,098
service, software and related revenues																					511,931	436,126	607,172	443,342	306,185
cryptocurrency mining revenue																					6,715,792
net income attributable to the company																					7,400,040
net income attributable to the company’s common shareholders																					7,222,535
earnings per common share - basic																					0.28
earnings per common share - diluted																					0.22
product sale revenues																						1,014,931
cost of mining and data center revenue																						169,046
total cost of revenues																						1,332,890	1,176,943	2,893,939	2,954,246
gross profit																						924,680	777,977	544,735	704,037	94,103	283,642	216,592	131,881	39,581	93,075	40,186	42,988	11,612	27,020	32,603	26,135	65,910										1,855
yoy																						882.63%	174.28%	151.50%	433.84%	137.75%	204.75%	438.97%	206.79%	240.86%	244.47%	23.26%	64.48%	-82.38%		NaN%	NaN%	NaN%		NaN%	NaN%	NaN%		NaN%
qoq																						18.86%	42.82%	-22.63%	648.16%	-66.82%	30.96%	64.23%	233.19%	-57.47%	131.61%	-6.52%	270.20%	-57.02%	-17.12%	24.75%	-60.35%			NaN%	NaN%			NaN%	NaN%
gross margin %	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	40.96%	39.80%	15.84%	19.25%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
operating expenses
product development																						39,286					419,023	344,871	341,081	348,660	343,714	329,274	357,345
total operating expenses																						7,094,778	8,513,981	2,688,334	2,976,089	3,085,564	10,093,197	2,693,290	2,719,564	1,779,490	4,046,929	1,095,125	1,069,742	1,051,996	1,515,178	1,482,022	1,122,812	845,735	2,195,428	133,503	191,071	72,016	49,972	54,776	3,188,917	186,194
loss per common share - basic and diluted																						-0.32	-0.12	-0.77	-1.13	-0.4	-5.9	-0.09
weighted-average common shares outstanding - basic and diluted																						22,146,992	9,550,626	11,119,288	5,135,802		4,177,402	44,183,436
cost of goods sold																							1,614,521.5	2,751,964	2,921,548
cost of services																							68,205	141,975	32,698
loss on settlement of debt																														-26,225		-41,092					-104,597
unrealized gain on derivative asset																							386,046.25	719,294
gain on settlement of debt																													6,800
unrealized gain on equity securities																									-210,000
gain on derivative asset																									-1,441,763	2,266,654
weighted average common shares outstanding - basic and diluted																			29,441,364							4,781,075
research and development																															349	3,880	646	2,315	193	30		368	-50,000	50,000	368	1,458		74	2,214	50,000
loss on derivative liability																															-34,006,679	-4,689,126
gain on derivative liability																																	-64,700
basic loss per common share																													-0.19	-0.06	-1.11	-0.18
basic weighted-average common shares outstanding																													41,219,633	36,528,279	34,517,986	34,864,997	33,766,781	33,500,391	32,182,107	32,747,207	32,522,221	29,725,302	22,528,668	21,058,415	20,939,514	20,502,002	19,229,062	20,378,415	6,179,150	5,866,792
basic income per common share																																	-0.04	-0.03	-0.31	-0.04	-0.04	-0.03			-0.01				-0.52	-0.03	-0.003
fully diluted income per common share																																													-0.47
basic weighted-average common
shares outstanding																																															1,393,587.25	2,878,912
gain on forgiveness of debt																																																																2,353		2,353	2,353	2,353
net loss before income taxes																																																	-10,215	-10,439	-5,534	-6,055	-9,744		-5,037	-14,708	-10,220	-6,131												-3,722	-27,057	-25,098	-19,233
income taxes
basic and diluted loss per share																																																	-0.01	-0.005	-0.01	-0.01	-0.01	-0.01	-0.003	-0.01	-0.01	-0.01		-0.003	-0.01		-0.01	-0.01	-0.003	-0.01	-0.01		-0.01	-0.003	-0.01	-0.01	-0.01
basic and diluted weighted-average number of common shares outstanding																																																	950,687		950,687	950,687	37,076,779
net income before income taxes																																																						-10,220					-4,154	-3,543.25	-14,173	-4,154	-1,407	-15,356	-3,839	-15,356	-13,771	142	-27,057
weighted-average number of common shares outstanding basic and diluted																																																						37,076,779			37,076,779
weighted-average number
of common shares outstanding																																																							9,269,194.75	37,076,779			35,976,781			35,976,781	35,976,781					35,876,781	30,465,935	7,616,483.75	30,465,935	27,998,380	20,973,314
basic and diluted weighted-average number of common shares
outstanding																																																										37,076,779
weighted-average number of common shares outstanding																																																													35,976,781			35,876,781		35,876,781	35,876,781
basic and diluted w eighted average number

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-10-01	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-10-01	2007-09-30

assets
current assets
cash and cash equivalents	260,287,000	458,097,000	42,966,000	34,553,000	96,982,000	276,599,000	121,222,000	126,141,000			29,215,000	21,833,000	10,345,000	2,061,000						22,209,870	157,274,542
restricted cash	3,213,000	3,192,000	3,490,000	3,462,000	3,435,000	3,408,000	3,056,000	3,023,000
prepaid expense and other current assets	47,651,000	35,121,000	11,875,000	11,319,000	10,418,000	10,732,000	7,995,000	7,656,000	4,134,000	2,971,000	12,034,000	8,343,000	8,702,000	6,069,000	7,930,614	3,734,586	10,316,242	11,245,426	5,129,047	4,462,712	2,184,863	3,383,440	998,931	1,066,091	595,831	608,275	1,210,395	2,670,703	308,564	26,866	49,023
bitcoin - current	674,447,000	830,073,000	966,829,000	877,067,000	832,690,000
receivable from bitcoin collateral	111,940,000	144,163,000	294,648,000	271,491,000
derivative investments	1,499,000		233,000	7,843,000	72,000	4,496,000	1,832,000
total current assets	1,099,037,000	1,470,646,000	1,320,041,000	1,210,140,000	947,493,000	1,225,265,000	705,430,000	598,835,000	687,771,000	181,705,000	102,172,000	52,699,000	32,906,000	21,186,000	50,775,974	29,448,673	41,956,064	58,682,565	57,726,321	51,850,309	178,459,063	33,306,373	8,251,858	7,220,044	8,331,770	11,021,141	9,884,045	11,475,203	2,303,969	4,798,220	548,380	113,081	1,076,307	129,357	128,631	229,240	475,275	367,711	604,366	93,766	162,006	150,565	112,924	164,115	228,926	58,087	137,884			507	270	403	2,023	1,301	1,822	567	98	387	208	723	320	40	40
bitcoin - noncurrent	138,774,000	171,924,000	222,614,000	202,687,000	146,945,000
property and equipment	1,333,617,000	1,358,477,000	1,363,681,000	1,329,307,000	1,271,501,000	1,256,000,000	869,693,000	568,393,000	670,510,000	637,481,000	564,395,000	482,428,000	440,253,000	434,777,000	376,781,380	322,185,923	276,330,089	198,490,355	137,592,871	64,753,143	14,861,958
operating lease right of use assets	5,324,000	3,807,000	4,254,000	4,702,000	4,433,000	4,293,000
intangible assets	4,291,000	4,907,000	5,849,000	6,955,000	6,978,000	5,945,000	3,040,000	3,580,000	3,736,000	4,089,000	4,603,000	5,116,000	5,696,000	6,213,000	6,485,051	6,807,130	10,262,761	10,996,442	12,277,360	15,391,345	17,332,820	13,640,421	7,049,656	6,645,303	7,328,789	6,816,967	7,430,082	8,045,031	8,650,536	3,067,668	3,214,467	5,317,335	5,513,749	2,150,947	2,216,556	2,282,725	2,351,945	2,418,485	2,467,930	51,175	46,336	46,068	44,470	45,118	44,024	44,013	44,397	43,843	44,635
deposits on miners and mining equipment	137,416,000	130,159,000	112,037,000	196,151,000	124,032,000	126,867,000	359,862,000	284,541,000	161,309,000	25,048,000	75,959,000
other long-term assets	63,384,000	54,601,000	23,497,000	23,065,000	23,400,000	25,671,000		9,311,000									5,943,314
goodwill	131,658,000	131,658,000	131,658,000	128,810,000	132,216,000	135,251,000	8,043,000	8,043,000	8,043,000	8,043,000	8,043,000	8,043,000	8,043,000	8,043,000		12,048,419	19,049,198	19,049,198	19,049,198	31,797,564	32,034,559	20,108,887	5,903,641	5,562,246	5,562,246	4,919,858	4,919,858	4,919,858	4,919,858	4,919,858	4,919,858	4,919,858	4,919,858	4,919,858	4,919,858	4,919,858	4,919,858	4,919,858	4,919,858
total assets	2,913,501,000	3,326,179,000	3,183,631,000	3,101,817,000	2,656,998,000	2,779,292,000	1,962,662,000	1,475,575,000	1,537,315,000	862,731,000	761,578,000	652,803,000	531,553,000	486,789,000	452,624,772	411,058,824	424,797,304	418,144,771	317,473,121	297,488,821	292,612,596	78,172,736	22,340,063	20,628,304	22,490,671	23,989,281	23,434,252	32,912,161	24,438,095	21,441,309	17,555,662	19,437,688	20,780,671	20,244,886	20,792,802	30,426,731	31,650,789	32,317,084	33,019,542	781,025	856,481	859,631	817,399	818,681	877,112	685,877	763,254	690,151	628,378	507	270	403	2,023	1,301	1,822	567	98	387	208	723	320	40	40
liabilities and stockholders’ equity
current liabilities
accounts payable	18,058,000	22,116,000	15,159,000	23,470,000	11,390,000	27,622,000	82,992,000																																											15,774	10,750	8,761	8,545	7,912	4,757	4,440	4,906	7,459	8,320	6,777	7,741	595	5,699	14,968	15,383	13,279		20,182	18,460	20,529	14,154
accrued liabilities	101,531,000	103,689,000	117,544,000	64,492,000	87,906,000	51,006,000	43,874,000
other current liabilities	10,994,000	11,160,000	6,096,000	6,830,000	4,596,000	5,693,000	2,240,000
current portion of debt	2,485,000	2,532,000	176,570,000
dividends payable			396,000	5,603,000		5,141,000			2,842,000	579,000			21,000	21,000	20,828	20,828	335,439	314,611		177,505	177,505
total current liabilities	133,068,000	139,497,000	315,765,000	276,819,000	109,312,000	96,677,000	187,887,000	66,985,000	55,026,000	42,393,000	74,055,000	37,420,000	41,282,000	41,600,000	34,040,775	19,986,294	22,577,517	22,481,979	10,063,022	11,910,017	7,340,445	4,594,815	5,382,529	1,588,880	4,617,889	2,449,335	1,502,590	1,373,889	682,518	1,610,465	1,349,587	18,792,634	1,259,208	487,641	301,291	164,773	234,005	379,605	357,421	61,662	13,411	39,688	55,440	6,750	10,805	8,949	10,131			114,092	105,568	97,079	94,862	89,730	82,075	77,259	73,724	71,277	66,137	55,095	45,476	43,193	42,534	41,653	40,068	26,155		26,297	22,575	20,716	25,601
long-term liabilities
long-term debt	1,788,196,000	1,786,759,000	644,586,000
deferred income taxes	3,566,000	13,457,000	44,872,000	30,774,000	11,934,000	14,978,000	5,761,000	4,356,000	13,851,000	2,256,000	857,000
other long-term liabilities	2,511,000	4,210,000	3,281,000	3,423,000	3,521,000	4,618,000
total liabilities	1,927,341,000	1,943,923,000	1,008,504,000	954,929,000	766,507,000	757,706,000	201,821,000	73,376,000	74,398,000	52,170,000	84,351,000	49,155,000	57,672,000	59,754,000	48,612,961	34,192,029	23,879,400	24,069,321	11,756,655	15,693,207	8,892,137	6,137,646	5,913,698	2,270,049	9,892,547	6,383,925	4,548,911	2,881,181	895,192	1,610,465	1,499,587	19,092,634	1,559,208	787,641	451,291	164,773	234,005	379,605	357,421	61,662	13,411	39,688	55,440	6,750	10,805	8,949	54,988	207,590	210,915	114,092	105,568	97,079	94,862	89,730	82,075	77,259	73,724	71,277	66,137	55,095	45,476	43,193	42,534					26,297
note receivable from griid							60,919,000	15,000,000
investment in debt security, afs, at fair value				4,405,000	3,896,000	950,000	918,000		784,000	755,000	726,000	696,000	668,000	639,000	610,108	569,996	541,200	512,721					500,000
liabilities and stockholders' equity
commitments and contingencies - note 19
current portion of loans payable				176,424,000	5,420,000	7,215,000	58,781,000
loans payable, net of current portion, debt discount and debt issuance costs				643,913,000	641,740,000	641,433,000
bitcoin						929,080,000	431,661,000	413,033,000	357,981,000	126,951,000	56,241,000	13,925,000	5,267,000	3,863,000	11,147,478
receivable for equity offerings
receivable for bitcoin collateral							77,827,000
current assets held for sale								320,000	324,000	384,000	445,000	4,919,000	5,390,000	6,447,000	7,425,881	8,829,728
operating lease right of use asset							3,263,000	2,872,000	228,000	647,000	688,000	731,000	5,402,000	5,482,000	550,930	1,285,146	1,353,557	1,421,252	1,488,240	559,182	713,158	865,441	40,711	52,280	63,554	74,549
other long-term asset							13,331,000		5,718,000	5,718,000	5,718,000	4,640,000	4,640,000	4,640,000	3,989,652	6,587,274		3,327,245	875,536	6,431,664	2,830,560	2,830,560
current liabilities held for sale								611,000	637,000	706,000	1,175,000	348,000	344,000	830,000	1,198,696	1,011,811
operating lease liability, net of current portion							997,000	721,000	431,000	474,000	519,000	558,000	5,522,000	5,457,000	447,591	977,517	1,043,931	1,167,779	1,235,325		101,983
finance lease liability, net of current portion											9,000	23,000	71,000	129,000	179,997	249,706	257,952	419,563	458,308		616,376
loans payable, net of current portion							7,176,000	1,314,000	5,090,000	7,047,000	8,911,000	10,772,000	10,371,000	12,099,000	13,433,068	12,978,512
commitments and contingencies - note 18
receivable from equity offerings								31,158,000
derivative investment asset								1,692,000	505,000	1,454,000	2,697,000	1,846,000	1,741,000	1,685,000	2,955,890	2,761,780	3,794,359	5,204,505	4,905,656	7,434,630	9,495,404	1,094,775	2,115,269	1,544,185
investment in debt security, at fair value								812,000
accounts payable and accrued liabilities								56,488,000	43,632,000	33,415,000	65,577,000	29,634,000	31,334,000	27,927,000	24,661,860	12,995,578	21,385,732	20,237,550	7,975,263	9,941,420	2,947,099	2,936,049	4,527,037	1,366,388	3,121,117	1,069,807	848,756	553,745	253,191	384,695	131,724	163,628	318,878	168,674	143,225	89,890	92,572	266,401	291,187	60,189	11,938	38,215	53,967	5,277	9,332	7,428	8,658	157,590	157,425
current portion of operating lease liability								198,000	177,000	176,000	181,000
current portion of finance lease liability								23,000	52,000	96,000	130,000
current portion of long-term loans payable								9,665,000	7,686,000	7,421,000	6,992,000	7,076,000	7,248,000	7,504,000	7,786,049
cash and cash equivalents, including restricted cash									323,052,000	48,458,000					20,462,570	2,661,682	1,912,947	5,212,414	18,040,327
accounts receivable											5,000	100,000	47,000	30,000	27,029	102,781	6,836,253	4,622,002	2,619,957	2,340,435	1,756,112	1,624,648	1,047,353	1,744,704	1,441,512	707,506	777,716	784,140	430,144	148,626	34,141	34,022	55,230	26,400	41,947	38,567	187,678	75,107	57,095
inventory									991,000	732,000	809,000	1,037,000	746,000	392,000	216,404		1,259,423	1,432,110	2,672,744	4,040,407	856,095	276,750				145,932
long-term assets held for sale												552,000	593,000	634,000	1,544,674	839,624
long-term liabilities held for sale												382,000	426,000	469,000	511,530
deposits on mining equipment												98,594,000	34,020,000	5,814,000	12,497,111	31,856,635	69,902,321	125,700,523	87,959,910	125,855,501
operating lease liability												194,000	119,000	260,000	112,955	323,951	321,600	261,101	256,195	76,467		609,475
finance lease liability												168,000	216,000	218,000	260,387	274,222	345,817	366,728	413,798	345,257		235,688
contingent consideration													2,000,000	4,840,000				615,249	820,802	650,000		750,000	750,000
investment in equity security																250,000	250,000	250,000								462,000
acquisition liability																		300,000	300,000	300,000	300,000
stockholders' equity
common stock; 0.001 par value...															55,662	41,299	41,291	41,475	37,394		33,874	24,071	17,391	16,124	5,745		4,679		43,059	36,679	36,116	34,919	34,489	33,608	33,409	33,278	32,970	32,318	27,834	21,086	21,058	20,768		20,378	6,793	5,971	5,803
preferred stock; 0.001 par value...															1,750	1,750	1,750	1,750	1,750		1,750	1,750	1,750	1,750	1,750				1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	400	400		400
additional paid-in capital															599,898,202	530,506,510	525,246,200	518,240,478	444,074,832	414,783,896	400,032,436	195,579,405	132,809,830	127,679,497	113,378,444	112,571,454	111,936,125	110,944,855	100,486,466	89,016,247	82,958,490	28,781,788	41,300,597	40,412,518	40,240,468	40,118,935	39,824,492	39,131,643	39,068,127	4,987,424	4,978,256	4,765,069	4,635,459	4,635,459	4,649,044	1,271,570	1,111,738	912,747	836,825		257,881				215,028				209,607				196,335					193,786
accumulated other comprehensive income															110,108		41,200	12,721
accumulated deficit															-196,053,911		-124,412,537	-124,220,974	-138,392,118	-133,024,728	-116,347,601	-123,570,136	-116,402,606	-109,339,116	-100,787,815
total stockholders' equity															404,011,811		400,917,904	394,075,450	305,716,466	281,795,614	283,720,459	72,035,090	16,426,365	18,358,255	12,598,124	17,605,356	18,885,341	30,030,980	23,542,903	19,830,844	16,056,075	345,054	19,221,463	19,457,245	20,341,511	30,261,958	31,416,784	31,937,479	32,662,121	719,363	843,070	819,943	761,959	811,931	866,307	676,928	708,266													-54,372	-45,156	-43,153		-41,653	-40,068	-26,155			-22,575	-20,716	-25,601
total liabilities and stockholders' equity															452,624,772			418,144,771	317,473,121	297,488,821	292,612,596	78,172,736	22,340,063	20,628,304	22,490,671	23,989,281	23,434,252	32,912,161	24,438,095	21,441,309	17,555,662	19,437,688	20,780,671	20,244,886	20,792,802	30,426,731	31,650,789	32,317,084	33,019,542	781,025	856,481	859,631	817,399	818,681	877,112	685,877	763,254	690,151	628,378											723	320	40
digital currency																10,538,120	17,045,640	30,203,387	23,603,210	10,388,432	5,662,547	407,441
loans payable																5,359,904						531,169	531,169	681,169	150,000	150,000	150,000				150,000	285,214
contract liabilities																	188,929	386,740	296,964	596,873	551,977	63,603	64,198	149,493	590,241	610,834	499,401	428,042	2,242
capitalized software																		477,191	503,685	850,113	892,220	936,917	976,203	1,018,540	1,060,417	1,015,911	1,055,197	8,389,407	8,472,538	8,576,588	8,786,226	8,988,166	9,157,960
contract assets																						906	4,103		4,282	28,517	57,077	4,282
investment equity security																			260,772	473,823	729,500	386,500		421,500
investment debt security, afs, at fair value																			494,608	500,000	500,000	500,000		487,788
accumulated other comprehensive loss																			-5,392
operating lease liability, non-current																				478,202		255,966
finance lease liability, non-current																				527,483		755,696
contingent consideration, non-current																				2,600,000
common stock: 0.001 par value...																				34,696
preferred stock: 0.001 par value...																				1,750
deposits on mining equipment and related assets																					45,488,258
operating lease liability, current portion																					611,040
finance lease liability, current portion																					336,157
contingent consideration, current portion																					2,416,667
contingent consideration, net of current portion																					833,333
cash																						25,631,913	3,126,202	1,955,776	4,506,510	6,376,557	7,838,857	8,016,078	1,565,261	4,622,728	412,777	17,481	172,222	41,912	57,128	150,049	238,406	205,392	436,529	81,854	151,689	140,010	88,533	125,936	169,988	58,087	116,741	62,335	2,770	507	270	403	796	483	413	567	98	387	208	723	320	40	40
fixed assets																						6,484,137	117,994	129,891	143,895	140,855	145,070	82,662	91,194	78,975	86,731	99,248	112,797	114,049	125,441	686,417	711,791	736,938	782,975	635,495	647,550	660,640	657,647	607,090	601,804	582,427	580,973	580,973	580,973
investment in equity securities																							460,000		502,000
lease liability																							41,294	52,999	64,033	74,789
due to related parties																								20,000	20,000	70,000	86,966	57,167	65,949	85,734	308,373	270,772	210,712	130,134	61,021	44,460	105,869	91,554	63,973	1,473	1,473	1,473	1,473	1,473	1,473	1,521	1,473		2,740
loans payable, net of unamortized discounts																											67,467	334,935	361,136	541,483	457,579
long- term liabilities
convertible notes, net of unamortized discounts																									5,124,658	623,905				353,833	69,121
derivative asset																									824,891	2,266,654
investment available for sale debt security, at fair value																									456,744
convertible note, net of unamortized discounts																									822,498
investment in available for sale debt security, at fair value																										425,700
4,868,911 and 4,679,018 shares issued and outstanding as of december 31, 2019 and september 30, 2019, respectively																										4,869
1,750,000 and 1,000,000 series a shares issued and outstanding as of december 31, 2019 and september 30, 2019, respectively																										1,750
0 and 0 series b shares issued and outstanding as of december 31, 2019 and september 30, 2019, respectively
accumulated earnings																										-94,972,717	-93,056,463	-80,959,533	-76,987,622	-69,223,082		-28,472,653		-20,989,881	-19,933,366	-9,891,255	-8,441,678	-7,227,482	-6,434,840		-4,156,644	-3,966,294	-3,894,278	-3,844,306	-3,789,530	-600,613	-409,275	-435,804	-424,905
loans from related parties																														244,720	382,790
series a shares; 2,000,000 authorized; 1,000,000 and 1,000,000 issued and outstanding as of september 30, 2019 and september 30, 2018, respectively																											1,000
series b shares; 100,000 authorized ; 0 and 0 issued and outstanding as of september 30, 2019 and september 30, 2018, respectively
44,658,282 and 36,116,447 shares issued and outstanding as of june 30, 2019 and september 30, 2018, respectively																												44,658
1,000,000 and 1,000,000 series a shares issued and outstanding as of june 30, 2019 and september 30, 2018, respectively																												1,000
0 and 0 series b shares issued and outstanding as of june 30, 2019 and september 30, 2018, respectively
cost in excess of billings																															52,439
deposits																																			5,742	5,742	6,331	6,331	589	589	589	2,358	2,358	2,358	2,358	1,350
customer deposits																																15,000	16,000	18,000	16,000	15,000	15,000	21,650
deposits-current																																9,325	338,999	33,392
prepaid expense																																52,253	509,856	27,653	29,556	40,624	49,191	38,212	57,722	11,912	10,317	10,555	24,391	38,179	58,938		21,143	3,000
deposits- long term
convertible note payable																																120,999	9,778
derivative liability																																17,704,028	248,950
loans from related party																																232,993
liabilities and stockholders' deficit
loan from related party																																	177,433	53,333	73,333
loans																																	277,457	117,500	7,712	15,423	20,564		2,261
flexpower system																																		12,930,675	13,396,574	18,749,255	19,061,961	19,358,056	19,675,986
microgrid assets																																				3,553,494	4,123,628	4,509,705	4,567,838
due from shareholder																																						49,000	53,020
notes payable																																															44,857	50,000	50,000
20,378,415 and 17,409,915 shares issued and outstanding
as of september 30, 2015 and september 30, 2014, respectively																																											20,378
400,000 and 0 shares issued and outstanding as of september 30, 2015																																											400
and september 30, 2014, respectively
convertible notes payable
payable to shareholder																																																		82,818				65,818	61,318	56,819	52,818	48,818	42,817	33,318	27,735	27,235	26,835					6,115
deferred revenue																																																	750
liabilities
convertible promissory note																																																		15,500				16,000		16,000	16,000	15,000	15,000	15,000	10,000	10,000	10,000
stockholders' deficit
common stock - 100,000,000 shares authorized having a par value of 0.001 per share; 950,687 shares issued and outstanding, as of december 31, 2013 and september 30, 2013; respectively																																																		951
capital in excess of par value																																																		259,809		256,064	254,367	216,596		213,552	212,130	210,777		198,629	197,827	197,083		193,786	193,786	193,786			193,786	193,786	193,786
deficit accumulated during the development stage																																																		-374,345		-353,691	-348,157	-342,102		-327,321	-322,833	-318,744		-288,978	-278,960	-276,213		-271,316	-269,731	-255,818			-252,238	-250,279	-244,414
total stockholders' deficit																																																		-113,585	-105,298	-96,676	-92,839	-88,429	-80,253	-76,692	-73,626	-70,890	-65,929				-42,494					-26,297
total liabilities and stockholders' deficit																																																		507	270	403	2,023	1,301	1,822	567	98	387	208				40
prepaid expenses																																																					1,227	818	1,409
convertible promissory note – related party																																																			15,500	15,500	16,000		16,000
convertible note payable to shareholder																																																			79,318
common stock, .001 par value...																																																											37,077
deficit accumulated during development stage																																																			-364,130				-332,358				-312,613				-274,806					-255,960
payable to shareholders																																																				72,818	70,317
common stock -100,000,000 shares authorized having a par value of 0.001 per share; 950,687 shares issued and outstanding, as of june 30, 2013 and september 30, 2012; respectively																																																				951
common stock -100,000,000 shares authorized having a par value of 0.001 per share; 950,687 shares issued and outstanding, as of march 31, 2013 and september 30, 2012; respectively																																																					951
common stock - 50,000,000 shares authorized having a par value of 0.001 per share; 37,076,779 shares issued and outstanding, as of december 31, 2012 and september 30, 2012; respectively																																																						37,077
common stock - 100,000,000 shares authorized having a par value of 0.001 per share; 37,076,779 shares issued and outstanding, as of june 30, 2012 and september 30, 2011; respectively																																																								37,077
common stock - 100,000,000 shares authorized having a par value of 0.001 per share; 37,076,779 shares issued and outstanding, as of march 31, 2012 and september 30, 2011; respectively																																																									37,077
common stock - 100,000,000 shares authorized having a par value of 0.001 per share; 37,076,779 shares issued and outstanding, as of december 31, 2011 and september 30, 2011; respectively																																																										37,077
common stock - 50,000,000 shares authorized having a par value of 0.001 per share; 35,976,781 shares issued and outstanding, as of june 30, 2011 and september 30, 2010; respectively																																																												35,977
common stock - 50,000,000 shares authorized having a par value of 0.001 per share; 35,976,781 shares issued and outstanding, as of march 31, 2011 and september 30, 2010; respectively																																																													35,977
common stock - 50,000,000 shares authorized having a par value of 0.001 per share; 35,976,781 shares issued and outstanding, as of december 31, 2010 and september 30, 2010; respectively																																																														35,977
50,000,000 shares authorized, and
35,976,781 and 35,876,781 shares issued and
outstanding at sept. 30, 2010 and 2009, respectively																																																															35,977
notes payable - related party																																																																26,685	24,685	12,876
common stock - 50,000,000 shares authorized having a par value 0.001 per share...																																																																35,877
common stock - 50,000,000 shares authorized having a par value of 0.001 per share; 35,876,781 shares issued and outstanding, as of march 31, 2010 and september 30, 2009;																																																																	35,877
common stock - 50,000,000 shares authorized having a par value of 0.001 per share; 35,876,781 shares issued and outstanding, as of december 31, 2009 and september 30, 2009; respectively																																																																		35,877
cash flows from operating activities
net income																																																																			-27,057					-19,233
adjustments to reconcile net income
to net cash used by operating activities
changes in assets and liabilities
shares issued for services																																																																			100
increase in accounts payable																																																																			12,091					7,786
expenses paid by shareholder																																																																			14,866
net cash used by operating activities
cash flows from investing activities
net cash from investing activities
cash flows from financing activities
proceeds from issuances of common stock
net cash from financing activities
net increase in cash
beginning cash balance
ending cash balance
supplemental disclosures
interest paid
income taxes paid
supplemental schedule of noncash investing and financing activities:
common stock issued for debt																																																																			15,243					4,493
exhibit no.
31.1
32.1
35,876,781 and 20,533,781 shares issued and
outstanding at sept. 30, 2009 and 2008, respectively																																																																				35,877
convertible notes payable - related party																																																																					4,115	187	11,447
common stock - 50,000,000 shares authorized having a par value of 0.001 per share; 35,876,781 and 20,533,781 shares issued and outstanding as of june 30, 2009 and september 30, 2008, respectively																																																																					35,877
common stock - 50,000,000 shares authorized having a par value of 0.001 per share; 35,776,781 and 20,533,781 shares issued and outstanding as of march 31, 2009 and september 30, 2008, respectively																																																																						35,777
common stock - 50,000,000 shares authorized having a par value of 0.001 per share; 25,026,781 and 20,533,781 shares issued and outstanding, as of december 31, 2008 and september 30, 2008; respectively																																																																							25,027
increase in convertible debt - related party																																																																								11,447

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2013-12-31	2013-03-31	2012-12-31	2012-10-01	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-10-01	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-10-01	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-10-01

cash flows from operating activities
net income	-378,343,000	-378,711,000	-925,000	257,390,000	-138,792,000	246,791,000			126,735,000	25,909,000			-18,460,000	-29,031,000			-170,735	14,485,755																																-9,744						-10,019	-2,747	-1,407	-1,407		12,328	-14,055	142	142					-19,233
adjustments to reconcile net income to net cash from operating activities:
bitcoin mining revenue	-136,408,000	-181,180,000	-223,652,000	-198,644,000	-181,712,000	-162,306,000	-89,275,000
loss on fair value of bitcoin	224,107,000	246,832,000
bitcoin issued for services	610,000	712,000	546,000	482,000	490,000	414,000	-12,000	646,000	235,000	265,000	210,000	200,000	176,000	134,000
impairment expense - fixed assets	0	1,398,000
impairment expense - other							320,000
loss on derivative securities			-3,000	430,000	4,741,000	-3,622,000
loss on bitcoin collateral	38,838,000	103,620,000
stock based compensation	12,054,000	12,132,000	34,726,000	4,487,000	3,101,000	3,021,000	6,859,000	2,946,000	9,797,000	9,953,000	6,574,000	5,947,000	5,743,000	5,878,000	13,949,124	5,212,779	6,553,984	5,749,107		3,399,371	849,015	4,350,643	881,600	261,432	273,931	636,269	276,290	432,971	655,827	627,955	1,126,978
depreciation and amortization	115,881,000	106,311,000	108,325,000	94,880,000	78,901,000	66,229,000	51,848,000	40,727,000	32,187,000	29,847,000	58,203,000	21,850,000	21,346,000	19,329,000	14,102,690	15,582,986	11,661,633	7,697,568	5,361,348	3,656,757	2,147,834	1,078,429	667,600	703,367	674,587	626,777	627,732	618,130	499,636	157,483	222,276	209,963	-137,798	560,540	1,015,479	1,004,317	809,786	488,758	545,189	12,782	13,357	7,128	740	731
deferred income taxes	-9,891,000	-31,415,000	14,830,000	18,108,000	-3,044,000	9,217,000
loss on disposal of assets			2,529,000	156,000	-2,230,000	-791,000	3,185,000	-48,000	1,652,000	677,000
other	2,371,000	2,089,000	678,000	1,132,000	1,045,000	373,000
changes in operating assets and liabilities
decrease in operating lease liabilities	-456,000	-425,000	-416,000	-315,000	-193,000	-148,000	-121,000	-73,000							85,921
decrease in accounts payable and accrued liabilities	-8,274,000	-16,547,000		9,926,000	-3,700,000	-4,654,000
increase in prepaid expenses and other current assets	2,646,000	1,278,000		-2,259,000	-827,000	-800,000
increase in other long-term assets	-11,800,000	-15,211,000	-1,299,000	4,344,000	2,270,000	-12,477,000
net cash from operating activities	-135,827,000	-161,135,000	-119,409,000	-109,888,000	-112,283,000	-119,452,000	-82,685,000	-68,036,000	-42,907,000	-40,034,000	-43,940,000	1,670,000	6,761,000	5,115,000	18,964,804	86,027,796	-12,579,271	-20,969,236	-11,801,453	-11,941,429	-4,852,882	-6,833,578	-2,963,653	-2,416,026	-377,669	-885,386	94,039	-3,284,166	-1,841,418	-666,444	-359,380	-247,977	-268,300	-384,864	-380,061	-282,334	-419,807	-279,663	-231,830	-66,745	-72,786	-66,804	13,246	-36,941	-60,022	-106,944	237				-154	469			-515	-4,597
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0				0	0			0	0
free cash flows	-135,827,000	-161,135,000	-119,409,000	-109,888,000	-112,283,000	-119,452,000	-82,685,000	-68,036,000	-42,907,000	-40,034,000	-43,940,000	1,670,000	6,761,000	5,115,000	18,964,804	86,027,796	-12,579,271	-20,969,236	-11,801,453	-11,941,429	-4,852,882	-6,833,578	-2,963,653	-2,416,026	-377,669	-885,386	94,039	-3,284,166	-1,841,418	-666,444	-359,380	-247,977	-268,300	-384,864	-380,061	-282,334	-419,807	-279,663	-231,830	-66,745	-72,786	-66,804	13,246	-36,941	-60,022	-106,944	237				-154	469			-515	-4,597
cash flows from investing activities
payments on miners and mining equipment, including deposits	3,689,000	-18,497,000
purchase of fixed assets	-37,594,000	-36,928,000	-10,675,000	-42,535,000	-34,092,000	-57,359,000	-12,811,000	-10,303,000	-15,483,000	-27,503,000	-18,826,000	-20,865,000	-16,816,000	-4,953,000	12,818,931	-3,189,918	-7,485,024	-21,429,893				-19,082	-4,110	-5,877	-15,463	-9,447	-75,191	-1,943	-22,699	-2,928	-1,030	0	-12,014	-2,183	-5,015	0	-32,731	32,634	77	0	-306	-9,444	-50,649	-5,376	-19,218	-1,710
purchase of bitcoin			-78,032,000
proceeds from sale of bitcoin and option settlement	167,474,000	175,341,000
proceeds from sale of miners	225,000	3,136,000	-1,170,000	1,320,000	11,378,000	30,134,000	640,000	290,000	0	508,000					0	0
purchase of derivative contracts	-16,025,000	-872,000
proceeds from derivative contracts
asset acquisition - austin county, tx location
asset acquisition - brazoria county, tx location
asset acquisition - other locations	-11,875,000	-1,418,000
acquisition of griid infrastructure			0	0	0	1,411,000
asset acquisition - twin city, ga location			0	0
asset acquisition - tennessee locations			0	0	0	-8,105,000
net cash from investing activities	-30,595,000	79,590,000	135,498,000	-125,277,000	-59,930,000	-255,947,000	-416,700,000	-272,133,000	-198,747,000	-32,818,000	-92,912,000	-127,954,000	-54,575,000	-56,488,000	-57,486,466	-102,815,459	9,358,034	-60,037,647	-26,618,487	-135,187,338	-53,481,129	-2,427,972	284,079	-665,877	-1,492,378	-509,447	-75,190	-242,083	-235,980	-120,700	-128,453	-148,468	-124,671	-17,640	-33,480	-26,883	-48,744	-17,213	-5,511	-3,090	-535	-11,719	-50,649	-7,111	-20,077	-1,710
cash flows from financing activities
purchase of treasury stock	0	-460,000,000	0	0	0	-145,000,000
payments for capped call			0	0	0	-90,350,000
payments on debt	-677,000	-580,000
payments on lines of credit	0	-250,500,000
proceeds from lines of credit	0	76,000,000
payments of debt issuance costs	0	-2,429,000
payments on preferred dividends	-30,000,000	-396,000	-5,603,000	0			0	-2,842,000			0				1
payments on finance leases	8,000	-51,000	9,000	8,000	-16,000	-26,000	24,000	-30,000	-44,000	-43,000	-52,000	-95,000	-61,000	-93,000	16,569	-79,841	-276,805	-91,645	-107,127
proceeds from debt, net of issuance fees	0	1,133,086,000
payments of taxes on shares withheld for net settlement of restricted stock units	-812,000	387,000	-2,010,000	0	0	-1,943,000	-5,439,000	-107,000	-11,606,000	-5,533,000
proceeds from exercise of options and warrants	114,000	932,000	423,000	345,000	44,000	110,000	92,000	120,000	505,000	36,000					136,044	201,006	198,581	281,616	19,369	385,004
proceeds from equity offerings			0	0	1,000	186,807,000	451,791,000	150,969,000	529,738,000	99,336,000	146,259,000	138,011,000	58,162,000	41,344,000	57,058,994	0
equity issuance costs	0	-71,000
net cash from financing activities	-31,367,000	496,378,000	-7,648,000	172,763,000	-7,377,000	531,128,000	494,499,000	146,281,000	516,248,000	92,095,000	144,234,000	137,772,000	56,098,000	32,971,000	56,322,550	17,536,398	-78,230	68,178,970	34,250,397				3,850,000	531,169	0	-67,467	-196,070			4,997,095	883,129	241,704	523,281	387,288	320,620	220,860	501,565	65,739	592,016	0	85,000	130,000	0	0	192,000	50,000					0	0			0
net increase in cash, cash equivalents and restricted cash	-197,789,000	414,833,000	8,441,000	-62,402,000	-179,590,000	155,729,000
cash, cash equivalents and restricted cash, beginning of the period	0	46,456,000
cash and cash equivalents, and restricted cash, end of the period	-197,789,000	461,289,000
supplemental disclosure of cash flow information
cash paid for interest	352,000	2,396,000	4,304,000	2,686,000	490,000	1,399,000		454,000	500,000	519,000	628,000	610,000	861,000	808,000	673,265	290,805	9,584	52,709	104,741	19,617			3,152	3,404			5,743	0	0	49,750	52,779	17,589	25,322	11,280	1,366	158
non-cash investing and financing transactions
fixed asset and miner purchases accrued not paid	-1,222,000	2,710,000	-1,676,000	-1,210,000	691,000	3,335,000		-4,027,000	3,745,000	3,462,000
fixed assets purchased through finance transactions	365,000	2,384,000	535,000	0	0	1,000,000		0	47,000	240,000	0	329,000	0	164,000
miners and derivatives purchased with bitcoin			2,000
bitcoin transferred to collateral account	87,034,000	524,299,000		282,418,000	0	8,860,000
bitcoin transferred from collateral account	16,688,000	431,363,000		42,282,000	0	129,180,000
excise tax accrued on treasury stock purchases	-80,000	3,270,000
software purchased with bitcoin			1,000,000	0	2,000,000	4,000,000		373,000			0	0	0	229,000
unrealized gain on investment in available-for-sale- debt security
shares issued in connection with griid acquisition			0	0	0	60,677,000
reconciliation of cash, cash equivalents, and restricted cash:
cash and cash equivalents	-197,810,000	458,097,000		-62,429,000	-179,617,000	276,599,000
restricted cash	21,000	3,192,000		27,000	27,000	3,408,000
total cash, cash equivalents, and restricted cash shown in the statement of cash flows	-197,789,000	461,289,000		-62,402,000	-179,590,000	280,007,000
gain on derivative securities		-11,795,000
gain on disposal of assets		-223,000
payments for deposits and other long-term assets		-8,849,000
purchase of bitcoin and bitcoin receivables		-26,193,000
proceeds from sale of derivative contracts		14,059,000	9,244,000
asset acquisition - sealy, tx location		-20,189,000
preferred shares dividends accrued			-5,207,000			5,141,000			2,263,000	579,000					-314,611	0	20,828	314,611
less: income from discontinued operations
gain on fair value of bitcoin			-66,456,000	-268,651,000	127,667,000	-218,206,000	-6,017,000	48,337,000	-119,702,000	-36,041,000
proceeds from sale of bitcoin											4,382,000	35,686,000	42,136,000	34,067,000
realized gain on sale of bitcoin											-595,000
impairment expense - bitcoin
gain on fair value of contingent consideration											1,000	-2,000,000	0	-485,000	0
gain on bitcoin collateral			-18,343,000	-31,354,000	0	-42,493,000
increase in accounts payable and accrued liabilities							4,619,000	16,885,000	6,472,000	-8,255,000	4,169,000	-1,699,000	1,938,000	3,265,000	13,043,719	-7,086,743	10,995,618	-911,848
decrease in prepaid expenses and other current assets							1,141,000	-12,351,000	-1,167,000	9,010,000				1,862,000					-301,295	-1,784,252	1,198,577	-2,329,318	-592,840	189,740	16,494	602,120			-281,698	22,157
net cash from operating activities - continuing operations			-119,409,000	-109,888,000	-112,283,000	-119,452,000
net cash from operating activities of discontinued operations							-70,000	-22,000	-8,000	-408,000	208,000	369,000	337,000	412,000
payments on miners and mining equipment			-35,927,000	-128,531,000	-31,726,000	-222,028,000
asset acquisition - lafayette, ga location			0
asset acquisition - wyoming locations
asset acquisition - ln energy							-1,000
asset acquisition - mississippi locations							0
asset acquisition - dalton, ga locations
asset acquisition - land in sandersville, ga							0
acquisition of mawson											0	0	0	-22,518,000
note receivable from griid
net cash from investing activities - continuing operations			135,498,000	-125,277,000	-59,930,000	-255,947,000		-272,133,000	-198,747,000	-32,818,000	-92,700,000	-127,954,000	-54,514,000	-59,011,000
net cash from investing activities - discontinued operations											-212,000	0	-61,000	2,523,000
refund of debt commitment fee
cash, cash equivalents and restricted cash, beginning of the year
cash and cash equivalents, and restricted cash, end of the year
shares issued for settlement of contingent consideration related to business acquisition											0	0
receivable for equity proceeds
shares withheld for net settlement of restricted stock units related to tax withholdings											4,405,000	0
unrealized gain on investment in available-for-sale debt security				-223,000	2,946,000	32,000			29,000	29,000	30,000	28,000	29,000	29,000	40,112	28,796
impairment of fixed assets
impairment - other
asset acquisition - dalton, ga location
payments on loans				-4,090,000	-2,265,000	-52,158,000	-1,969,000	-1,829,000	-1,766,000	-1,701,000	-1,973,000	-2,060,000	-2,003,000	-8,430,000
payments of loan issuance costs				0	0	-2,007,000
proceeds from loans payable, net of issuance fees				176,500,000	0	635,695,000
net cash from financing activities - continuing operations				172,763,000	-7,377,000	531,128,000
cash, cash equivalents and restricted cash, beginning of period				0	0	124,278,000
cash and cash equivalents, and restricted cash, end of period				-62,402,000	-179,590,000	280,007,000		-193,888,000	274,594,000	48,458,000
change in accounting principle									0	4,183,000
net loss							-62,179,000				-74,879,000				-42,301,151				-5,367,391			-7,167,530	-7,063,490	-8,551,301	-5,815,098	-1,916,254	-12,096,930	-3,971,911	-7,764,540	-2,283,551	-38,466,878	-6,358,030	-1,124,742	-1,056,515	-10,042,111	-1,449,577	-1,214,196	-792,642	-2,144,693	-133,503	-190,350	-72,016	-49,972	-54,776	-3,188,917	-191,338	-10,215	-6,055	-9,744			-4,488	-4,089	-6,131												-1,959	-5,865	-19,233
less: loss from discontinued operations											5,490,000	102,000	294,000	-1,457,000
unrealized loss on equity security															0	0	0	1,847				73,500
realized gain on sale of equity security															0	0	0	-665	-73,138
impairment of bitcoin											6,146,000	740,000	194,000	83,000
impairment expense - goodwill
unrealized loss on derivative asset							-40,000	-1,187,000	949,000	1,243,000	-851,000	-105,000	-56,000	1,271,000	-194,106	1,032,579	1,410,146	-298,849				1,020,494
non-cash lease expense									23,000	41,000	42,000	45,000	80,000	79,000	-90,222	68,411	67,695	66,988
recognized gain on bitcoin collateral returned
change in fair value of bitcoin collateral
provision for bad debts									4,000	53,000	182,000	59,000	36,000	70,000	591,746				12,341	2,180			0
amortization of debt discount									26,000	27,000	27,000	23,000	18,000	1,000	31,298								-12,212	6,021,800	1,488,785	1,512,174	1,889,029	69,618	5,138,841	466,341	502,004	127,897
increase in deferred income taxes									11,595,000	1,399,000
long-term deposits paid
net cash from operating activities of continuing operations
payments on miners and miner deposits
asset acquisition - clinton, ms locations
asset acquisition - dalton 3
asset acquisition - dalton 1 & 2
acquisition of waha, net of cash received
notes receivable from griid
settlement of holdbacks related to contingent consideration															0	0
proceeds from the sale of equity securities															0	0	0	9,590
purchase of software
net cash from investing activities of continuing operations
net cash from investing activities of discontinued operations
proceeds from loans
payments on equipment backed loan
refund of loan commitment fee											0	0	0	150,000
proceeds from loan payable											0
net cash from financing activities of continuing operations
net cash from financing activities of discontinued operations
net increase in cash, cash equivalents, and restricted cash
cash, cash equivalents, and restricted cash, beginning of period
cash, cash equivalents, and restricted cash, end of period
net cash from operating activities from continuing operations								-68,014,000	-42,899,000	-39,626,000	-44,148,000	1,301,000	6,424,000	4,703,000
asset acquisition - coinmaker llc
net cash from financing activities - continued operations								146,281,000	516,248,000	92,095,000	144,234,000	137,772,000	56,098,000	32,971,000
net cash from financing activities - discontinued operations
mining of bitcoin									-111,799,000	-73,786,000	-52,460,000	-45,427,000	-42,488,000	-27,746,000
impairment other
decrease in accounts receivables									0	5,000
increase in inventory																			1,739,879	-3,184,312	-517,195	-276,750				-145,932
payments on miners									-159,992,000	-48,858,000	-73,908,000	-96,270,000	-37,698,000	-31,540,000
acquisition of mississippi locations
acquisition of dalton, ga location
net increase in cash and cash equivalents									274,594,000	19,243,000	7,382,000									-135,064,672
cash and cash equivalents, beginning of period									0	29,215,000	0	0	0	20,463,000						0
increase in operating lease liabilities										-50,000				56,000
decrease in inventory										77,000	228,000	-292,000	-353,000	-176,000	-968,345	-663,569	254,687	1,240,634
adjustments to reconcile net loss to net cash from operating activities:
impairment of goodwill															5,047,640
impairment of investment in equity security
loss on write-off and disposal of assets											1,928,000	0						278,170
(decrease) in operating lease liabilities											-51,000	1,000
(increase) in prepaid expenses and other current assets											-3,908,000	360,000			9,152,469	1,439,873	-6,303,535	-6,682,127
(increase) in accounts receivables											130,000	-113,000	-52,000	-73,000	1,282,584
long -term deposits paid											27,000	0	1,000	-2,941,000
purchase of intangible assets																											0				-1,951	0	-3,057	-2,907	-5,215	-1,217	-3,100	-19,387	-4,867	-3,090	-950	-2,275	0	-1,735
land acquisition in sandersville, ga											0
acquisition of coinmaker llc											0
proceeds from equipment backed loan															915,940
cash and cash equivalents, end of period											7,382,000	11,488,000	8,284,000	2,061,000						-135,064,672
cash paid for income taxes
shares issued for settlement of seller agreements related to acquisition															0	0	0	150,011
income from in-kind receipts of miners																0
cash paid for tax
receivables from exercise of options																-153,467
final payment withheld from equipment backed loan
realized (gain) on sale of bitcoin
net decrease in cash and cash equivalents													8,284,000	-18,402,000
realized loss on sale of bitcoin														517,000
change in contract liabilities
investment in infrastructure development																		-1,948,709	6,349,796	-3,601,104	0	-2,830,560
gross-up of accounts payable related to bills received for goods and services outstanding																		10,256,654
impairment of intangibles
ppp loan forgiveness																				0
gain on write-off and disposal of assets															0	0
cash flows from investing
acquisition of atl, net of cash received
deposit on acquisition of mawson
net increase in cash and cash equivalents and restricted cash															17,800,888	748,735	-3,299,467	-12,827,913
cash and cash equivalents and restricted cash, beginning of period															0	0	0	18,040,327
cash and cash equivalents and restricted cash, end of period															17,800,888	748,735	-3,299,467	5,212,414
day one recognition of right of use asset and liability																			988,740				0	0	0	85,280
right of use asset and liability written off due to lease termination
shares and options issued for business acquisition																			-8,063,721	-892,659	13,246,704	21,183,351	250,000	0
cashless exercise of options and warrants
shares issued as collateral returned to treasury																							0	0			-237	0	137	138
shares and options issued for services
shares returned as part of settlement of seller agreements related to acquisition															0	0
impairment of digital currency																4,418,714	811,345	6,222,346
realized gain on sale of digital currency																5,234,482	2,733,882	-9,994,791		-36,438	-585,709	-49,918
digital currency issued for services																155,956	113,334	181,658	134,554
impairment related to working capital
mining of digital currency																-30,941,726
proceeds from sale of digital currencies																27,640,094	46,464,925	33,965,188	8,943,375			375,887
decrease in contract assets																			0	0	906	3,197			24,235	28,560
increase in contract liabilities																-54,422	-197,811	89,776		44,896				-440,748	-20,593	111,433	71,359
payments on miner deposits																-19,195,428	-34,443,230	-70,633,823
acquisition of solar watt solutions, net of cash received
acquisition of atl data center, net of cash received																			0	0
payments on promissory notes																			-17,077	0	-390,476	-5,475,000	-150,000	0	0	-67,467	-117,468	-26,201	-258,950	-222,725	-35,569	-30,385
change in fair value of contingent consideration
decrease in operating lease right of use liabilities																	-63,349	-62,640
gain on fair valuation of contingent consideration																		-55,542
production of digital currency																		-36,974,578
increase in accounts receivables																		-2,002,045
cash acquired from atl acquisition																						45,783
proceeds from offerings																		67,988,999	34,532,734
reclass from fixed assets to miner deposits																		279,603
reclass from miner deposits to fixed assets																		43,429,467
reclass from ap and accrued expenses to construction in progress																		2,686,665
changes in other comprehensive income																		18,113
stock based compensation including expenses in lieu of commission to brokers
impairment expense on digital currency
unrealized gain on equity security																			104,067	170,586			-38,500			-368,868
realized gain on digital currency
gain on derivative asset																			2,528,974	2,060,774			-571,084	-719,294	1,441,763	-2,266,654
gain on forgiveness of debt																																																												0	0	0	-2,353	-2,353
shares issued as interest
loss on asset disposal
impairment expense on capitalized software
noncash lease expense
decrease in contract liabilities																						-595
(increase) in accounts receivable																			-712,942
(increase) in digital currency																			-22,747,990
(decrease) in lease liability																			-46,938
(decrease) in due to related parties
increase in deposits on mining equipment																			36,595,491
proceeds from sale of equity securities																			191,077
purchase of property and equipment
acquisition of p2klabs, net of cash received
acquisition of solar watt solutions																			201
cash consideration for acquisition of gridfabric, net of cash acquired
investment in capitalized software																							1	0			1	-237,990	-213,281	-117,772	-125,472	-148,468
investment in debt and equity securities																							0	0	-250,000	-500,000
proceeds from promissory notes																							0					0			84,511	134,500
dividend paid
net increase in cash																						22,507,711	1,170,426	-2,550,734	-1,870,047	-1,462,300	-177,221	6,450,817	-3,057,467	4,209,951			130,310	-15,216	-92,921	-88,357	33,014	-231,137	354,675	-69,835	11,679	51,477	-37,403	-44,052	111,901	-58,654	237	313	70	70	-154	469	-289	179	-515	403
cash and cash equivalents, including restricted cash, beginning of period
cash and cash equivalents, including restricted cash, end of period
remeasurement of right of use asset and liability due to lease modification
options issued for services
shares issued for services																																								0			0	0	630,000	60,000																			0
shares issued for conversion of debt and accrued interest																							-4,876
cashless exercise of warrants
impairment expense
amortization of operating lease right of use asset																				105,255	154,596	11,864	11,569	11,274
increase in rou asset
increase in accounts payable																				6,589,568	-523,739	-2,366,531		295,271	1,831,244	221,051	295,011	300,554	-124,704	252,971	-10,238	-132,578	162,174	25,449	53,335						-26,277	-15,752	48,690	-4,055	1,904	-1,230	5,024	632	3,155	3,155		-465	-2,553	-860		-963	1,783	259	259		-415	2,104	-4,550	-4,550	1,723	-2,070	6,375	7,786	7,786
investment in joint venture
preferred stock dividends accrued																				0
cashless exercise of options/warrants																				0	0	74
decrease in accounts receivable																											-251,831	-353,996	-281,518	-114,485				15,547
increase in digital currency from mining
decrease in lease liability																					-245,121	-23,740	-11,705	-11,034	-10,756	-10,491
increase in due to related parties																											29,799	-8,782	-19,785	-222,639
increase in deposits on mining equipment and related assets
sale of digital currencies
proceeds from underwritten offerings
net cash received/(provided) by financing activities
shares issued for conversion of debt
amortization of capitalized software																						39,286	42,336	41,877	40,419	39,286	419,023	344,871	341,081	348,660	348,660	339,513
amortization of debt premium																										-18,832
increase in accounts receivable																						-463,199	709,651									21,208				149,111	-112,571	-18,012
increase in digital currency																						-733,410
proceeds from exercise of warrants																						192,656					1	3,267	-1	1,089	10,890			10,000
proceeds from underwritten offering																						37,049,605
net cash received/(used) in financing activities																						31,767,261
cash, beginning of period																						3,126,202	0	0	0	7,838,857	0
cash, end of period																						25,631,913	1,170,426	-2,550,734	-1,870,047	6,376,557	-177,221
loss on settlement of debt																											0	0	-6,800	26,225	0				0	0
decrease in due to related parties																							-20,000			-16,966
cash consideration for acquisition of p2klabs, net of cash acquired
proceeds from related party debts
payments on related party debts																											0	0	-244,720	-213,100	-13,333	-20,000
proceeds from convertible debt, net of issuance costs																											0	10,000,000	0	4,995,000	653,500	0
payments on convertible debts																											0	0
proceeds from issuance of common stock																											0	0	-1	361,801	20,000	47,981	66,419	137,500	104,998	226,001	481,001	68,000	598,800	0	85,000	130,000	0	0	192,000	50,000
stock issued to promissory notes																												0	0	51,225
debt discount on convertible debt																											0	10,000,000	0	4,995,000	653,500
shares and warrants issued for asset acquisition																											1,750	0
financing of prepaid insurance
option expense capitalized as software development costs																											0	23,750	23,750	21,250
increase in contract assets
acquisition of p2klabs																								0
investment in contractual joint venture
cashless exercise of options																												0			73	0			0	0	0	4,399
unrealized gain on equity securities
amortization of operating right of use asset																										10,731
changes in assets and liabilities
(increase) decrease in accounts receivable																										70,210
commitment issued for debt financing
loss on derivative liability																															34,006,679	4,893,309
shares issued as interest expense
stock issued to settle promissory notes
stock issued to settle accounts payable																															0
debt discount on promissory note
recognition of derivative due to tainted equity environment
resolution of derivative liability reclassified to additional paid in capital
shares issued and held in escrow as collateral																															0
proceeds from related part debts																												0	0	75,030	163,130	75,560
shares issued for conversion and accrued interest
decrease in costs in excess of billings																													2,242	52,439
net cash provided by financing activities
beginning cash balance																													0	412,777	0	0	0	57,128	0	0	0	436,529	0	0	0	88,533	0	0	0	116,741	270	0	413	413	0	0	0	208	0	0	0	40	40
ending cash balance																													-3,057,467	4,622,728	395,296	-154,741	130,310	41,912	-92,921	-88,357	33,014	205,392	354,675	-69,835	11,679	140,010	-37,403	-44,052	111,901	58,087	507	313	483	483	-154	469	-289	387	-515	403	280	40	40
returnable shares issued as deposit on convertible debts
increase in deferred revenue
proceeds from long term loans																																		150,000
loss on disposal of fixed assets																																			0	0	25,634	-12,817
commitment shares issued with debt
decrease in deposits																																	-86,982	-27,650	0								0	0	-1,008	-1,350
increase in costs in excess of billings
increase in customer deposits																															-15,000			2,000	1,000	0	-6,650	21,650
investment in microgrid assets																																			0
cash received on sale of assets																																			0	0
shares issued on conversion of debt and interest
debt discount on promissory notes
recognition of derivative liability due to tainted equity instruments
increase in prepaid expense
increase in deposits
increase in accounts payable related party																																60,060	80,578	69,113	16,561											48
net (decrease) in cash
options expense capitalized as software development costs
stock based consulting																																	144,327	24,749	16,666	68,750	8,612	41,518	1,395,856	5,725	129,565	13,836	13,788	13,659	3,134,858	80,000
amortization of debt issuance costs
amortization of original issue discount
decrease in prepaid expense																																	-42,360	1,903	11,068								0	7,500	-7,500	1,143
stock issued to settle debt																																			0	0
returnable shares issued as depsoit on convertible debt
options and warrants for services																																	601,846	24,749					1,204,345	0
increase in shareholder receivable																																						4,020
investment in flexpower system																																		-12,550	-23,250	-20,100	-32,730	-17,643
loss on disposal of fized assets
payments on short-term loans																																		-15,212	-7,711	-5,141	-5,142	-2,261
proceeds from short term notes																																		125,000	0	0
payments on related party debt																																		-20,000
cash received in acquisition
proceeds from related party debt
shares and warrants issued for cash
preferred stock issued for services
shares for services
stock issued for acquisition
(increase) decrease in prepaid expense																																					-19,591	-22,008	-56,702
(increase) decrease in deposits																																					0	-5,742	8,466
increase (decrease) in accounts payable																																					-25,723	-24,786	-22,529
increase (decrease) in accounts payable related party																																					14,315	27,581
imputed interest on related party debt																																											0	0	0	5,143
gain on disposal of fixed assets																																								0
shares issued for debt
shares and warrants issued for assets
preferred shares issued for services
shares and warrants issued for services
proceeds from convertible notes payable
payments on convertible notes payable
gain on settlement of debt
shares issued for interest expense
common stock issued for debt																																											0	0	0	50,000																			0	0	10,750	4,493	4,493
options and warrants issued for services																																											0	0
shares issued to acquire intangible assets
shares issued to acquire fixed assets, net of liabilities assumed
shares issued to aquire intangible assets
shares issued to aquire fixed assets, net of liabilites assumed
depreciation and amortization of intangible assets																																														640
proceeds from convertible notes/ loans payable
payments on convertible notes/ loans payable
payments on convertible notes/ loans payable- rp
proceeds on convertible notes/ loans payable- rp
exhibit number
31.1
31.2
32.1
101**
**provided herewith
amortization of intangible assets
f-6
adjustments to reconcile net loss to net cash used by operating activities
non-cash interest expense																																															1,928	1,645	1,568	1,568	1,476	1,422	1,353	1,170	1,078	802	1,418	74	74
decrease in prepaid expenses																																																-409	591
increase in debt - related party																																															3,500		4,500	4,500		4,000	4,000	6,000		5,583	500	400	400		2,000	11,809	6,761	6,761
issuance of notes payable																																																				0			0
proceeds from issuances of common stock
supplemental disclosures
interest paid
income taxes paid
supplemental schedule of noncash investing and financing activities:
adjustments to reconcile net income
to net cash used by operating activities
expenses paid by shareholder																																																																	1,999
net cash used by operating activities																																																-7,687	70	70				179
payments on notes payable
exhibit no.
31
32
101.ins
101.sch
101.cal
101.def
101.lab
101.pre
payments on convertible notes payable – related party
issuance of convertible notes payable – related party
issuance of common stock
supplemental disclosure
non-cash transactions
deferred tax asset
federal loss carryforward
state loss carryforward
valuation allowance
adjustments to reconcile net income to net cash used by operating activities
increase in prepaid expenses																																																		591
issuance of notes payable – related party
adjustments to reconcile net loss
to net cash used by operating activities:
changes in assets and liabilities:
net income /
adjustments to reconcile income from operations to net cash from operating activities:
revenues
operating expenses
general and administrative expenses																																																													-12,328
loss from operations																																																													12,328
other income
total other income
net income before income taxes																																																													12,328
income taxes
basic and diluted loss per share																																																													0
weighted-average number of common shares outstanding																																																													0
increase in convertible debt - related party																																																																			-510	11,447	11,447

CleanSpark, Inc(NASDAQ:CLSK)

CleanSpark, Inc
(NASDAQ:CLSK)