Company: CLSKW
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297510
Chunk: 116

Company: CLEANSPARK, INC.
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 116
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Us were issued were as follows: 

         Fair value assumptions - Market-based RSUs granted:
          
         September 30, 2023

         Risk free interest rate

         4.59
         %

         Expected term (years)
          
         10.00

         Expected volatility

         129.70
         %

         Cost of equity

         21.55
         %
        
       As of September 30, 2025, the Company had 38,460 outstanding unvested performance-based restricted stock awards, which will vest over a weighted average of 2.1 years. As of September 30, 2025, the unrecognized compensation costs related to all PSUs is $290. The Company recognized stock-based compensation expense relating to PSUs of $125 and $13,600 for the years ended September 30, 2025 and 2024, respectively.

F-62

18. REVENUE AND VENDOR CONCENTRATIONSThe Company had one mining pool operator (Foundry Digital) during the fiscal years ended September 30, 2025, 2024 and 2023. Revenues from Foundry Digital represented 100% of the Company’s total revenues for each of those years, as all bitcoin mining rewards are received through the Foundry mining pool.The Company had the following significant suppliers of bitcoin miners, with the percentage based on purchase amounts:

         For the Year Ended September 30,

         2025

         2024

         2023

         Bitmain Technologies

         96
         %

         100
         %

         75
         %

         Canaan U.S. Inc

         4
         %

         0
         %

         0
         %

         Cryptech Solutions

         0
         %

         0
         %

         25
         %
        
        19. COMMITMENTS AND CONTINGENCIESPurchase of modular immersion data centersThe Company entered into a $165,000 contract, subject to certain discounts, in June 2024 for the purchase, on-site construction, and installation of modular immersion data centers. As of September 30, 2025, the $27,000 remaining balance of the contract is contractually obligated and expected to be paid in installments upon delivery and installation of the related data centers. Commitments under open construction projectsThe Company has open commitments relating to the construction and development of new mining locations and operational facilities of $30,499.Contractual