Company: CLSKW
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297510
Chunk: 1

Company: CLEANSPARK, INC.
Filing Date: 2025-11-25
Form: 10-K
Item: Item 1A
Chunk 1
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We are subject to various risks that may materially harm our business, prospects, financial condition and results of operations. An investment in our common stock is speculative and involves risk. In evaluating an investment in shares of our common stock, you should carefully consider the risks described below, together with the other information included in this Annual Report on Form 10-K.

The risks described below are not the only risks we face. If any of the events described in the following risk factors actually occurs, or if additional risks and uncertainties later materialize that are not presently known to us or that we currently deem immaterial, then our business, prospects, results of operations and financial condition could be materially adversely affected. In that event, the trading price of our common stock could decline, and you may lose all or part of your investment in our shares. The risks discussed below include forward-looking statements, and our actual results may differ substantially from those discussed in these forward-looking statements.

Risk Factors Summary

Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below and should be carefully considered, together with other information included in this Annual Report on Form 10-K.

Risks Related to Our Business

•volatile and unpredictable cycles in the emerging and evolving industries in which we operate;

•our reliance on our management team, and any failure by management to properly manage growth;

•our increasing focus on diversification into constructing and operating data centers for AI and HPC companies, as well as bitcoin mining, and the potential regulatory issues with entering into this new business;

•future strategic acquisitions and other arrangements that we engage in, which could disrupt our business, cause dilution to our stockholders, reduce our financial resources and harm our operating results;

•our ability to timely complete our future strategic growth initiatives or within our anticipated cost;

•increased compliance costs as a result of our strategic acquisitions;

•our need for financing in the future to sustain and expand our operations and any inability to obtain such financing on acceptable terms, or at all;

•our business expansion into AI and HPC services may be capital intensive;

•our current dependence on the price of bitcoin to achieve profitability, which has historically been volatile;

•our limited operating history and history of operating losses and negative cash flow;

•our exposure to pricing risk and volatility associated with the value of bitcoin;

•our reliance