CleanSpark: $26 B. Riley Target, No AI in Its Filings
B. Riley raised CleanSpark's price target to $26 and grouped the Bitcoin miner with AI infrastructure peers, despite its SEC filings containing no AI or HPC language anywhere in its registered busines
B. Riley Bets $26 on CleanSpark Before Earnings Test
NEW YORK, August 4 —
CleanSpark, Inc. (CLSK) got a $26 price target from B. Riley on August 3, 2026, as analyst Nick Giles maintained a Buy rating and framed the Bitcoin miner as an AI/HPC infrastructure play alongside sector peers Hut 8, Core Scientific, and TeraWulf. The problem is that CleanSpark's own SEC filings describe it as a company that owns, leases, and operates data centers and power assets supporting Bitcoin, with no AI or HPC language anywhere in its registered business description. Three consecutive EPS misses, $1.79 billion in total debt against $0.26 billion in cash, and 42.5% of the float sold short await the August earnings report that will stress-test that framing.
- $1.79 billion total debt vs. $0.26 billion cash; operating cash outflow of $526 million trailing
The AI Label CleanSpark Has Not Applied
B. Riley's August 3 note grouped CleanSpark with Hut 8, Core Scientific, and TeraWulf as miners shifting to AI infrastructure, raising all four price targets while simultaneously cutting Strategy's target to $155 from $215 to separate pure-crypto plays from HPC-tilted miners. CleanSpark mines Bitcoin across data centers and power assets it owns, leases, and operates throughout the Americas, generating $0.74 billion in trailing revenue from that single line of business. Its SEC filings contain no reference to AI or HPC. Whether the framing reflects a genuine transition underway or analyst category arbitrage ahead of a difficult earnings print is what investors must now price.
Three Straight Misses, One Stretched Balance Sheet
The most recent quarter's 113% EPS miss is CleanSpark's best result in three quarters: the prior period posted a 746% shortfall per the May 11 earnings filing, and the quarter before that a 69.2% miss, pushing trailing EPS to -$2.08. The balance sheet adds to the pressure: $1.79 billion in total debt, $0.26 billion in cash, and free cash flow negative $301 million. A 50.7% gross margin is the one figure that does not fit the distress read; investors can stress-test whether it is enough at the DCF calculator.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| CLSK | $3.6B | — | +27.1% |
| MARA | $4.5B | — | -27.5% |
| RIOT | $8.2B | — | +81.2% |
| CIFR | $8.6B | 40.5× | +345.5% |
| HUT | $11.5B | — | +431.0% |
| KEEL | $2.5B | — | +222.8% |
What the August Report Must Answer
Insiders provided no directional signal: all transactions in the 90-day window were routine tax-withholding dispositions totaling roughly $154,700 across four executives, the largest being CEO S. Matthew Schultz's May 14 disposal of 9,031 shares at $13.98 per Form 4. Run the free CleanSpark, Inc. deep-dive →
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
What is CleanSpark's price target from B. Riley?
B. Riley set a $26 price target for CleanSpark on August 3, 2026, with analyst Nick Giles maintaining a Buy rating. The consensus target across all covering firms is $23.73, against a current price of $14.385.
Is CleanSpark an AI or HPC company?
B. Riley's August 3 note grouped CleanSpark with Hut 8, Core Scientific, and TeraWulf as miners shifting to AI infrastructure. CleanSpark's SEC filings, however, describe it as a company that owns, leases, and operates data centers and power assets supporting Bitcoin, with no AI or HPC language in its registered business description.
What is CleanSpark's short interest percentage?
Short interest stands at 42.5% of the float heading into the August earnings report. The consensus analyst target of $23.73 sits well above the current price of $14.385, and what management discloses about AI or HPC revenue will either validate B. Riley's re-rating or hand the thesis back to the shorts.
Has CleanSpark missed EPS estimates recently?
CleanSpark has missed EPS consensus in three consecutive quarters. The most recent print was a 113% miss, with EPS of -$0.4943 against a consensus of -$0.23; the prior two quarters posted shortfalls of 746% and 69.2%, leaving trailing four-quarter EPS at -$2.08.
What did CleanSpark insiders do before earnings?
All insider transactions in the 90-day window were routine tax-withholding dispositions, totaling roughly $154,700 across four executives. The largest was CEO S. Matthew Schultz's May 14 disposal of 9,031 shares at $13.98.
B. Riley raised its CleanSpark price target to $26 from $19 on August 3, framing the Bitcoin miner as an AI infrastructure play — yet CleanSpark heads into its August earnings report on three consecutive EPS misses, $1.79 billion in debt, and 42.5% of its float sold short.