Dilution profile // every instrument, one screen, from SEC filings

CLEANSPARK, INC. (CLSKW)

CIK 827876 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (cash need)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
LOWno live registration found
= is there a registration (S-1/S-3 family) on file without a later withdrawal
Overhead supply
LOWwarrants = 9% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
MEDIUM+68% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
HIGH~5.3 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2020-12-132026-08-04

Latest: 256.8M shares as of Aug 4, 2026 (10-Q). Share count fell from 37.1M to 950,687 between Feb 6, 2013 and May 20, 2013, a pattern consistent with a reverse split (roughly 1-for-39); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

~5 months of cash left

critical · burning $115.3M / quarter

Full breakdown: cash runway tool · source filing →

Warrants

Warrants outstanding: 22.8M underlying shares, as reported Jun 30, 2026 (10-Q).

Reported exercise price: $156.3 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $25,000 as of Aug 1, 2018.

Rough fully diluted estimate: 279.6M = 256.8M O/S + 22.8M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
Two Thousand Thirty Two Convertible Notesnot tagged$1.13B$19.160%
Two Thousand Thirty Convertible Notesnot tagged$638.3Mnot tagged
Two Thousand Thirty Convertible Notenot tagged$14.80%

Notes exactly as the company dimensioned them in its 10-Q filed Aug 6, 2026. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding256.8MAug 4, 2026
+ Warrants (aggregate, as tagged) (if exercised)22.8MJun 30, 2026
Fully diluted estimate279.6M+8.9% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Last 12 months: 1 executed · 0 registered.

EXECUTEDNov 13, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATEOct 29, 2025Resale prospectus — existing holders registering to sell424B7
UPDATESep 23, 2024Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVESep 23, 2024SEC declared a registration effective — selling can beginEFFECT
EXECUTEDAug 30, 2024Unregistered share sale disclosed (8-K item 3.02)8-K
WITHDRAWNApr 11, 2024Registration withdrawnRW
WITHDRAWNApr 11, 2024Registration withdrawnAW
EXECUTEDMar 28, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
REGISTEREDJan 5, 2024Automatic shelf registration — effective immediately (large filers)S-3ASR
UPDATENov 3, 2022Prospectus update — often a resale registration, not necessarily new capital424B3
EXECUTEDOct 11, 2022Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDJun 3, 2021Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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