CleanSpark (CLSK) 10-Q 6 Feb 25 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2024	Feb. 04, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--09-30
Securities Act File Number	001-39187
Entity Registrant Name	CleanSpark, Inc.
Entity Central Index Key	0000827876
Entity Tax Identification Number	87-0449945
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	10624 S. Eastern Ave
Entity Address, Address Line Two	Suite A - 638
Entity Address, City or Town	Henderson
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89052
City Area Code	702
Local Phone Number	989-7692
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		280,807,606
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	CLSK
Security Exchange Name	NASDAQ
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each exercisable for 0.069593885 shares of common stock at an exercise price of $165.24 per whole share
Trading Symbol	CLSKW
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Current assets
Cash and cash equivalents	$ 276,599	$ 121,222
Restricted cash	3,408	3,056
Prepaid expense and other current assets	10,732	7,995
Bitcoin (see Note 4)	929,080	431,661
Receivable from bitcoin collateral (See Note 9)	0	77,827
Note receivable from GRIID (see Note 5)	0	60,919
Derivative investments	4,496	1,832
Investment in debt security, AFS, at fair value	950	918
Total current assets	1,225,265	705,430
Property and equipment, net	1,256,000	869,693
Operating lease right of use assets	4,293	3,263
Intangible assets, net	5,945	3,040
Deposits on miners and mining equipment	126,867	359,862
Other long-term assets	25,671	13,331
Goodwill	135,251	8,043
Total assets	2,779,292	1,962,662
Current liabilities
Accounts payable	27,622	82,992
Accrued liabilities	51,006	43,874
Other current liabilities	5,693	2,240
Current portion of loans payable	7,215	58,781
Dividends payable	5,141	0
Total current liabilities	96,677	187,887
Long-term liabilities
Loans payable, net of current portion, debt discount and debt issuance costs	641,433	7,176
Deferred income taxes	14,978	5,761
Other long-term liabilities	4,618	997
Total liabilities	757,706	201,821
Stockholders' equity
Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding (liquidation preference $0.02 per share) Series X shares; 0 and 1,000,000 authorized, issued and outstanding, respectively	2	3
Common stock; $0.001 par value; 600,000,000 and 300,000,000 shares authorized; 292,566,230 and 270,897,784 shares issued; 280,806,295 and 270,897,784 shares outstanding, respectively	293	271
Additional paid-in capital	2,403,409	2,239,367
Accumulated other comprehensive income	450	418
Accumulated deficit	(237,568)	(479,218)
Treasury stock at cost; 11,759,935 and 0 shares held, respectively	(145,000)	0
Total stockholders' equity	2,021,586	1,760,841
Total liabilities and stockholders' equity	$ 2,779,292	$ 1,962,662

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2024	Sep. 30, 2024
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	1,750,000	1,750,000
Preferred stock, shares outstanding	1,750,000	1,750,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	300,000,000
Common stock, shares issued	292,566,230	270,897,784
Common stock, shares outstanding	280,806,295	270,897,784
Treasury stock, shares	11,759,935	0
Series A Preferred Stock [Member]
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	1,750,000	1,750,000
Preferred stock, shares outstanding	1,750,000	1,750,000
liquidation preference	$ 0.02	$ 0.02
Series X Preferred Stock [Member]
Preferred stock, shares authorized	0	1,000,000
Preferred stock, shares issued	0	1,000,000
Preferred stock, shares outstanding	0	1,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenues, net
Bitcoin mining revenue, net	$ 162,306	$ 73,786
Costs and expenses
Cost of revenues (exclusive of depreciation and amortization shown below)	70,290	28,896
Professional fees	3,885	1,572
Payroll expenses	20,869	15,321
General and administrative expenses	10,054	5,003
(Gain) loss on disposal of assets	(791)	677
Gain on fair value of bitcoin, net (see Note 2 and Note 4)	(218,206)	(36,041)
Depreciation and amortization	66,229	29,847
Total costs and expenses	(47,670)	45,275
Income from operations	209,976	28,511
Other income (expense)
Gain on bitcoin collateral	42,493	0
Gain (loss) on derivative securities	3,622	(1,243)
Interest income	1,476	586
Interest expense	(1,559)	(546)
Total other income (expense)	46,032	(1,203)
Income before income tax expense	256,008	27,308
Income tax expense	9,217	1,399
Net income	246,791	25,909
Preferred stock dividends	5,141	579
Net income attributable to common shareholders	241,650	25,330
Other comprehensive income	32	29
Total comprehensive income attributable to common shareholders	$ 241,682	$ 25,359
Income from operations per common share - basic	$ 0.85	$ 0.14
Weighted average common shares outstanding - basic	284,549,900	178,809,264
Income from operations per common share - diluted	$ 0.83	$ 0.14
Weighted average common shares outstanding - diluted	291,887,140	180,783,535

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]
Beginning balance, value at Sep. 30, 2023	$ 675,668	$ 2	$ 160		$ 1,009,482	$ 226	$ (334,202)
Beginning balance, shares at Sep. 30, 2023		1,750,000	160,184,921
Cumulative effect of change in accounting principle (See Note 2)	4,183						4,183
Options and restricted stock units issued for services, value	9,953		$ 2		9,951
Options and restricted stock units issued for services, shares			1,441,152
Shares withheld for net settlement of restricted stock units related to tax withholdings, value	(5,533)		$ (1)		(5,532)
Shares withheld for net settlement of restricted stock units related to tax withholdings, Shares			(553,390)
Payments for capped call	0
Exercise of options and warrants, Shares			6,096
Exercise of options and warrants, Value	36				36
Shares issued under equity offering, net of offering costs, value	99,336		$ 25		99,311
Shares issued under equity offering, net of offering costs, shares			24,475,832
Preferred stock dividends	(579)						(579)
Purchase of treasury stock	0
Net Income (Loss)	25,909						25,909
Other comprehensive income	29					29
Ending balance, value at Dec. 31, 2023	809,002	$ 2	$ 186		1,113,248	255	(304,689)
Ending balance, shares at Dec. 31, 2023		1,750,000	185,554,611
Beginning balance, value at Sep. 30, 2024	1,760,841	$ 3	$ 271		2,239,367	418	(479,218)
Beginning balance, shares at Sep. 30, 2024		2,750,000	270,897,784
Options and restricted stock units issued for services, value	3,021		$ 0		3,021
Shares issued for business acquisition, value	60,677		$ 5		60,672
Shares issued for business acquisition, shares			5,031,221
Warrants issued for business acquisition	3,798				3,798
Payments for capped call	(90,350)				(90,350)
Exercise of options, value	110				110
Exercise of options, shares			17,864
Shares issued under equity offering, net of offering costs, value	186,808		$ 17		186,791
Shares issued under equity offering, net of offering costs, shares			16,619,361
Preferred stock dividends	(5,141)						(5,141)
Preferred stock series X redemption value	(1)	$ (1)
Preferred stock series X redemption Shares		(1,000,000)
Purchase of treasury stock	(145,000)			$ (145,000)
Net Income (Loss)	246,791						246,791
Other comprehensive income	32					32
Ending balance, value at Dec. 31, 2024	$ 2,021,586	$ 2	$ 293	$ (145,000)	$ 2,403,409	$ 450	$ (237,568)
Ending balance, shares at Dec. 31, 2024		1,750,000	292,566,230

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities
Net income	$ 246,791	$ 25,909
Adjustments to reconcile net income to net cash used in operating activities:
Bitcoin mining revenue, net	(162,306)	(73,786)
Gain on fair value of bitcoin (see Note 2 and Note 4)	(218,206)	(36,041)
Bitcoin issued for services	414	265
(Gain) loss on derivative securities	(3,622)	1,243
Gain on bitcoin collateral	(42,493)	0
Stock based compensation	3,021	9,953
Depreciation and amortization	66,229	29,847
Deferred income taxes, net	9,217	1,399
(Gain) loss on disposal of assets	(791)	677
Other	373	121
Changes in operating assets and liabilities
Decrease in operating lease liabilities	(148)	(50)
Decrease in accounts payable and accrued liabilities	(4,654)	(6,315)
Increase in prepaid expenses and other current assets	(800)	(498)
Increase in other long-term assets	(12,477)	0
Net cash used in operating activities - Continuing Operations	(119,452)	(47,276)
Net cash used in operating activities of Discontinued Operations	0	(408)
Net cash used in operating activities	(119,452)	(47,684)
Cash Flows from Investing Activities
Payments on miners and mining equipment (including deposits)	(222,028)	(48,858)
Purchase of fixed assets	(57,359)	(27,503)
Proceeds from sale of bitcoin	0	43,035
Acquisition of GRIID Infrastructure	1,411	0
Asset acquisition - Tennessee Locations	(8,105)	0
Proceeds from sale of miners	30,134	508
Net cash used in investing activities - Continuing Operations	(255,947)	(32,818)
Net cash used in investing activities	(255,947)	(32,818)
Cash Flows from Financing Activities
Purchase of treasury stock	(145,000)	0
Payments for capped call	(90,350)	0
Payments on loans	(52,158)	(1,701)
Payments of loan issuance costs	(2,007)	0
Payments on finance leases	(26)	(43)
Proceeds from loans payable, net of issuance fees	635,695	0
Payments of taxes on shares withheld for net settlement of restricted stock units	(1,943)	(7,473)
Proceeds from exercise of options and warrants	110	36
Proceeds from equity offerings, net	186,807	108,926
Net cash provided by financing activities - Continuing Operations	531,128	99,745
Net cash provided by financing activities	531,128	99,745
Net increase in cash, cash equivalents and restricted cash	155,729	19,243
Cash, cash equivalents and restricted cash, beginning of period	124,278	29,215
Cash and cash equivalents, and restricted cash, end of period	280,007	48,458
Supplemental disclosure of cash flow information
Cash paid for interest	1,399	519
Non-cash investing and financing transactions
Fixed asset and miner purchases accrued not paid	3,335	3,462
Fixed assets purchased through finance transactions	1,000	240
Software purchased with bitcoin	4,000	0
Preferred shares dividends accrued	5,141	579
Unrealized gain on investment in available-for-sale debt security	32	29
Bitcoin transferred to collateral account	8,860	0
Bitcoin received from collateral account	129,180	0
Shares issued in connection with GRIID Acquisition	60,677	0
Change in accounting principle	0	4,183
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	276,599	46,742
Restricted cash	3,408	1,716
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 280,007	$ 48,458

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 246,791	$ 25,909

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

1. ORGANIZATION

1. ORGANIZATION	3 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION CleanSpark, Inc. (the “Company”) is a bitcoin mining company. The Company independently owns and operates eleven data centers in Georgia, five data centers in Mississippi, twelve data centers in Tennessee and one active data center, with another under development, in Wyoming as of December 31, 2024. The Company had bitcoin miners hosted in New York under a hosting agreement which expired on January 1, 2025; the Company has a short-term arrangement to continue operating in New York until all its miners are removed from the site approximately by the end of March 2025. The Company does not currently host miners for any other companies. The Company designs its infrastructure to responsibly secure and support the bitcoin network, the world’s most recognized digital commodity.

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. The unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended September 30, 2024, filed with the SEC on December 3, 2024 (the “Form 10-K”). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented in this Quarterly Report on Form 10-Q have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full fiscal year. The accompanying unaudited condensed consolidated financial statements include the accounts of CleanSpark, Inc., and the Company’s wholly owned subsidiaries. All intercompany transactions have been eliminated upon consolidation of these entities. The Company has a sole reportable segment which is the bitcoin mining segment. There were no changes to the Company’s most significant estimates and assumptions, significant accounting policies, or recent accounting pronouncements that were disclosed in Note 2. Summary of Significant Accounting Policies included in the Form 10-K other than as discussed below. Reclassifications Certain prior-year amounts have been reclassified to conform to the current-year presentation. This includes the grouping of certain balance sheet and statement of cash flow items into new or revised categories to improve clarity and consistency with current-year classifications. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASC 350-60 which requires entities with certain crypto assets to subsequently measure such assets at fair value, with changes in fair value recorded in net income (loss) in each reporting period. Crypto assets that meet all the following criteria are within the scope of ASC 350-60: (1) meet the definition of intangible assets as defined in the Codification; (2) do not provide the asset holder with enforceable rights to or claims on underlying goods, services, or other assets; (3) are created or reside on a distributed ledger based on blockchain or similar technology; (4) are secured through cryptography; (5) are fungible; and (6) are not created or issued by the reporting entity or its related parties. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. Bitcoin, which is the sole crypto asset mined by the Company, meets each of these criteria. For all entities, the ASC 350-60 amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted for both interim and annual consolidated financial statements that have not yet been issued (or made available for issuance). If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company has elected to early adopt the new guidance effective October 1, 2023, resulting in a $ 4,183 cumulative-effect change to adjust the Company's bitcoin held on October 1, 2023 with the corresponding entry to accumulated deficit as of October 1, 2023. The tax effect of the adjustment to record the adoption of ASU 2023-08 was to both decrease the deferred tax asset related to cumulative losses from the fair value adjustments of bitcoin held by the company and decrease the valuation allowance for gross deferred tax assets by the same amount as the adjustment to record the adoption of the ASU. In March 2024, the FASB issued ASU 2024-01, Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), which clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of Accounting Standards Codification (“ASC”) 718 - Compensation - Stock Compensation or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or nonemployees in exchange for goods or services. ASU 2024-01 is effective for public business entities for annual periods beginning after December 15, 2024, including interim periods within those periods. The Company evaluated and concluded that there is no impact this new guidance will have on its financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public business entities to provide additional disclosures in the notes to financial statements, disaggregating specific expense categories within relevant income statement captions. The prescribed categories include purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization related to oil-and-gas producing activities. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its financial statement disclosures. In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-04, Debt—Debt with Conversion and Other Options: Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishments of convertible debt. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of the standard on its consolidated financial statements and related disclosures. Stock Warrants The Company accounts for stock warrants as either equity instruments, liabilities or derivative liabilities in accordance with FASB ASC 480, Distinguishing Liabilities from Equity and/or FASB ASC 815, Derivatives and Hedging, depending on the specific terms of the agreement. Liability-classified warrants are recorded at their estimated fair values at each reporting period until they are exercised, terminated, reclassified or otherwise settled. Changes in the estimated fair value of liability-classified warrants are included in interest and other income in the Company’s condensed consolidated statements of operations. Convertible Debt The Company accounts for its convertible senior notes under FASB ASC 470-20—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity and/or FASB ASC 815, Derivatives and Hedging, depending on the specific terms of the debt agreement. The Company records the convertible senior notes as a long-term liability at face value net of debt issuance costs. If any of the conditions to the convertibility of the convertible senior notes are satisfied, or the convertible senior notes become due within one year, then the Company may be required under applicable accounting standards to reclassify the carrying value of the convertible senior notes as a current, rather than a long-term liability. Debt issuance costs related to the convertible senior notes were capitalized and recorded as a contra-liability and are presented net against the balance of the convertible senior notes on the condensed consolidated balance sheets. Debt issuance costs consist of underwriting, legal and other direct costs related to the issuance of the convertible senior notes and are amortized to interest expense over the term of the convertible senior notes using the straight-line method which approximated the effective interest method. Capped Call Capped call transactions cover the aggregate number of shares of the Company’s common stock that will initially underlie the convertible senior notes. The Company accounts for capped calls as either equity instruments, liabilities or derivative liabilities in accordance with FASB ASC 480, Distinguishing Liabilities from Equity and/or FASB ASC 815, Derivatives and Hedging, depending on the specific terms of the agreement. Equity-classified capped calls , are not remeasured each reporting period and are recorded as a reduction to additional paid-in-capital within shareholders’ equity when purchased. Stock Compensation The Company measures the cost of employee and non-employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. Stock-based compensation expense for stock options is recognized on a straight-line basis over the requisite service period. The Company established the 2025 Long Term Incentive Plan in October 2024 (see Note 13 – Stock-based compensation). In accordance with ASC 718 - Compensation - Stock Compensation, no stock-based compensation expense has been recognized for awards under the 2025 Long Term Incentive Plan because a mutual understanding of the awards’ key terms and conditions has not been determined and communicated to the grantees. Earnings per share Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings of an entity. The calculation of diluted net income per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. Common stock issuable upon the exercises of outstanding stock options, vesting of restricted stock and warrants are computed using the treasury method. Potential shares of common stock issuable upon conversion of the convertible notes and Series A preferred stock are computed using the if-converted method. Provided below is the income per share calculation for the three months ended December 31, 2024 and 2023: For the Three Months ($ in thousands, except share and per share amounts) 2024 2023 Numerator Net income attributable to common shareholders - Basic $ 241,650 $ 25,330 Non-cash interest expense on convertible notes 119 — Net income attributable to common shareholders - Dilutive 241,769 25,330 Denominator Weighted-average common shares outstanding - Basic 284,549,900 178,809,264 Dilutive impact of stock options and other share-based awards 652,120 1,974,271 Dilutive impact of convertible notes 6,685,121 — Weighted-average common shares outstanding - Dilutive 291,887,141 180,783,535 (Loss) income per common share attributable to common shareholders Basic $ 0.85 $ 0.14 Diluted $ 0.83 $ 0.14 Fair Value Measurement of Financial Instruments, Derivative Assets and Contingent Consideration Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a fair value hierarchy based on three levels of input, of which the first two are considered observable and the last unobservable: Level 1 Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 Quoted prices for similar assets and liabilities in active markets; quoted prices included for identical or similar assets and liabilities that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. These are typically obtained from readily-available pricing sources for comparable instruments. Level 3 Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. Due to the use of significant unobservable inputs, a change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. The carrying value of cash, accounts payable, accrued expenses and short-term portion of loan payable are level 1 and approximate their fair values because of the short-term nature of the instruments. The carrying amount of the Company's long-term interest bearing portion of loan payable is also stated at fair value since the stated rate of interest approximates market rates available to the Company for a similar duration. Given that the debt was issued Management believes the Company is not exposed to significant interest or credit risks arising from these financial instruments. The fair value of warrants (see Note 12 - Stock Warrants) was determined based on Black Scholes option-pricing model using Level 2 inputs. The following table presents the Company’s financial instruments that are measured and recorded at fair value on the Company’s balance sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2024 and September 30, 2024: December 31, 2024 ($ in thousands) Amount Level 1 Level 2 Level 3 Cash equivalents (1) $ 275,894 $ 275,894 $ — $ — Bitcoin 929,080 929,080 — — ILAL derivative asset 4,445 — — 4,445 Investment in debt security 950 — — 950 Interest rate swap derivative 51 — 51 — Warrant liabilities 1,441 — 1,441 — Total $ 1,211,861 $ 1,204,974 $ 1,492 $ 5,395 September 30, 2024 ($ in thousands) Amount Level 1 Level 2 Level 3 Cash equivalents (1) $ 120,638 $ 120,638 $ — $ — Receivable from bitcoin collateral (2) 77,827 — 77,827 — Bitcoin 431,661 431,661 — — ILAL derivative asset 1,832 — — 1,832 Investment in debt security 918 — — 918 Interest rate swap derivative ( 100 ) — ( 100 ) — Total $ 632,776 $ 552,299 $ 77,727 $ 2,750 (1) Represents money market funds. (2) See Note 9 - Loans for more information . There were no transfers between Level 1, 2 or 3 during the three months ended December 31, 2024. The activities of the financial instruments that were measured and recorded at fair value on the Company's balance sheets on a recurring basis during the three months ended December 31, 2024 and year ended September 30, 2024 and are described in Note 6 - Investments and Derivatives.

3. ACQUISITIONS

3. ACQUISITIONS	3 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	3. ACQUISITIONS Business Combination GRIID Infrastructure Inc. On October 30, 2024 (the “Effective Time”), the Company completed the acquisition of GRIID Infrastructure Inc., a Delaware corporation (“GRIID”), and Tron Merger Sub, Inc. (“Merger Sub”), a Delaware corporation and a wholly owned subsidiary of the Company (the event collectively known as the “GRIID Acquisition” or the “Merger”). The Agreement and Plan of Merger (the “GRIID Agreement”) entered into on June 26, 2024, provided that, among other things and subject to the terms and conditions of the GRIID Agreement, (1) the Merger Sub will be merged with and into GRIID (the “Sub Merger”), with GRIID surviving and continuing as the surviving corporation in the Sub Merger, and, (2) at the Effective Time of the Sub Merger, holders of each outstanding share of common stock, par value $ 0.0001 per share, of GRIID (“GRIID Common Stock”) would receive, in exchange for each share of GRIID Common Stock held immediately prior to the Merger (other than certain excluded shares), that number of shares of common stock, par value $ 0.001 per share, of the Company’s common stock (“Company Common Stock”) equal to the quotient obtained by dividing the Aggregate Merger Consideration (as defined in the GRIID Agreement) by the total number of shares of GRIID Common Stock issued and outstanding as of the closing date of the Merger (the “Exchange Ratio”). Upon closing, the Company issued 5,031,221 shares of Company Common Stock on October 30, 2024 with a $ 12.06 per common share for a total value of $ 60,677 . Pursuant to the GRIID Agreement, the Exchange Ratio determined the total number of shares issued, which includes the conversion of most GRIID restricted stock units and GRIID options into Company Common Stock. Options that had an exercise price per share of GRIID Common Stock that was equal to or greater than the Merger Consideration Value were canceled for no consideration. GRIID warrants outstanding and unexercised immediately prior to the Effective Time were automatically converted into warrants to purchase an aggregate of 960,395 shares of Company Common Stock, at an exercise price of $ 165.24 per share of Company Common Stock (the “Public Warrants”), and GRIID’s private warrants were converted or assumed. Pursuant to the GRIID Agreement, three types of warrants were issued: (1) Public Warrants, which were classed as equity warrants, (2) private warrants classed as liability warrants (the "Private Warrants"), and (3) warrants related to an agreement with GEM Yield Bahamas Limited (the “GEM Warrants” ), which agreement had been established in a previous acquisition and also classed as liability warrants (both subject to quarterly assessment). The private warrants and GEM Warrants are classed as liability warrants. The total number of warrants issued was 22,803,726 , with a total value of $ 6,097 as part of consideration transferred. Concurrent with the GRIID Agreement, the Company and GRIID entered into a senior secured term loan credit agreement (the “GRIID Credit Agreement”) and a co-location mining service agreement (the “Hosting Agreement”) on June 26, 2024. See Note 5 - Note Receivable for more information on the GRIID Credit Agreement. Pursuant to the Hosting Agreement, GRIID hosted certain of the Company’s bitcoin mining equipment at GRIID facilities for a fee defined in the Hosting Agreement. The Hosting Agreement had an initial service term of one year with seven additional renewal terms, each for six months. As of October 30, 2024, the Company consolidated the activities of GRIID including the GRIID Credit Agreement and balances of receivables and payables under the Hosting Agreement, which effectively settled and is considered as additional purchase consideration and eliminates on the condensed consolidated balance sheets. The GRIID Acquisition enhances the Company’s bitcoin mining capacity, particularly in Tennessee, where it plans to expand in the coming years. The GRIID Merger also broadens the Company’s operational footprint within the Tennessee Valley Authority service territory, offering greater geographic and power supply diversification. Goodwill recognized related to the preliminary purchase price represents the future economic benefits arising from planned operational synergies, expanded geographic space, operational facilities and data centers, and a bitcoin mining workforce. The results of GRIID have been included in the condensed consolidated financial statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s sole reportable segment, which is the bitcoin mining segment. Goodwill is not deductible for income tax purposes. No deferred tax assets or liabilities are expected in relation to this amount. On October 30, 2024, CleanSpark completed the GRIID Acquisition for a total preliminary purchase consideration of $ 128,247 , which is comprised of the following: GRIID Shares of CleanSpark common stock issued 5,031 Closing price per share of CleanSpark common stock on October 30, 2024 $ 12.06 Fair value of CleanSpark common share issued as a portion of purchase price $ 60,677 Fair value of CleanSpark warrants issued as a portion of purchase price 6,097 Fair value of equity portion of purchase price 66,774 Cash consideration 1 Settlement of amounts payable by Company to GRIID under Hosting Agreement ( 1,164 ) Settlement of the GRIID Credit Agreement as a portion of purchase price 62,636 Settlement of preexisting relationship, including interest, as a portion of purchase price 61,472 Preliminary purchase price $ 128,247 The amounts in the table below represent the preliminary allocation of the purchase price to the acquired assets and liabilities assumed based on their preliminary respective estimated fair values on the date of acquisition. Certain of the amounts are subject to revision during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values, which may include other long-term assets, deferred taxes, income tax payables, and other estimates, during the measurement period will be recorded in the reporting period in which the adjustment amounts are determined. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill. The excess purchase price over the net assets acquired has been recorded as goodwill. The preliminary net assets acquired as of the acquisition date are presented as follows: Allocation as of October 30, 2024 Tangible assets Cash and cash equivalents $ 1,089 Restricted cash 323 Accounts receivable 172 Prepaid expense and other current assets 193 Property and equipment 18,493 Other long-term assets 5,593 Operating lease right of use assets 1,100 Total tangible assets acquired 26,963 Intangible assets Goodwill 127,208 Total assets acquired 154,171 Liabilities assumed Accounts payable 1,753 Accrued liabilities 18,789 Finance lease obligations 2 Operating lease liabilities 2,458 Other liabilities 2,922 Total liabilities assumed 25,924 Net assets acquired $ 128,247 The preliminary purchase price for GRIID has been allocated to assets acquired and liabilities assumed based on the Company’s best estimates and assumptions using the information available as of the acquisition date and throughout measurement period (up to one year from the acquisition date). The provisional measurements of identifiable assets and liabilities, and the resulting goodwill related to the acquisition are subject to adjustments in subsequent periods as the Company finalizes its purchase price allocation, including the third-party valuation. This also includes finalizing the review and valuation of deferred income taxes and the federal and state accrued tax provisions. Actual values may differ (possibly materially) when final information becomes available that differs from current estimates. The Company believes that information gathered to date provides a reasonable basis for estimating the preliminary fair values of assets acquired and liabilities assumed. The Company expects to finalize the valuation as soon as practicable, but no later than one year from the acquisition date. The Company recognized merger costs of $ 396 related to the acquisition of GRIID, consisting primarily of legal fees, during the three months ended December 31, 2024. The condensed consolidated financial statements includes these costs in professional fees account. Consolidated revenues generated from the locations acquired from GRIID from the acquisition date through December 31, 2024 were $ 10,572 . It is impracticable to determine the earnings recorded in the condensed consolidated statements of operations for the three month period ended December 31, 2024 as we initiated the integration of a substantial portion of GRIID into our ongoing operations during the current period. Unaudited supplemental pro forma financial information The financial information in the table below summarizes the combined results of operations of CleanSpark and GRIID, on a pro forma basis, as though the companies had been combined as of the beginning of the periods presented. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on October 1, 2023 or of results that may occur in the future. The following unaudited pro forma information for the three month periods ended December 31, 2024 and December 31, 2023 combines the historical results of CleanSpark and GRIID, as converted to U.S. GAAP, for the respective periods: Three Months Ended December 31, 2024 December 31, 2023 Pro forma revenue $ 162,306 $ 79,340 Pro forma net income from continuing operations 237,264 43,469 We based the foregoing pro forma results on estimates and assumptions that we believe are reasonable. The pro forma results include adjustments primarily related to purchase accounting. Asset Acquisitions Tennessee Acquisition On September 10, 2024, CleanSpark TN, LLC, a wholly-owned subsidiary of the Company (the “TN MIPA Buyer”), entered into three definitive Membership Interest Purchase Agreements (each, a “MIPA”, and collectively, the “TN MIPAs”) with Exponential Digital, LLC (the “TN MIPA Seller”) to acquire seven bitcoin mining facilities located in Tennessee for a total purchase price of $ 25,000 . Also on September 10, 2024, CSRE Properties Tennessee, LLC, a wholly-owned subsidiary of the Company, entered into a Real Estate Purchase and Sale Agreement (the “RE PSA”) with US Farms & Mining, Inc. to purchase real property that was leased by the TN MIPA Seller for purposes of conducting operations of four of the mining locations. Under the terms of the RE PSA, CSRE Properties Tennessee, LLC will pay US Farms & Mining, Inc. an aggregate consideration of $ 2,500 . The total cash consideration set forth per the agreements is $ 27,500 . The cities of the bitcoin mining facilities for each MIPA are as follows: MIPA 1: Jellico, TN and West Crossville, TN; MIPA 2: Campbell Junction, TN and Decatur, TN; and MIPA 3: Winfield, TN; Oneida, TN; and Tazewell, TN. The Company completed the acquisition of MIPA 1, MIPA 3 and MIPA 2 on September 16, September 25, and October 11, 2024, respectively. The transaction was accounted for as an asset acquisition, whereby the total purchase price is allocated first to the fair value of the assets acquired and any excess purchase price is allocated to the acquired assets pro-rata. No goodwill is calculated in an asset acquisition. T he combined purchase price is $ 29,854 , which includes $ 27,500 in cash considerations payable to the TN MIPA Seller per the MIPAs and RE PSA, transfer of mining data center containers worth $ 1,750 , $ 232 incu rred for direct acquisition costs and $ 372 in assumed lease liabilities. The allocation of the purchase price of the assets acquired are summarized below: ($ in thousands) Allocation at Land $ 6,187 Land improvements 648 Building 805 Infrastructure 22,153 Right of use assets 61 Operating lease liability ( 372 ) Total $ 29,482 Mississippi Acquisition - Clinton, MS On September 16, 2024, CSRE Properties Mississippi, LLC, a Mississippi limited liability company and wholly-owned subsidiary of the Company, entered into definitive agreements with Eyas Investment Group and Makerstar Capital, Inc. (“Makerstar”) to acquire bitcoin mining facilities in Clinton, Mississippi (the “Clinton Property”). The combined purchase price (including direct acquisition costs of $ 129 ) for the real property, construction in progress and personal property was approximatel y $ 3,020 . The transaction was consummated in September 2024 and accounted for as an asset acquisition, whereby the total purchase price is allocated first to the fair value of the assets acquired and any excess purchase price is allocated to the acquired assets pro-rata. No goodwill is calculated in an asset acquisition. The allocation of the purchase price of the assets acquired are summarized below: Allocation at Land $ 734 Construction in progress 2,286 Total $ 3,020 In connection with the acquisition of the Clinton Property, CSRE Properties Mississippi, LLC entered into a Construction Management Services Agreement dated September 16, 2024 with Beast Power, Inc. (“Beast Power”), pursuant to which Beast Power was engaged to manage the completion of the con struction of a data center facility on the Clinton Property for aggregate consideration of $ 2,888 . The construction was substantially complete in December 2024.

4. BITCOIN

4. BITCOIN	3 Months Ended
	Dec. 31, 2024
Common Domain Members [Abstract]
BITCOIN	4. BITCOIN The following table presents the Company's bitcoin holdings as of December 31, 2024 and September 30, 2024: As of Bitcoin holdings December 31, 2024 September 30, 2024 Number of bitcoin held 9,952 6,819 Cost basis - per bitcoin $ 72,104 $ 55,408 Fair value - per bitcoin $ 93,356 $ 63,301 Cost basis of bitcoin (in '000s) $ 717,578 $ 377,839 Fair value of bitcoin (in '000s) $ 929,080 $ 431,661 The cost basis represents the valuation of bitcoin at the time the Company earns the bitcoin through mining activities. The following table presents information based on the activity of bitcoin for the three months ended December 31, 2024 and 2023: Three months ended Three months ended ($ in thousands) December 31, 2024 December 31, 2023 Beginning Balance - before cumulative effect change $ 431,661 $ 56,241 Cumulative effect of the adoption of ASC 350-60 — 4,183 Adjusted beginning balance after cumulative effect change $ 431,661 $ 60,424 Addition of bitcoin from mining activities (1) 162,306 73,786 Bitcoin sold & issued for services and purchase of software ( 3,413 ) ( 43,300 ) Bitcoin transferred to collateral account ( 8,860 ) — Bitcoin received from collateral account 129,180 — Gain on fair value of bitcoin 218,206 36,041 Ending Balance $ 929,080 $ 126,951 (1) Net of mining pool fees. The Company's bitcoin holdings shown in this note, excluding the bitcoin posted as collateral to the Coinbase Line of Credit as described in Note 9 - Loans, are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements. As of December 31, 2024 , the Company held no other crypto-assets; approximately 99 % of its bitcoin is held in cold storage and 1 % is held in hot wallets. The Company recognized cumulative realized gains of $ 6,704 and $ 12,087 from dispositions of bitcoin during the three months ended December 31, 2024 and 2023, respectively . There were no cumulative realized losses from dispositions of bitcoin during the three months ended December 31, 2024 and 2023.

5. NOTE RECEIVABLE FROM GRIID

5. NOTE RECEIVABLE FROM GRIID	3 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
NOTE RECEIVABLE FROM GRIID	5. NOTE RECEIVABLE FROM GRIID On June 26, 2024, concurrent with the GRIID Agreement (see Note 3 - Acquisitions), the Company entered into the GRIID Credit Agreement, which is a senior secured term loan under which the Company provided a term loan of $ 55,919 to GRIID, which GRIID was permitted to use solely for certain purposes as set forth in the GRIID Credit Agreement. On August 2, 2024, the Company and GRIID amended and restated the GRIID Credit Agreement (as amended and restated, the “A&R GRIID Credit Agreement”) to include, in addition to the term loan amount, an additional delayed draw term loan facility of $ 40,000 , which amounts GRIID was permitted to request pursuant to the terms of the A&R GRIID Credit Agreement and use solely for certain purposes as set forth in the A&R GRIID Credit Agreement. The outstanding amounts of the draw loans bear interest of 8.5 % per annum. On October 30, 2024, concurrent with the acquisition of GRIID, the term loans and the associated interest receivable in the amount of $ 62,636 were effectively settled and included as consideration for the acquisition of GRIID (see Note 3 - Acquisitions). As of December 31, 2024 and September 30, 2024 , the Note receivable from GRIID balance was $ 0 and $ 60,919 , respectively, and interest receivable balance included in Prepaid expenses and other current assets was $ 0 and $ 1,286 , respectively, within the condensed consolidated balance sheets.

6. INVESTMENTS AND DERIVATIVES

6. INVESTMENTS AND DERIVATIVES	3 Months Ended
	Dec. 31, 2024
Schedule of Investments [Abstract]
INVESTMENTS AND DERIVATIVES	6. INVESTMENTS AND DERIVATIVES As of December 31, 2024 and September 30, 2024, the Company had total investments of $ 5,446 and $ 2,750 , respectively. The following table sets forth a reconciliation of carrying value of all investments as of December 31, 2024: ($ in thousands) Interest Rate Swap Derivative (1)(2) ILAL ILAL (1) Balance as of September 30, 2024 $ ( 100 ) $ 918 $ 1,832 Unrealized gain on derivative asset — — 2,613 Unrealized gain on fair value recognized in other comprehensive income 151 32 — Balance as of December 31, 2024 $ 51 $ 950 $ 4,445 (1) The “Derivative investments” caption in the condensed consolidated balance sheets consists of Interest Rate Swap Derivative and ILAL Derivative Asset (2) See Note 9 - Loans Interest Rate Swap Derivative In relation to the Company’s Western Alliance Bank Credit Agreement entered into in August 2024, the Company has an interest rate swap agreement (see Note 9 - Loans) for which the interest rate swap is not a designated hedge. As of December 31, 2024, the Interest Rate Swap Derivative was fair valued at $ 51 , reflecting a gain of $ 151 . As of September 30, 2024 , the Interest Rate Swap Derivative was fair valued at a $ 100 unrealized loss. International Land Alliance, Inc. On November 6, 2019, the Company entered into a Securities Purchase Agreement (“SPA”) with International Land Alliance, Inc. (“ILAL”), a Wyoming corporation, to support the power and energy needs of ILAL's development and construction of certain projects. ILAL Series B Preferred Stock (Investment in Debt Securities) and Embedded ILAL Derivative Asset Pursuant to the terms of the SPA with ILAL, the Company purchased 1,000 shares of Series B Preferred Stock of ILAL (the “Series B Preferred Stock”) for an aggregate purchase price of $ 500 less certain expenses and fees. The Series B Preferred Stock accrues cumulative dividends in-kind at a rate of 12% per annum and was redeemable on August 6, 2020. The Series B Preferred Stock can be converted into common stock at a variable rate (refer to the discussion on embedded derivative assets below). This variable conversion ratio will increase by 10% with the occurrence of certain events. Since the investments were not redeemed on August 6, 2020, they are now redeemable at the Company’s option in cash or into common stock, based on the conversion ratio. The Series B Preferred Stock is recorded as an available for sale ("AFS") debt security and is reported at its estimated fair value as of December 31, 2024 . Any change in the fair values of AFS debt securities are reported net of income tax as an element of Other Comprehensive income. The Company accrued no interest (net of allowance) on its available-for-sale debt securities as of December 31, 2024 and September 30, 2024, respectively. The fair value of the Company’s investment in the Series B Preferred Stock was $ 950 and $ 918 as of December 31, 2024 and September 30, 2024, respectively. The Company has included gain on fair value of Series B Preferred Stock amounting to $ 32 and $ 29 for the three months ended December 31, 2024 and 2024 and 2023, respectively, as part of other comprehensive income in the condensed consolidated statements of operations and comprehensive income. The Company has deemed the variable conversion feature (the “ILAL Derivative Asset”) of Series B Preferred Stock an embedded derivative instrument in accordance with ASC 815, Derivatives and Hedging . This topic requires the Company to account for the ILAL Derivative Asset on its balance sheet at fair value and account for changes in fair value as a derivative gain or loss. Changes in fair value of the ILAL Derivative Asset are presented as Other income (expense) in the condensed consolidated statements of operations and comprehensive income. Total fair value of investment in ILAL Derivative Asset as of December 31, 2024 and September 30, 2024 was $ 4,496 and $ 1,832 , respectively, and as included in “Derivative investments” on the condensed consolidated balance sheet. The Company fair values the debt security as a straight debt instrument based on liquidation value, accrued interest to date, and an estimated 60 % recovery rate for first-lien debt, which is an unobservable input. The fair value of the ILAL Derivative Asset is based on the difference in the fair value of the Series B Preferred Stock determined as a straight debt instrument and the fair value of the Series B Preferred Stock if converted as of the reporting date.

7. PROPERTY AND EQUIPMENT

7. PROPERTY AND EQUIPMENT	3 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	7. PROPERTY AND EQUIPMENT Property and equipment consist of the following: ($ in thousands) December 31, 2024 September 30, 2024 Land $ 39,034 $ 32,190 Land improvements 6,110 5,449 Building and improvements 78,919 76,719 Leasehold improvements 1,995 1,995 Miners 1,371,015 1,035,128 Mining equipment 23,169 23,066 Infrastructure 201,117 155,191 Machinery and equipment 16,310 15,061 Furniture and fixtures 2,014 1,706 Construction in progress 52,467 19,455 Total $ 1,792,150 $ 1,365,960 Less: accumulated depreciation ( 536,150 ) ( 496,267 ) Property and equipment, net $ 1,256,000 $ 869,693 Total depreciation expense for the three months ended December 31, 2024 and 2023 was $ 65,125 and $ 29,333 , respectively. The Company had additions to property and equipment of $ 417,182 during the three months ended December 31, 2024, which included $ 362,281 in miners acquired , which is the primary cause in the increase of fixed assets. Assets acquired through acquisition transactions (see Note 3 - Acquisitions) resulted in an additional $ 32,395 in total assets placed in service. Construction in progress: The Company is expanding its mining facilities, including infrastructure, building, and land improvements to grow its mining operations. As of December 31, 2024 and September 30, 2024, the Company had outstanding deposits for miners and mining equipment totaling $ 126,867 and $ 359,862 , respectively. Such deposits are recorded as long-term assets on the condensed consolidated balance sheets.

8. INTANGIBLE ASSETS

8. INTANGIBLE ASSETS	3 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	8. INTANGIBLE ASSETS Intangible assets consist of the following as of December 31, 2024 and September 30, 2024: December 31, 2024 September 30, 2024 ($ in thousands) Intangible assets Accumulated amortization Net intangible assets Intangible assets Accumulated amortization Net intangible assets Software $ 4,981 $ ( 833 ) $ 4,148 $ 981 $ ( 230 ) $ 751 Websites 15 ( 15 ) 0 15 ( 13 ) 2 Strategic Contract 9,800 ( 8,003 ) 1,797 9,800 ( 7,513 ) 2,287 Total $ 14,796 $ ( 8,851 ) $ 5,945 $ 10,796 $ ( 7,756 ) $ 3,040 Amortization expense for the three months ended December 31, 2024 and 2023 was $ 1,104 and $ 513 , respectively. The Company expects to record amortization expense of intangible assets over the next 5 years and thereafter as follows: Fiscal Year ($ in thousands) December 31, 2024 2025 $ 2,568 2026 1,790 2027 1,420 2028 and thereafter 167 Total $ 5,945

9. LOANS

9. LOANS	3 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
LOANS	9. LOANS As of December 31, 2024, the Company had a gross balance outstanding of $ 664,966 , netted against discount on loans payable of $ 16,318 . Total principal payments on loans during the three months ended December 31, 2024 were $ 52,158 . The following is a schedule of the Company’s loan balance, net of debt discount and future loan payments, as of December 31, 2024: As of ($ in thousands) Maturity Date Rate December 31, 2024 September 30, 2024 Convertible Note Jun-30 0.00 % $ 633,812 $ — Coinbase Line of Credit Not specified 8.50 % — 50,000 Western Alliance Bank Credit Agreement Aug-29 6.75 % 6,644 6,839 Trinity Master Equipment Financing Arrangement Apr-25 13.80 % 3,417 5,171 Mortgage - Corporate Facility Apr-25 10.00 % 1,989 1,981 Marquee Funding Partners Aug-26 to Mar-27 13.00 % 1,143 1,267 Auto & Equipment Loans and Financing Jun-26 to Dec-29 0.0 - 11.3 % 1,643 699 Total Loans Outstanding $ 648,648 $ 65,957 Less: current portion of long-term loans ( 7,215 ) ( 58,781 ) Loans payable, net of current portion, debt discount and debt issuance costs $ 641,433 $ 7,176 ($ in thousands) 5-Year Loan Maturities Fiscal Year Outstanding Loan 2025 (Remainder) 2026 2027 2028 2029 Thereafter Total Total principal amount of loan payments by fiscal year $ 6,754 $ 1,862 $ 1,408 $ 1,299 $ 3,415 $ 650,228 $ 664,966 Unamortized deferred financing costs and discounts ( 16,318 ) Total loan book value as of December 31, 2024 $ 648,648 2030 Convertible Note In December 2024, we issued $ 650,000 aggregate principal amount of 0 % convertible senior notes due 2030 (the “2030 Notes”), including the exercise in full by the initial purchasers of the 2030 Notes of their option to purchase up to an additional $ 100,000 principal amount of the 2030 Notes. The 2030 Notes were issued in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2030 Notes will mature on June 15, 2030. The net proceeds from the sales of the 2030 Notes were approximately $ 633,688 after deducting $ 16,312 of offering and issuance costs related to the 2030 Notes and before the capp ed call transactions, as described below. The Company used $ 145,000 of the proceeds to repurchase its common stock, see Note 11 – Stockholders’ Equity. The fair value of the 2030 Notes was determined to be $ 538,464 as of December 31, 2024 based on quoted prices in markets that are not active, which is considered a Level 2 valuation input. Holders of the 2030 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2029 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on March 31, 2025 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per one thousand dollars ($ 1,000 ) of principal amount of notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call such notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the applicable redemption date; or (iv) upon the occurrence of specified corporate events. On or after December 15, 2029 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances. Holders of the 2030 Notes have a one-time noncontingent right to require the Company to repurchase for cash all or any portion of their respective notes at a repurchase price equal to 100 % of the principal amount of such notes to be repurchased, plus any accrued and unpaid interest to, but excluding the repurchase date on June 15, 2028. As of December 31, 2024, none of the conditions permitting the holders of the 2030 Notes to convert their notes early had been met, and to require the Company to repurchase the 2030 Notes for cash. Therefore, the 2030 Notes are classified as long-term. The initial conversion rate for the 2030 Notes is 67.5858 shares of common stock per one thousand dollars ($ 1,000 ) of principal amount of 2030 Notes, which represents an initial conversion price of approximately $ 14.80 per share of common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. In addition, in connection with a make-whole fundamental change (as defined in the Indenture, dated as of December 17, 2024 (the “Indenture”), by and between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”)), which shall include among other things the Company's delivery of a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or redemption, as the case may be. Subsequent to June 20, 2028, we may redeem for cash all or part of the 2030 Notes, at our option, if the last reported sales price of common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related notice of the redemption. However, we may not redeem less than all of the outstanding notes unless at least $ 75,000 aggregate principal amount of notes are outstanding and not called for redemption as of the time we send related redemption notices. The redemption price of each note to be redeemed will be the principal amount of such note, plus accrued and unpaid special interest, if any. Upon the occurrence of a fundamental change (as defined in the Indenture), subject to a limited exception described in the Indenture governing the notes, holders may require us to repurchase all or a portion of their notes for cash at a price equal to plus accrued and unpaid special interest to, but not including, the fundamental change repurchase date (as defined in the Indenture). Upon conversion of the 2030 Notes, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. We may not redeem the 2030 Notes prior to June 20, 2028. We may redeem for cash all or any portion of the 2030 Notes, at our option, on or after June 20, 2028 if the last reported sale price of our common stock has been at least 130 % of the conversion price then in effect for each of at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which such notice of redemption is provided, during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we send the notice of redemption, at a redemption price equal to 100 % of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The Indenture contains customary terms and covenants, including that upon certain events of default either the Trustee or the holders of at least 25 % in principal amount of the outstanding 2030 Notes may declare 100 % of the principal of, and accrued and unpaid special interest, if any, on, all the 2030 Notes to be due and payable. Capped Calls In connection with the issuance of the 2030 Notes, the Company entered into privately negotiated capped call transactions (the “2030 Capped Calls”) with certain financial institutions at an aggregate cost of approximately $ 90,350 . The 2030 Capped Calls cover, subject to anti-dilution adjustments, the number of shares of common stock underlying the 2030 Notes sold in the offering. By entering into the 2030 Capped Calls, the Company expects to reduce the potential dilution to its common stock (or, in the event a conversion of the 2030 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2030 Notes the trading price of the Company’s common stock price exceeds the conversion price of the 2030 Notes. The cap price of the 2030 Capped Calls is initially $ 24.66 per share and is subject to certain adjustments under the terms of the 2030 Capped Calls. The 2030 Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period and are included as a reduction to additional paid-in-capital within shareholders’ equity. Coinbase Line of Credit and Receivable For Bitcoin Collateral On August 7, 2024, the Company signed a Master Loan Agreement (the “Master Loan”) with Coinbase Credit, Inc. (the “Lender”) for a line of credit in which the Lender will lend the Company certain digital assets or cash. The Master Loan has a credit limit of $ 50,000 . On or prior to a drawdown, the Company is required to pledge collateral, and the Company has opted to pledge bitcoin to be held in a segregated custody account, such that the loan-to-value ratio of principal outstanding of the loan and the fair value of collateral is equal to or less than  64 %. If the value of the collateral under the credit facility decreases past a specified margin, the Company may be required to post additional bitcoin as collateral. The Master Loan includes embedded redemption features, which allows the lender to redeem the security before its maturity date (“redemption feature”). The Master Loan also includes a contingent interest feature that requires additional interest to be paid only if certain conditions are met. One such redemption feature and contingent interest feature is in the event of default, including failure to maintain sufficient collateral, the Lender may liquidate the collateral to satisfy the outstanding loan balance or charge incremental interest at the federal funds rate upon the under-collateralized portion of the loan. The Company assessed the embedded redemption features and the contingent interest feature and determined the features are clearly and closely related to the line of credit and do not require bifurcation. Upon transfer of the bitcoin, the Lender has the exclusive right to sell, pledge and rehypothecate the bitcoin without notice to the Company. Either party can terminate a loan with two days’ notice to the other party. As of the date of this report, no such termination has occurred. The Company drew $ 50,000 from the line of credit in August 2024, and concurrently transferred bitcoin to the Lender as collateral at fair value of $ 78,130 . Pursuant to its terms, the line of credit initially bore interest of 9 % per annum and has no defined maturity date but is terminable by either the Lender or the Company with notice. During September 2024, the interest rate on the line of credit was adjusted to 8.5 % per annum and has not been subsequently amended. Since the Lender has the rights to sell, pledge and rehypothecate the bitcoin during the term of the Master Loan, the Company derecognized the bitcoin transferred as collateral. As the Company has the right to receive the bitcoin back from the Lender upon the repayment of the line of credit, the Company recorded a corresponding Receivable for bitcoin collateral. The Receivable for bitcoin collateral is measured at fair value. Changes in fair value as well as gains and losses from bitcoin transferred to and received from collateral are recorded as Gain on bitcoin collateral under the Other Income category in the condensed consolidated statements of operations and comprehensive income. During the three months ended December 31, 2024 , the Company repaid the $ 50,000 outstanding balance on the line of credit and received 100 % of the bitcoin transferred as collateral from the Lender. As of December 31, 2024 , there is no outstanding balance on the Coinbase line of credit and no bitcoin was posted as collateral for the line of credit. Western Alliance Bank Credit Agreement On August 14, 2024, the Company entered into a credit agreement that provides for borrowings under a promissory note with Western Alliance Bank (the “Western Alliance Bank Credit Agreement”). Pursuant to this agreement, the Company executed a promissory note in the amount of $ 7,000 in order to finance the purchase of an aircraft for operational use. The aircraft is pledged as collateral for the note. The notes bears a variable interest rate equal to the 30 day Secured Overnight Financing Rate plus 3 % per annum, payable monthly , and matures on August 14, 2029 . The credit agreement contains financial covenants, including a minimum loan-to-value ratio, a minimum debt service coverage ratio, and a minimum average deposit balance. As of December 31, 2024 , the Company has $ 6,731 principal payments outstanding. The Company was in compliance with all covenants, and no events of default had occurred under the credit agreement. Concurrently with the credit agreement, on August 14, 2024, the Company entered into a plain vanilla interest rate swap agreement with a counterparty in which the Company effectively pay a fixed rate of 6.75 % on the Western Alliance Bank Credit Agreement. The interest rate swap has an initial notional value of $ 7,000 . This interest rate swap has a maturity date of August 14, 2029 . This interest rate swap was not designated as a hedge and is presented within Note 6 - Investments and Derivatives. Mortgage - Corporate Office On May 10, 2023, CleanSpark HQ, LLC, a single member limited liability company and subsidiary wholly owned by the Company, completed a refinancing transaction whereby it borrowed a net $ 1,937 against the equity of the real property purchased in April 2023 that is utilized as the Company's corporate office. The loan agreement has a two year term, 10 % interest rate and monthly interest only payments until maturity. Trinity Master Equipment Financing Agreement On April 22, 2022, the Company entered into a Master Equipment Financing Agreement (the “Master Equipment Financing Agreement”) with Trinity Capital Inc. that could provide $ 35,000 of borrowings to finance the Company’s acquisition of blockchain computing equipment. The Company received a loan of $ 20,000 at closing with an interest rate of 13.80 %. The borrowings under the Master Equipment Financing Agreement are collateralized by 3,336 S19j Pro miners, which are located at our College Park, GA and Norcross, GA sites. The loan matures in April 2025, and the Company has current unpaid principal payments of 3,449 as of December 31, 2024. Marquee Funding Partners The mortgages assumed from the acquisition of a bitcoin mining facility from WAHA Technologies Inc. in August 2022 have an unpaid principal balance of $ 1,143 as of December 31, 2024, the remaining payment terms range from 20 - 36 m onths and annual interest of 13 %. Auto and Equipment Loans and Western Alliance Equipment Financing Agreement The Company has entered into various financing arrangements to purchase vehicles and non-miner equipment with combined principal outstanding at December 31, 2024 of $ 643 . The loans vary in terms f rom 12 - 72 months with annual interest rates ranging from 0.00 % - 11.30 % . The loans are secured with the purchased vehicles and equipment. Additionally, on August 28, 2024, the Company entered into an equipment financing agreement with Western Alliance Bank for borrowings of up to $ 1,000 to finance new equipment for operational purposes. The Company can continue to secure equipment with this equipment financing agreement until February 28, 2025. This instrument bears interest at the Floating Wall Street Journal Prime Rate plus 1.00 % per annum, calculated on the basis of a 360-day year consisting of twelve (12) consecutive thirty (30)-day months, and will be charged for each day there is an outstanding balance. As of December 31, 2024 , the financing agreement had an outstanding balance of $ 1,000 . The Floating Wall Street Journal Prime Rate was 7.5 % at the end of the period, resulting in an interest rate of 8.5 % per annum as of December 31, 2024. The financing agreement contains financial covenants, including a minimum loan-to-value ratio, a minimum debt service coverage ratio, and a minimum average deposit balance. As of December 31, 2024 , the Company was in compliance with all covenants, and no events of default had occurred under the financing agreement.

10. INCOME TAXES

10. INCOME TAXES	3 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The Company has calculated the tax provision using a cutoff approach based on year-to-date actual amounts and adjusts for discrete items in the quarter. The approach is applied when application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The Company believes, at this time, that the use of this cutoff approach is more appropriate than the annual effective tax rate method due to the high degree of uncertainty in estimating annual pre-tax income. The quarterly tax provision is subject to fluctuation due to factors including changing assumptions on forecasted annual pretax income, certain book and tax differences, valuation allowances against deferred tax assets, or changes in or interpretation of tax laws. We consider new evidence (both positive and negative) at each reporting date that could affect our view of the future realization of deferred tax assets. We evaluate information such as historical financial results, historical taxable income, projected future taxable income, expected timing of the reversals of existing temporary differences and available prudent and feasible tax planning strategies in our analysis. The Company's income tax expense (including discrete items) was $ 9,217 and $ 1,399 for the three months ended December 31, 2024 and 2023, respectively. The Company's effective income tax rate (including discrete items) was 3.6 % and 5.1 % for the three months ended December 31, 2024 and 2023 , respectively. The Company's effective tax rate differs from the U.S. statutory rate of 21 % primarily due to maintaining a valuation allowance on the deferred tax assets.

11. STOCKHOLDERS' EQUITY

11. STOCKHOLDERS' EQUITY	3 Months Ended
	Dec. 31, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS’ EQUITY Overview The Company’s authorized capital stock consists of 600,000,000 shares of common stock, par value $ 0.001 per share, and 10,000,000 shares of preferred stock, par value $ 0.001 per share. On October 25, 2024, the Company’s stockholders approved another amendment to the Company’s articles of incorporation to increase the number of shares of common stock authorized for issuance to from 300,000,000 to 600,000,000 . As of December 31, 2024, there were 292,566,230 and 280,806,295 shares of common stock issued and outstanding, respectively, and 1,750,000 shares of Series A Preferred Stock issued and outstanding. As of September 30, 2024, there were 270,897,784 shares of common stock issued and outstanding, 1,750,000 shares of Series A Preferred Stock issued and outstanding, and 1,000,000 shares of Series X Preferred Stock outstanding. The 1,000,000 shares of Series X Preferred Stock outstanding as of September 30, 2024 were redeemed on October 29, 2024 and were automatically retired and restored to the status of authorized but unissued shares of the Company’s preferred stock upon such redemption. The Company filed a certificate of withdrawal with the state of Nevada withdrawing its designation of Series X Preferred Stock on December 3, 2024. For the three months ended December 31, 2024, the Company recorded $ 5,141 and $ 579 , respectively, as dividends to holders of the Series A Preferred Stock, pursuant to the requirements listed in the certificate of designation. On June 3, 2021, the Company entered into an At The Market Offering Agreement (the “Original ATM Agreement”) with H.C. Wainwright & Co., LLC (the “Agent”) to create an at-the-market equity program under which the Company may, from time to time, offer and sell shares of its common stock, having an aggregate gross offering price of up to $ 500,000 to or through the Agent. On December 14, 2022, the Company entered into Amendment No. 1 to the At the Market Offering Agreement with the Agent (the “ATM Agreement Amendment” and, together with the Original ATM Agreement, the “ATM Agreement”). Under the ATM Agreement, the Company may, but has no obligation to, issue and sell up to the lesser number of shares (the “Shares”) of the Company’s common stock that does not exceed (a) $ 500,000 of shares of common stock, exclusive of any amounts previously sold under the Original ATM Agreement, (b) the number of authorized but unissued shares of common stock (less the number of shares of common stock issuable upon exercise, conversion or exchange of any outstanding securities of the Company or otherwise reserved from the Company’s authorized capital stock), or (c) if applicable, the maximum number or dollar amount of shares of common stock that can be sold without causing the Company or the offering of the Shares to fail to satisfy the eligibility and transaction requirements for use of Form S-3, including General Instruction I.B.6 of Registration Statement on Form S-3, from time to time through the Agent, or to them, as sales agent and/or principal, on the terms set forth therein. On January 5, 2024 , the Company entered into a new At The Market Offering Agreement (the “2024 ATM Agreement”) with the Agent, to create an at-the-market equity program under which the Company may, but has no obligation to, issue and sell up to the lesser number of shares of the Company’s common stock that does not exceed (a) $ 500,000 of shares of common stock, or (b) the number of authorized but unissued shares of common stock (less the number of shares of common stock issuable upon exercise, conversion or exchange of any outstanding securities of the Company or otherwise reserved from the Company’s authorized capital stock). In connection with the Company’s entry into the 2024 ATM Agreement, the ATM Agreement was terminated. From the inception of the 2024 ATM Agreement through March 31, 2024, the Company issued and sold 34,075,408 shares under the 2024 ATM Agreement for net proceeds of $ 487,500 . On March 28, 2024, the Company entered into Amendment No. 1 to the At the Market Offering Agreement with the Agent (the “March 2024 ATM Amendment”). Under the March 2024 ATM Amendment, the Company may, but has no obligation to issue and sell up to the lesser number of shares of the Company’s common stock that does not exceed (a) $ 800,000 of shares of common stock, or (b) the number of authorized but unissued shares of common stock (less the number of shares of common stock issuable upon exercise, conversion or exchange of any outstanding securities of the Company or otherwise reserved from the Company’s authorized capital stock). As of December 31, 2024, the Company had issued all of the ATM’s remaining capacity. Common stock issuances during the three months ended December 31, 2024 The Company issued 5,031,221 shares of common stock in connection with the GRIID Acquisition. The Company iss ued 16,619,361 shares of common stock under the March 2024 ATM Amendment, resulting in gross proceeds of $ 191,603 and issuance costs of $ 4,795 . The Company issued 17,864 shares of common stock in connection with the exercise of stock options and warrants. Cash received from such issuance was $ 110 . Common stock repurchased during the three months ended December 31, 2024 In connection with the issuance of the 2030 Notes in December 2024 (see Note 9 - Loans) , the Company repurchased 11,759,935 shares of its common stock for from investors in privately negotiated transactions for an aggregate repurchase price of approximately $ 145,000 . The shares were repurchased at fair value and the entire repurchase price was allocated to the repurchase of the shares. Common stock issuances during the three months ended December 31, 2023 The Company issued 24,475,832 shares of common stock under the ATM Agreement resulting in net proceeds of $ 99,336 during the three months ended December 31, 2023. The Company issued 1,441,152 shares of common stock in relation to the settlement of restricted stock awards and withheld 553,390 shares of common stock of $ 5,533 for net settlement. The Company issued 6,096 shares of common stock in connection with the exercise of stock options. Cash received from such issuance was $ 36 .

12. STOCK WARRANTS

12. STOCK WARRANTS	3 Months Ended
	Dec. 31, 2024
Stock Warrants
STOCK WARRANTS	12. STOCK WARRANTS As part of the GRIID Acquisition on October 30, 2024, the Company issued several warrants to former holders of GRIID warrants. Those issued warrants include 13,800,000 Public Warrants, 7,270,000 Private Warrants, and approximately 1,734,000 GEM Warrants, of which approximately every 14 warrants are exercisable for one share of the Company ’ s common stock at $ 165.25 , $ 165.25 , and $ 69.55 per share, respectively. Management has determined that the Public Warrants are subject to accounting treatment as equity, while the Private Warrants and GEM Warrants are subject to accounting treatment as liabilities. At the consummation of the GRIID Acquisition, all warrants were measured at their fair value using the Black-Scholes option pricing model and included in the purchase price calculation. At December 31, 2024, the Company used the Black-Scholes option-pricing model to estimate the fair value of the Private Warrants and the GEM Warrants using Level 3 inputs. The fair value of the Private Warrants and GEM Warrants are included in the Other liabilities caption on the condensed consolidated balance sheets and the changes in fair value are included in Gain (loss) on derivative securities on the condensed consolidated statements of operations. The following is a summary of stock warrant activity during the three months ended December 31, 2024. Number of Number of Weighted (1) Balance, September 30, 2024 17,560 17,560 $ 6.12 Warrants granted 22,803,726 1,586,999 $ 157.96 Warrants expired — — $ — Warrants canceled — — $ — Warrants exercised — — $ — Balance, December 31, 2024 22,821,286 1,604,559 $ 156.30 (1) Weighted average calculated weighting the exercise price versus the number of common shares that would be granted on exercise. As of December 31, 2024, there were warrants exercisable to purchase 1,604,559 shares of common stock in the Company and there were no warrants that were unvested. These warrants have a weighted average exercise price of $ 156.30 . Most outstanding warrants contain provisions allowing a cashless exercise at their respective exercise prices. As of December 31, 2024, 22,813,726 of the outstanding warrants had a weighted average remaining term of 3.8 years and an intrinsic value of $ 12 . The remaining 7,560 of the outstanding warrants do not have expiration dates and have an intrinsic value of $ 42 .

13. STOCK-BASED COMPENSATION

13. STOCK-BASED COMPENSATION	3 Months Ended
	Dec. 31, 2024
Equity [Abstract]
STOCK-BASED COMPENSATION	13. STOCK-BASED COMPENSATION The Company sponsors a stock-based incentive compensation plan known as the 2017 Incentive Plan, as amended, (the “Plan”). As of December 31, 2024 , there were 8,021,006 shares available and authorized for issuance under the Plan. STOCK OPTIONS The following is a summary of stock option activity during the three months ended December 31, 2024: Number of Weighted Average Balance, September 30, 2024 2,285,462 $ 15.58 Options granted 193,280 $ 10.19 Options expired ( 68,122 ) $ 19.08 Options forfeited ( 25,554 ) $ 12.80 Options exercised ( 17,864 ) $ 6.17 Balance, December 31, 2024 2,367,202 $ 15.15 As of December 31, 2024 , there were options exercisable to purchase 1,424,951 shares of common stock in the Company. As of December 31, 2024 , the outstanding options had a weighted average remaining term of 7.5 years and an intrinsic value of $ 2,296 . For the three months ended December 31, 2024 , the Company also granted 193,280 options to purchase shares of common stock to employees with a total fair value of $ 1,749 . The Black-Scholes model utilized the following inputs to value the options granted during the three months ended December 31, 2024: Fair value assumptions Options: December 31, 2024 Risk free interest rate 3.56 % - 4.48 % Expected term (years) 1.0 - 6.21 Expected volatility 121.86 % - 123.02 % Expected dividends 0 % The Company recognized stock-based compensation expense relating to stock options of $ 1,078 and $ 1,812 for the three months ended December 31, 2024 and 2023, respectively. As of December 31, 2024 , the Company expects to recognize $ 8,883 of stock-based compensation for the non-vested outstanding options over a weighted-average period of 2.27 years. RESTRICTED STOCK UNITS The following table summarizes the activity for all restricted stock units (“RSUs”) during the three months ended December 31, 2024: Number of Weighted Aggregate Outstanding at September 30, 2024 1,674,211 $ 7.56 $ 12,649 Granted 148,715 $ 8.78 Vested - - Outstanding at December 31, 2024 1,822,926 $ 7.65 $ 16,789 On October 1, 2024, the Company granted 136,520 time-based RSUs to its board members as part of their annual compensation. These RSUs vest 25 % quarterly and have a combined grant-date fair value of $ 1,200 . The 25 % quarterly vesting will occur on February 13, 2025, May 13, 2025, August 13, 2025 and December 3, 2025. As of December 31, 2024 , the Company had 1,822,926 outstanding unvested time-based restricted stock awards, which will vest over the weighted average 2.0 years. As of December 31, 2024 , the unrecognized compensation costs related to all RSU awards is 11,603 . The Company recognized stock-based compensation expense relating to restricted stock units of $ 1,943 and $ 8,141 for the three months ended December 31, 2024 and 2023, respectively. 2025 Long-Term Incentive Plan On October 1, 2024, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) approved the establishment of the Company’s Long-Term Incentive Program (the “2025 LTIP”), which permits the issuance of RSUs to executive officers and other executives . Awards granted pursuant to the 2025 LTIP are in addition to cash annual bonus awards and annual time-based RSU awards, if any, and are a key element of the Company’s compensation program. On October 2, 2024, the Compensation Committee, with the consultation of independent compensation firm, performed an analysis to evaluate the structure of the 2025 LTIP with the combined goal of retention and performance of the senior leadership team. The number of awards will vary based on a year-end evaluation of the Compensation Committee against a currently undetermined group of metrics and the range of the awards can be between 0 % and 200 % at the discretion of the Compensation Committee. The number of awards at 100 % is 5,381,021 . The awards will vest over a 4-year period, whereby 40 % will vest at the end of fiscal 2025, and the remaining 60 % will vest quarterly over the subsequent 3-years based on continuing employment of the grantee. In addition, the number of awards that will vest depends on the achievement of certain performance metrics. As of December 31, 2024, the specific performance metrics have not been determined with enough specificity to allow for a mutual understanding of the terms, and hence, there is no grant date nor service inception date. Therefore, as of December 31, 2024, there is no stock-based compensation expense recorded under the 2025 LTIP, until such time as the performance metrics are finalized and determined.

14. COMMITMENTS AND CONTINGENCI

14. COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Purchase of modular immersion data centers The Company entered into a $ 165,000 contract subject to certain discounts in June 2024 for the purchase and on-site construction and installation of modular immersion data centers. The $ 49,500 remaining balance of the contract is expected to be paid in installments between January 2025 through April 2025 . Purchase of bitcoin miners The Company had $ 1,290 in unrecorded open purchase commitments for miners or mining equipment as of December 31, 2024 in relation to the purchase transactions with Bitmain Technologies Delaware Limited. Commitments under open construction projects The Company has open commitments relating to the construction and development of new mining locations and operational facilities of $ 32,058 . Contractual future payments The following table sets forth certain information concerning our obligations to make contractual future payments towards our agreements as of December 31, 2024 (Fiscal Year 2025 excludes three months ended December 31, 2024): Fiscal Year ($ in thousands) 2025 (Remainder) Contractual obligations: Modular immersion data centers $ 49,500 Construction in progress 32,058 Purchcase of bitcoin miners 1,290 Total $ 82,848 State Tax Incentives When the Company enters new jurisdictions, it seeks incentives on taxes including; sales and use taxes, property taxes, employment taxes and income taxes. The Company has been previously successful obtaining such incentives and is currently seeking additional incentives, which if the Company is unsuccessful in obtaining may result in a liability of approximately $ 18,290 . Legal contingencies In addition to the legal matters disclosed below, the Company may from time to time be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. The outcome of litigation is inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially adversely affected. Hasthantra v. CleanSpark, Inc. et al. On January 20, 2021, Scott Bishins (“Bishins”), individually, and on behalf of all others similarly situated (together, the “Class”), filed a class action complaint in the United States District Court for the Southern District of New York against the Company and certain of its officers, including the Company’s CEO and the Executive Chair (such action, the “Class Action”). On December 2, 2021, the court appointed Bishins and Darshan Hasthantra (“Hasthantra”) as lead plaintiffs, and on February 1, 2024, the Court entered a voluntary dismissal on behalf of Bishins, leaving Hasthantra as the sole lead plaintiff. On February 28, 2022, Plaintiff filed an Amended Class Complaint alleging that, between December 10, 2020 and August 16, 2021, Defendants made material misstatements and omissions related to the Company’s acquisition of ATL Data Centers LLC and its anticipated expansion of bitcoin mining operations. Plaintiff seeks certification of the Class, an award of compensatory damages, and reimbursement of costs and expenses. To date, no class has been certified in the Class Action. Discovery is currently proceeding. The Company believes that the claims asserted are without merit and intends to defend against them vigorously. At this time, the Company is unable to estimate potential losses, if any, that may arise. Consolidated Smith Derivative Actions Between February 21, 2023, and March 8, 2023, four shareholder derivative actions were filed in the Eighth Judicial District Court of the State of Nevada in Clark County against certain officers and directors of the Company, including its Executive Chair, Chief Executive Officer, and former Chief Financial Officer. Each of these actions was consolidated in the Eighth Judicial District Court of Nevada in Clark County (the “Consolidated Smith Action”). The claims asserted include breach of fiduciary duties, unjust enrichment and corporate waste, with the plaintiffs seeking monetary damages, restitution, declaratory relief, litigation costs, and the imposition of additional corporate governance and internal controls. The Company’s Board of Directors formed a Special Litigation Committee (“SLC”) to investigate and evaluate the claims. On November 6, 2023, the court granted the SLC’s motion to intervene and stayed the case through November 30, 2024. On October 16, 2024, the SLC filed a motion to defer to its determination that the claims should be dismissed. On December 2, 2024, the court approved a protective order governing the SLC’s report, and on December 6, 2024, the parties jointly informed the court that plaintiffs required additional time to review the report. The Company believes that the claims raised in the Consolidated Smith Action are without merit and intends to defend itself vigorously against them. At this time, the Company is unable to estimate potential losses, if any, related to the Consolidated Smith Action. Consolidated Ciceri Derivative Actions On May 26, 2021, Andrea Ciceri filed a shareholder derivative action in the United States District Court for the District of Nevada against officers and directors of the Company, including the Company’s Executive Chair, CEO, former CFO, and certain other members of the Board of Directors. This and other related filings were consolidated by the Court on June 29, 2021 (the “Consolidated Ciceri Action”). The claims asserted in the Consolidated Ciceri Action include breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement and waste of corporate assets. The plaintiffs seek declaratory relief, monetary damages and the imposition of additional corporate governance and internal controls. On December 12, 2024, the federal court dismissed the Consolidated Ciceri Action with prejudice.

15. MAJOR CUSTOMERS AND VENDORS

15. MAJOR CUSTOMERS AND VENDORS	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
MAJOR CUSTOMERS AND VENDORS	15. MAJOR CUSTOMERS AND VENDORS The Company has one mining pool operator (Foundry Digital) that represented 100 % of revenue for the three months ended December 31, 2024 and 2023. For the three months ended December 31, 2024 and 2023, the Company had the following significant suppliers of miners: Three Months Ended December 31, 2024 December 31, 2023 Bitmain Technologies 94 % 100 % Canaan U.S. Inc 6 % 0 %

16. SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS	3 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS Georgia 2025 Asset Acquisition In January 2025, the Company completed the $ 5,400 asset acquisition of a bitcoin mining facility and certain infrastructures located in Georgia. The definitive agreements include the purchase of mining data centers, and the assumption of the underlying real property lease. The transaction is accounted for as an asset acquisition, whereby the total purchase price is allocated first to the fair value of the assets acquired and any excess purchase price is allocated to the acquired assets pro-rata.

2. SUMMARY OF SIGNIFICANT ACC_2

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. The unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended September 30, 2024, filed with the SEC on December 3, 2024 (the “Form 10-K”). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented in this Quarterly Report on Form 10-Q have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full fiscal year. The accompanying unaudited condensed consolidated financial statements include the accounts of CleanSpark, Inc., and the Company’s wholly owned subsidiaries. All intercompany transactions have been eliminated upon consolidation of these entities. The Company has a sole reportable segment which is the bitcoin mining segment. There were no changes to the Company’s most significant estimates and assumptions, significant accounting policies, or recent accounting pronouncements that were disclosed in Note 2. Summary of Significant Accounting Policies included in the Form 10-K other than as discussed below.
Reclassifications	Reclassifications Certain prior-year amounts have been reclassified to conform to the current-year presentation. This includes the grouping of certain balance sheet and statement of cash flow items into new or revised categories to improve clarity and consistency with current-year classifications.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASC 350-60 which requires entities with certain crypto assets to subsequently measure such assets at fair value, with changes in fair value recorded in net income (loss) in each reporting period. Crypto assets that meet all the following criteria are within the scope of ASC 350-60: (1) meet the definition of intangible assets as defined in the Codification; (2) do not provide the asset holder with enforceable rights to or claims on underlying goods, services, or other assets; (3) are created or reside on a distributed ledger based on blockchain or similar technology; (4) are secured through cryptography; (5) are fungible; and (6) are not created or issued by the reporting entity or its related parties. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. Bitcoin, which is the sole crypto asset mined by the Company, meets each of these criteria. For all entities, the ASC 350-60 amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted for both interim and annual consolidated financial statements that have not yet been issued (or made available for issuance). If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company has elected to early adopt the new guidance effective October 1, 2023, resulting in a $ 4,183 cumulative-effect change to adjust the Company's bitcoin held on October 1, 2023 with the corresponding entry to accumulated deficit as of October 1, 2023. The tax effect of the adjustment to record the adoption of ASU 2023-08 was to both decrease the deferred tax asset related to cumulative losses from the fair value adjustments of bitcoin held by the company and decrease the valuation allowance for gross deferred tax assets by the same amount as the adjustment to record the adoption of the ASU. In March 2024, the FASB issued ASU 2024-01, Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), which clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of Accounting Standards Codification (“ASC”) 718 - Compensation - Stock Compensation or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or nonemployees in exchange for goods or services. ASU 2024-01 is effective for public business entities for annual periods beginning after December 15, 2024, including interim periods within those periods. The Company evaluated and concluded that there is no impact this new guidance will have on its financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public business entities to provide additional disclosures in the notes to financial statements, disaggregating specific expense categories within relevant income statement captions. The prescribed categories include purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization related to oil-and-gas producing activities. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its financial statement disclosures. In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-04, Debt—Debt with Conversion and Other Options: Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishments of convertible debt. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of the standard on its consolidated financial statements and related disclosures.
Stock Warrants	Stock Warrants The Company accounts for stock warrants as either equity instruments, liabilities or derivative liabilities in accordance with FASB ASC 480, Distinguishing Liabilities from Equity and/or FASB ASC 815, Derivatives and Hedging, depending on the specific terms of the agreement. Liability-classified warrants are recorded at their estimated fair values at each reporting period until they are exercised, terminated, reclassified or otherwise settled. Changes in the estimated fair value of liability-classified warrants are included in interest and other income in the Company’s condensed consolidated statements of operations.
Convertible Debt	Convertible Debt The Company accounts for its convertible senior notes under FASB ASC 470-20—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity and/or FASB ASC 815, Derivatives and Hedging, depending on the specific terms of the debt agreement. The Company records the convertible senior notes as a long-term liability at face value net of debt issuance costs. If any of the conditions to the convertibility of the convertible senior notes are satisfied, or the convertible senior notes become due within one year, then the Company may be required under applicable accounting standards to reclassify the carrying value of the convertible senior notes as a current, rather than a long-term liability. Debt issuance costs related to the convertible senior notes were capitalized and recorded as a contra-liability and are presented net against the balance of the convertible senior notes on the condensed consolidated balance sheets. Debt issuance costs consist of underwriting, legal and other direct costs related to the issuance of the convertible senior notes and are amortized to interest expense over the term of the convertible senior notes using the straight-line method which approximated the effective interest method.
Capped Call	Capped Call Capped call transactions cover the aggregate number of shares of the Company’s common stock that will initially underlie the convertible senior notes. The Company accounts for capped calls as either equity instruments, liabilities or derivative liabilities in accordance with FASB ASC 480, Distinguishing Liabilities from Equity and/or FASB ASC 815, Derivatives and Hedging, depending on the specific terms of the agreement. Equity-classified capped calls , are not remeasured each reporting period and are recorded as a reduction to additional paid-in-capital within shareholders’ equity when purchased.
Stock Compensation	Stock Compensation The Company measures the cost of employee and non-employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. Stock-based compensation expense for stock options is recognized on a straight-line basis over the requisite service period. The Company established the 2025 Long Term Incentive Plan in October 2024 (see Note 13 – Stock-based compensation). In accordance with ASC 718 - Compensation - Stock Compensation, no stock-based compensation expense has been recognized for awards under the 2025 Long Term Incentive Plan because a mutual understanding of the awards’ key terms and conditions has not been determined and communicated to the grantees.
Earnings per share	Earnings per share Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings of an entity. The calculation of diluted net income per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. Common stock issuable upon the exercises of outstanding stock options, vesting of restricted stock and warrants are computed using the treasury method. Potential shares of common stock issuable upon conversion of the convertible notes and Series A preferred stock are computed using the if-converted method. Provided below is the income per share calculation for the three months ended December 31, 2024 and 2023: For the Three Months ($ in thousands, except share and per share amounts) 2024 2023 Numerator Net income attributable to common shareholders - Basic $ 241,650 $ 25,330 Non-cash interest expense on convertible notes 119 — Net income attributable to common shareholders - Dilutive 241,769 25,330 Denominator Weighted-average common shares outstanding - Basic 284,549,900 178,809,264 Dilutive impact of stock options and other share-based awards 652,120 1,974,271 Dilutive impact of convertible notes 6,685,121 — Weighted-average common shares outstanding - Dilutive 291,887,141 180,783,535 (Loss) income per common share attributable to common shareholders Basic $ 0.85 $ 0.14 Diluted $ 0.83 $ 0.14
Fair Value Measurement of Financial Instruments, Derivative Assets and Contingent Consideration	Fair Value Measurement of Financial Instruments, Derivative Assets and Contingent Consideration Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a fair value hierarchy based on three levels of input, of which the first two are considered observable and the last unobservable: Level 1 Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 Quoted prices for similar assets and liabilities in active markets; quoted prices included for identical or similar assets and liabilities that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. These are typically obtained from readily-available pricing sources for comparable instruments. Level 3 Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own beliefs about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. Due to the use of significant unobservable inputs, a change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. The carrying value of cash, accounts payable, accrued expenses and short-term portion of loan payable are level 1 and approximate their fair values because of the short-term nature of the instruments. The carrying amount of the Company's long-term interest bearing portion of loan payable is also stated at fair value since the stated rate of interest approximates market rates available to the Company for a similar duration. Given that the debt was issued Management believes the Company is not exposed to significant interest or credit risks arising from these financial instruments. The fair value of warrants (see Note 12 - Stock Warrants) was determined based on Black Scholes option-pricing model using Level 2 inputs. The following table presents the Company’s financial instruments that are measured and recorded at fair value on the Company’s balance sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2024 and September 30, 2024: December 31, 2024 ($ in thousands) Amount Level 1 Level 2 Level 3 Cash equivalents (1) $ 275,894 $ 275,894 $ — $ — Bitcoin 929,080 929,080 — — ILAL derivative asset 4,445 — — 4,445 Investment in debt security 950 — — 950 Interest rate swap derivative 51 — 51 — Warrant liabilities 1,441 — 1,441 — Total $ 1,211,861 $ 1,204,974 $ 1,492 $ 5,395 September 30, 2024 ($ in thousands) Amount Level 1 Level 2 Level 3 Cash equivalents (1) $ 120,638 $ 120,638 $ — $ — Receivable from bitcoin collateral (2) 77,827 — 77,827 — Bitcoin 431,661 431,661 — — ILAL derivative asset 1,832 — — 1,832 Investment in debt security 918 — — 918 Interest rate swap derivative ( 100 ) — ( 100 ) — Total $ 632,776 $ 552,299 $ 77,727 $ 2,750 (1) Represents money market funds. (2) See Note 9 - Loans for more information . There were no transfers between Level 1, 2 or 3 during the three months ended December 31, 2024. The activities of the financial instruments that were measured and recorded at fair value on the Company's balance sheets on a recurring basis during the three months ended December 31, 2024 and year ended September 30, 2024 and are described in Note 6 - Investments and Derivatives.

2. SUMMARY OF SIGNIFICANT ACC_3

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Earnings Per Share Basic and Diluted	Provided below is the income per share calculation for the three months ended December 31, 2024 and 2023: For the Three Months ($ in thousands, except share and per share amounts) 2024 2023 Numerator Net income attributable to common shareholders - Basic $ 241,650 $ 25,330 Non-cash interest expense on convertible notes 119 — Net income attributable to common shareholders - Dilutive 241,769 25,330 Denominator Weighted-average common shares outstanding - Basic 284,549,900 178,809,264 Dilutive impact of stock options and other share-based awards 652,120 1,974,271 Dilutive impact of convertible notes 6,685,121 — Weighted-average common shares outstanding - Dilutive 291,887,141 180,783,535 (Loss) income per common share attributable to common shareholders Basic $ 0.85 $ 0.14 Diluted $ 0.83 $ 0.14
Schedule of Financial Instruments	The following table presents the Company’s financial instruments that are measured and recorded at fair value on the Company’s balance sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2024 and September 30, 2024: December 31, 2024 ($ in thousands) Amount Level 1 Level 2 Level 3 Cash equivalents (1) $ 275,894 $ 275,894 $ — $ — Bitcoin 929,080 929,080 — — ILAL derivative asset 4,445 — — 4,445 Investment in debt security 950 — — 950 Interest rate swap derivative 51 — 51 — Warrant liabilities 1,441 — 1,441 — Total $ 1,211,861 $ 1,204,974 $ 1,492 $ 5,395 September 30, 2024 ($ in thousands) Amount Level 1 Level 2 Level 3 Cash equivalents (1) $ 120,638 $ 120,638 $ — $ — Receivable from bitcoin collateral (2) 77,827 — 77,827 — Bitcoin 431,661 431,661 — — ILAL derivative asset 1,832 — — 1,832 Investment in debt security 918 — — 918 Interest rate swap derivative ( 100 ) — ( 100 ) — Total $ 632,776 $ 552,299 $ 77,727 $ 2,750 (1) Represents money market funds. (2) See Note 9 - Loans for more information .

3. ACQUISITIONS (Tables)

3. ACQUISITIONS (Tables)	3 Months Ended
	Dec. 31, 2024
GRIID Infrastructure Inc [Member]
Business Acquisition [Line Items]
Schedule of Purchase Price Allocation	the GRIID Acquisition for a total preliminary purchase consideration of $ 128,247 , which is comprised of the following: GRIID Shares of CleanSpark common stock issued 5,031 Closing price per share of CleanSpark common stock on October 30, 2024 $ 12.06 Fair value of CleanSpark common share issued as a portion of purchase price $ 60,677 Fair value of CleanSpark warrants issued as a portion of purchase price 6,097 Fair value of equity portion of purchase price 66,774 Cash consideration 1 Settlement of amounts payable by Company to GRIID under Hosting Agreement ( 1,164 ) Settlement of the GRIID Credit Agreement as a portion of purchase price 62,636 Settlement of preexisting relationship, including interest, as a portion of purchase price 61,472 Preliminary purchase price $ 128,247 The preliminary net assets acquired as of the acquisition date are presented as follows: Allocation as of October 30, 2024 Tangible assets Cash and cash equivalents $ 1,089 Restricted cash 323 Accounts receivable 172 Prepaid expense and other current assets 193 Property and equipment 18,493 Other long-term assets 5,593 Operating lease right of use assets 1,100 Total tangible assets acquired 26,963 Intangible assets Goodwill 127,208 Total assets acquired 154,171 Liabilities assumed Accounts payable 1,753 Accrued liabilities 18,789 Finance lease obligations 2 Operating lease liabilities 2,458 Other liabilities 2,922 Total liabilities assumed 25,924 Net assets acquired $ 128,247 The following unaudited pro forma information for the three month periods ended December 31, 2024 and December 31, 2023 combines the historical results of CleanSpark and GRIID, as converted to U.S. GAAP, for the respective periods: Three Months Ended December 31, 2024 December 31, 2023 Pro forma revenue $ 162,306 $ 79,340 Pro forma net income from continuing operations 237,264 43,469
Tennessee Acquisition [Member]
Business Acquisition [Line Items]
Schedule of Purchase Price Allocation	The allocation of the purchase price of the assets acquired are summarized below: ($ in thousands) Allocation at Land $ 6,187 Land improvements 648 Building 805 Infrastructure 22,153 Right of use assets 61 Operating lease liability ( 372 ) Total $ 29,482
Mississippi Acquisition [Member]
Business Acquisition [Line Items]
Schedule of Purchase Price Allocation	The allocation of the purchase price of the assets acquired are summarized below: Allocation at Land $ 734 Construction in progress 2,286 Total $ 3,020

4. BITCOIN (Tables)

4. BITCOIN (Tables)	3 Months Ended
	Dec. 31, 2024
Common Domain Members [Abstract]
Schedule of Company's Bitcoin Holdings	The following table presents the Company's bitcoin holdings as of December 31, 2024 and September 30, 2024: As of Bitcoin holdings December 31, 2024 September 30, 2024 Number of bitcoin held 9,952 6,819 Cost basis - per bitcoin $ 72,104 $ 55,408 Fair value - per bitcoin $ 93,356 $ 63,301 Cost basis of bitcoin (in '000s) $ 717,578 $ 377,839 Fair value of bitcoin (in '000s) $ 929,080 $ 431,661
Schedule of Activities of The Bitcoin	The following table presents information based on the activity of bitcoin for the three months ended December 31, 2024 and 2023: Three months ended Three months ended ($ in thousands) December 31, 2024 December 31, 2023 Beginning Balance - before cumulative effect change $ 431,661 $ 56,241 Cumulative effect of the adoption of ASC 350-60 — 4,183 Adjusted beginning balance after cumulative effect change $ 431,661 $ 60,424 Addition of bitcoin from mining activities (1) 162,306 73,786 Bitcoin sold & issued for services and purchase of software ( 3,413 ) ( 43,300 ) Bitcoin transferred to collateral account ( 8,860 ) — Bitcoin received from collateral account 129,180 — Gain on fair value of bitcoin 218,206 36,041 Ending Balance $ 929,080 $ 126,951 (1) Net of mining pool fees. The Company's bitcoin holdings shown in this note, excluding the bitcoin posted as collateral to the Coinbase Line of Credit as described in Note 9 - Loans, are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements.

6. INVESTMENTS AND DERIVATIVES

6. INVESTMENTS AND DERIVATIVES (Tables)	3 Months Ended
	Dec. 31, 2024
Schedule of Investments [Abstract]
Summary of Reconciliation of Carrying Value of all Investments	The following table sets forth a reconciliation of carrying value of all investments as of December 31, 2024: ($ in thousands) Interest Rate Swap Derivative (1)(2) ILAL ILAL (1) Balance as of September 30, 2024 $ ( 100 ) $ 918 $ 1,832 Unrealized gain on derivative asset — — 2,613 Unrealized gain on fair value recognized in other comprehensive income 151 32 — Balance as of December 31, 2024 $ 51 $ 950 $ 4,445 (1) The “Derivative investments” caption in the condensed consolidated balance sheets consists of Interest Rate Swap Derivative and ILAL Derivative Asset (2) See Note 9 - Loans

7. PROPERTY AND EQUIPMENT (Tabl

7. PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following: ($ in thousands) December 31, 2024 September 30, 2024 Land $ 39,034 $ 32,190 Land improvements 6,110 5,449 Building and improvements 78,919 76,719 Leasehold improvements 1,995 1,995 Miners 1,371,015 1,035,128 Mining equipment 23,169 23,066 Infrastructure 201,117 155,191 Machinery and equipment 16,310 15,061 Furniture and fixtures 2,014 1,706 Construction in progress 52,467 19,455 Total $ 1,792,150 $ 1,365,960 Less: accumulated depreciation ( 536,150 ) ( 496,267 ) Property and equipment, net $ 1,256,000 $ 869,693

8. INTANGIBLE ASSETS (Tables)

8. INTANGIBLE ASSETS (Tables)	3 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets consist of the following as of December 31, 2024 and September 30, 2024: December 31, 2024 September 30, 2024 ($ in thousands) Intangible assets Accumulated amortization Net intangible assets Intangible assets Accumulated amortization Net intangible assets Software $ 4,981 $ ( 833 ) $ 4,148 $ 981 $ ( 230 ) $ 751 Websites 15 ( 15 ) 0 15 ( 13 ) 2 Strategic Contract 9,800 ( 8,003 ) 1,797 9,800 ( 7,513 ) 2,287 Total $ 14,796 $ ( 8,851 ) $ 5,945 $ 10,796 $ ( 7,756 ) $ 3,040
Schedule of Amortization Expense of Intangible Assets	The Company expects to record amortization expense of intangible assets over the next 5 years and thereafter as follows: Fiscal Year ($ in thousands) December 31, 2024 2025 $ 2,568 2026 1,790 2027 1,420 2028 and thereafter 167 Total $ 5,945

9. LOANS (Tables)

9. LOANS (Tables)	3 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Loans Outstanding	The following is a schedule of the Company’s loan balance, net of debt discount and future loan payments, as of December 31, 2024: As of ($ in thousands) Maturity Date Rate December 31, 2024 September 30, 2024 Convertible Note Jun-30 0.00 % $ 633,812 $ — Coinbase Line of Credit Not specified 8.50 % — 50,000 Western Alliance Bank Credit Agreement Aug-29 6.75 % 6,644 6,839 Trinity Master Equipment Financing Arrangement Apr-25 13.80 % 3,417 5,171 Mortgage - Corporate Facility Apr-25 10.00 % 1,989 1,981 Marquee Funding Partners Aug-26 to Mar-27 13.00 % 1,143 1,267 Auto & Equipment Loans and Financing Jun-26 to Dec-29 0.0 - 11.3 % 1,643 699 Total Loans Outstanding $ 648,648 $ 65,957 Less: current portion of long-term loans ( 7,215 ) ( 58,781 ) Loans payable, net of current portion, debt discount and debt issuance costs $ 641,433 $ 7,176
Schedule of Principal Amount of Loan Maturities Due Over the Years	($ in thousands) 5-Year Loan Maturities Fiscal Year Outstanding Loan 2025 (Remainder) 2026 2027 2028 2029 Thereafter Total Total principal amount of loan payments by fiscal year $ 6,754 $ 1,862 $ 1,408 $ 1,299 $ 3,415 $ 650,228 $ 664,966 Unamortized deferred financing costs and discounts ( 16,318 ) Total loan book value as of December 31, 2024 $ 648,648

12. STOCK WARRANTS (Tables)

12. STOCK WARRANTS (Tables)	3 Months Ended
	Dec. 31, 2024
Stock Warrants
Summary of Stock Warrant Activity	The following is a summary of stock warrant activity during the three months ended December 31, 2024. Number of Number of Weighted (1) Balance, September 30, 2024 17,560 17,560 $ 6.12 Warrants granted 22,803,726 1,586,999 $ 157.96 Warrants expired — — $ — Warrants canceled — — $ — Warrants exercised — — $ — Balance, December 31, 2024 22,821,286 1,604,559 $ 156.30 (1) Weighted average calculated weighting the exercise price versus the number of common shares that would be granted on exercise.

13. STOCK-BASED COMPENSATION (T

13. STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Option Summary	The following is a summary of stock option activity during the three months ended December 31, 2024: Number of Weighted Average Balance, September 30, 2024 2,285,462 $ 15.58 Options granted 193,280 $ 10.19 Options expired ( 68,122 ) $ 19.08 Options forfeited ( 25,554 ) $ 12.80 Options exercised ( 17,864 ) $ 6.17 Balance, December 31, 2024 2,367,202 $ 15.15
Fair Value Option, Disclosures	The Black-Scholes model utilized the following inputs to value the options granted during the three months ended December 31, 2024: Fair value assumptions Options: December 31, 2024 Risk free interest rate 3.56 % - 4.48 % Expected term (years) 1.0 - 6.21 Expected volatility 121.86 % - 123.02 % Expected dividends 0 %
Schedule of Restricted Stock Summary	The following table summarizes the activity for all restricted stock units (“RSUs”) during the three months ended December 31, 2024: Number of Weighted Aggregate Outstanding at September 30, 2024 1,674,211 $ 7.56 $ 12,649 Granted 148,715 $ 8.78 Vested - - Outstanding at December 31, 2024 1,822,926 $ 7.65 $ 16,789

14. COMMITMENTS AND CONTINGEN_2

14. COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Future Payments Obligations	The following table sets forth certain information concerning our obligations to make contractual future payments towards our agreements as of December 31, 2024 (Fiscal Year 2025 excludes three months ended December 31, 2024): Fiscal Year ($ in thousands) 2025 (Remainder) Contractual obligations: Modular immersion data centers $ 49,500 Construction in progress 32,058 Purchcase of bitcoin miners 1,290 Total $ 82,848

15. MAJOR CUSTOMERS AND VENDO_2

15. MAJOR CUSTOMERS AND VENDORS (Tables)	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Suppliers of Mining Equipment	For the three months ended December 31, 2024 and 2023, the Company had the following significant suppliers of miners: Three Months Ended December 31, 2024 December 31, 2023 Bitmain Technologies 94 % 100 % Canaan U.S. Inc 6 % 0 %

1. ORGANIZATION (Details Narrat

1. ORGANIZATION (Details Narrative)	3 Months Ended
	Dec. 31, 2024 Facility
GA [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of facility	110
MISSISSIPPI
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of facility	50
TENNESSEE
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of facility	120
WYOMING
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of facility	10

2. SUMMARY OF SIGNIFICANT ACC_4

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Denominator
Weighted-average common shares outstanding - Basic	284,549,900	178,809,264
Weighted-average common shares outstanding - Dilutive	291,887,140	180,783,535
(Loss) income per common share attributable to common shareholders
Basic	$ 0.85	$ 0.14
Diluted	$ 0.83	$ 0.14
Numerator [Member]
Numerator
Net income attributable to common shareholders - Basic	$ 241,650	$ 25,330
Non-cash interest expense on convertible notes	119	0
Net income attributable to common shareholders - Dilutive	$ 241,769	$ 25,330
Denominator [Member]
Denominator
Weighted-average common shares outstanding - Basic	284,549,900	178,809,264
Dilutive impact of stock options and other share-based awards	652,120	1,974,271
Dilutive impact of convertible notes	6,685,121	0
Weighted-average common shares outstanding - Dilutive	291,887,141	180,783,535
(Loss) income per common share attributable to common shareholders
Basic	$ 0.85	$ 0.14
Diluted	$ 0.83	$ 0.14

2. SUMMARY OF SIGNIFICANT ACC_5

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Financial Instruments (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Net Investment Income [Line Items]
Cash equivalents		$ 276,599		$ 46,742
Bitcoin		929,080	$ 431,661	$ 126,951	$ 56,241
ILAL derivative asset		4,496	1,832
Amount
Net Investment Income [Line Items]
Cash equivalents	[1]	275,894	120,638
Receivable from bitcoin collateral	[2]		77,827
Bitcoin		929,080	431,661
ILAL derivative asset		4,445	1,832
Investment in debt security		950	918
Interest rate swap derivative		51	(100)
Warrant liabilities		1,441
Total		1,211,861	632,776
Level 1
Net Investment Income [Line Items]
Cash equivalents	[1]	275,894	120,638
Receivable from bitcoin collateral	[2]		0
Bitcoin		929,080	431,661
ILAL derivative asset		0	0
Investment in debt security		0	0
Interest rate swap derivative		0	0
Warrant liabilities
Total		1,204,974	552,299
Level 2
Net Investment Income [Line Items]
Cash equivalents	[1]	0	0
Receivable from bitcoin collateral	[2]		77,827
Bitcoin		0	0
ILAL derivative asset		0	0
Investment in debt security		0	0
Interest rate swap derivative		51	(100)
Warrant liabilities
Total		1,492	77,727
Level 3
Net Investment Income [Line Items]
Cash equivalents	[1]	0	0
Receivable from bitcoin collateral	[2]		0
Bitcoin		0	0
ILAL derivative asset		4,445	1,832
Investment in debt security		950	918
Interest rate swap derivative		0	0
Warrant liabilities		0
Total		$ 5,395	$ 2,750
[1] Represents money market funds. See Note 9 - Loans for more information .

2. SUMMARY OF SIGNIFICANT ACC_6

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands	Oct. 01, 2023 USD ($)
Product Information [Line Items]
Cumulative effect change (fair value)(adoption of ASC 350-60)	$ 4,183

3. ACQUISITIONS - Schedule of G

3. ACQUISITIONS - Schedule of GRIID Acquisition for Preliminary Purchase Consideration (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 30, 2024	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Shares of CleanSpark common stock issued		292,566,230	270,897,784
Fair value of CleanSpark common share issued as a portion of purchase price		$ 293	$ 271
Total stockholders' equity		$ 2,021,586	$ 1,760,841	$ 809,002	$ 675,668
GRIID Infrastructure Inc [Member]
Business Acquisition [Line Items]
Shares of CleanSpark common stock issued	5,031
Closing price per share of CleanSpark common stock on October 30, 2024	$ 12.06
Fair value of CleanSpark common share issued as a portion of purchase price	$ 60,677
Fair value of CleanSpark warrants issued as a portion of purchase price	6,097
Total stockholders' equity	66,774
Cash consideration	1
Settlement of amounts payable by Company to GRIID under Hosting Agreement	(1,164)
Settlement of the GRIID Credit Agreement as a portion of purchase price	62,636
Settlement of preexisting relationship, including interest, as a portion of purchase price	61,472
Net assets acquired	$ 128,247

3.ACQUISITIONS - Schedule of GR

3.ACQUISITIONS - Schedule of GRIID Acquisition for Preliminary Net Assets Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Oct. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Tangible assets
Cash and cash equivalents	$ 276,599		$ 121,222
Restricted cash	3,408		3,056	$ 1,716
Prepaid expense and other current assets	10,732		7,995
Property and equipment	1,256,000		869,693
Other long-term assets	25,671		13,331
Operating lease right of use assets	4,293		3,263
Intangible assets
Goodwill	135,251		8,043
Total assets acquired	2,779,292		1,962,662
Liabilities assumed
Total liabilities assumed	$ 757,706		$ 201,821
GRIID Infrastructure Inc [Member]
Tangible assets
Cash and cash equivalents		$ 1,089
Restricted cash		323
Accounts receivable		172
Prepaid expense and other current assets		193
Property and equipment		18,493
Other long-term assets		5,593
Operating lease right of use assets		1,100
Total tangible assets acquired		26,963
Intangible assets
Goodwill		127,208
Total assets acquired		154,171
Liabilities assumed
Accounts Payable		1,753
Accrued Liabilities		18,789
Finance lease obligations		2
Operating lease liability		2,458
Other liabilities		2,922
Total liabilities assumed		25,924
Net assets acquired		$ 128,247

3. ACQUISITIONS - Schedule of U

3. ACQUISITIONS - Schedule of Unaudited Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Pro forma net income from continuing operations	$ 241,650	$ 25,330
GRIID Infrastructure Inc [Member]
Business Acquisition [Line Items]
Pro forma revenue	162,306	79,340
Pro forma net income from continuing operations	$ 237,264	$ 43,469

3.ACQUISITIONS - Schedule of Te

3.ACQUISITIONS - Schedule of Tennessee Acquisition Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Sep. 16, 2024	Sep. 10, 2024
Business Acquisition [Line Items]
Right of use assets	$ 4,293	$ 3,263
Tennessee Acquisition [Member]
Business Acquisition [Line Items]
Land				$ 6,187
Land improvements				648
Building				805
Infrastructure				22,153
Right of use assets				61
Operating lease liability				(372)
Total			$ 29,854	$ 29,482

3. ACQUISITIONS - Schedule of M

3. ACQUISITIONS - Schedule of Mississippi Locations Acquisition Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Sep. 16, 2024
Business Acquisition [Line Items]
Construction in progress	$ 52,467	$ 19,455
Mississippi Acquisition [Member]
Business Acquisition [Line Items]
Land			$ 734
Construction in progress			2,286
Total			$ 3,020

3. ACQUISITIONS (Details Narrat

3. ACQUISITIONS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended
		Oct. 30, 2024	Sep. 16, 2024	Sep. 10, 2024	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Business Acquisition [Line Items]
Net income					$ 246,791	$ 25,909
Revenue					$ 70,290	$ 28,896
Common stock, par value					$ 0.001		$ 0.001
Warrants issued to purchase shares of common stock, Exercise price	[1]				$ 156.3		$ 6.12
TN MIPA Seller [Member]
Business Acquisition [Line Items]
Direct acquisition costs				$ 232
Transfer of mining data cost				1,750
Lease liability assumed				372
Contingent cash consideration				27,500
GRIID Infrastructure Inc [Member]
Business Acquisition [Line Items]
Net assets acquired		$ 128,247
Aggregate consideration		$ 6,097
Number of Warrants Issued		22,803,726
Merger Cost					$ 396
Revenues generated					$ 10,572
Common stock, par value		$ 0.0001
Business acquisition, shares issued, shares		5,031,221
Business Acquisition Share Price		$ 12.06
Business acquisition, shares issued, value		$ 60,677
Common stock converted into warrants		960,395
Warrants issued to purchase shares of common stock, Exercise price		$ 165.24
GRIID Infrastructure Inc [Member] | CleanSpark [Member]
Business Acquisition [Line Items]
Common stock, par value		$ 0.001
Tennessee Acquisition [Member]
Business Acquisition [Line Items]
Net assets acquired			$ 29,854	29,482
Tennessee Acquisition [Member] | Unit Purchase Agreement [Member]
Business Acquisition [Line Items]
Business Combination, Price of Acquisition, Expected				25,000
Tennessee Acquisition [Member] | Purchase and Sale Agreement [Member]
Business Acquisition [Line Items]
Net assets acquired				27,500
Aggregate consideration				$ 2,500
Mississippi Acquisition [Member]
Business Acquisition [Line Items]
Direct acquisition costs			129
Net assets acquired			3,020
Aggregate consideration			$ 2,888
[1] Weighted average calculated weighting the exercise price versus the number of common shares that would be granted on exercise.

4. BITCOIN (Details Narrative)

4. BITCOIN (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Common Domain Members [Abstract]
Percentage of Bitcoin in Cold Storage	99%
Percentage of Bitcoin in Hot Wallets	1%
Cumulative Losses From Dispositions Of Bitcoin	$ 0	$ 0
Recognized cumulative realized gains	$ 6,704	$ 12,087

4. BITCOIN - Company's Bitcoin

4. BITCOIN - Company's Bitcoin Holdings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Common Domain Members [Abstract]
Number Of Bitcoins Held	$ 9,952	$ 6,819
Cost basis - per bitcoin	72,104	55,408
Fair value - per bitcoin	93,356	63,301
Cost basis of bitcoin (in '000s)	717,578	377,839
Fair value of bitcoin (in '000s)	$ 929,080	$ 431,661

4. BITCOIN - Schedule of Activi

4. BITCOIN - Schedule of Activities of the Bitcoin (Details) - USD ($) $ in Thousands		3 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Common Domain Members [Abstract]
Beginning Balance - before cumulative effect change		$ 431,661	$ 56,241
Cumulative effect of the adoption of ASC 350-60		0	4,183
Adjusted beginning balance after cumulative effect change		431,661	60,424
Addition of bitcoin from mining activities	[1]	162,306	73,786
Bitcoin sold & issued for services and purchase of software		(3,413)	(43,300)
Bitcoin transferred to collateral account		(8,860)	0
Bitcoin received from collateral account		129,180	0
Gain on fair value of bitcoin		218,206	36,041
Ending Balance		$ 929,080	$ 126,951
[1] (1) Net of mining pool fees.

5. NOTE RECEIVABLE FROM GRIID (

5. NOTE RECEIVABLE FROM GRIID (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Oct. 30, 2024	Sep. 30, 2024	Aug. 02, 2024	Feb. 26, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note Receivable from GRIID balance	$ 0		$ 60,919
Amended And Restated - GRIID Credit Agreement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term Loan amount				$ 40,000
Interest Rate				8.50%
Note Receivable from GRIID balance	0	$ 62,636	60,919
Interest receivable from GRIID	$ 0		$ 1,286
Senior Secured Term Loan Credit Agreement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loan maximum borrowing capacity					$ 55,919

6. INVESTMENTS AND DERIVATIVE_2

6. INVESTMENTS AND DERIVATIVES - Reconciliation of Carrying Value of all Investments (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2024 USD ($)
Schedule of Investments [Line Items]
Balance, beginning	$ 918
Balance, ending	950
Interest Rate Swap Derivative [Member]
Schedule of Investments [Line Items]
Balance, beginning	(100)	[1],[2]
Unrealized loss on derivative asset	0	[1],[2]
Unrealized gain on fair value recognized in other comprehensive income	151	[1],[2]
Balance, ending	51	[1],[2]
ILAL Debt Securities [Member]
Schedule of Investments [Line Items]
Balance, beginning	918
Unrealized loss on derivative asset	0
Unrealized gain on fair value recognized in other comprehensive income	32
Balance, ending	950
ILAL Derivative Asset [Member]
Schedule of Investments [Line Items]
Balance, beginning	1,832	[2]
Unrealized loss on derivative asset	2,613	[2]
Unrealized gain on fair value recognized in other comprehensive income	0	[2]
Balance, ending	$ 4,445	[2]
[1] See Note 9 - Loans The “Derivative investments” caption in the condensed consolidated balance sheets consists of Interest Rate Swap Derivative and ILAL Derivative Asset

6. INVESTMENTS AND DERIVATIVE_3

6. INVESTMENTS AND DERIVATIVES (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 06, 2019	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024	Nov. 05, 2019
Schedule of Investments [Line Items]
Investments		$ 5,446		$ 2,750
Fair value of interest rate swap derivative				100
Interest Rate Swap Derivative fair valued		51
Gain on Derivatives		151
Investment owned, fair value		950		918
Loss on preferred stock other comprehensive income loss		32	$ 29
International Land Alliance
Schedule of Investments [Line Items]
Investment owned, balance, shares					1,000
Investment owned, face amount	$ 500
Debt instrument, convertible, terms of conversion feature	The Series B Preferred Stock accrues cumulative dividends in-kind at a rate of 12% per annum and was redeemable on August 6, 2020. The Series B Preferred Stock can be converted into common stock at a variable rate (refer to the discussion on embedded derivative assets below). This variable conversion ratio will increase by 10% with the occurrence of certain events. Since the investments were not redeemed on August 6, 2020, they are now redeemable at the Company’s option in cash or into common stock, based on the conversion ratio. The Series B Preferred Stock is recorded as an available for sale ("AFS") debt security and is reported at its estimated fair value as of December 31, 2024. Any change in the fair values of AFS debt securities are reported net of income tax as an element of Other Comprehensive income.
Amount
Schedule of Investments [Line Items]
Derivative assets investment fair value		$ 4,496		$ 1,832
Debt instrument convertible liquidation		60%

7. PROPERTY AND EQUIPMENT - Sch

7. PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Land	$ 39,034	$ 32,190
Land improvements	6,110	5,449
Building and improvements	78,919	76,719
Leasehold improvements	1,995	1,995
Miners	1,371,015	1,035,128
Mining equipment	23,169	23,066
Infrastructure	201,117	155,191
Machinery and equipment	16,310	15,061
Furniture and fixtures	2,014	1,706
Construction in progress	52,467	19,455
Total	1,792,150	1,365,960
Less: accumulated depreciation	(536,150)	(496,267)
Property and equipment, net	$ 1,256,000	$ 869,693

7. PROPERTY AND EQUIPMENT (Deta

7. PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 65,125	$ 29,333
Loss (gain) on disposal of assets	791	$ (677)
Outstanding deposits	126,867		$ 359,862
Miners [Member]
Property, Plant and Equipment [Line Items]
Purchased of mining equipment	362,281
Outstanding deposits	126,867		$ 359,862
Placed-in Service [Member]
Property, Plant and Equipment [Line Items]
Purchased of mining equipment	417,182
Net assets acquired	$ 32,395

8. INTANGIBLE ASSETS - Schedule

8. INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Software	$ 4,981	$ 981
Websites	15	15
Strategic Contract	9,800	9,800
Total	14,796	10,796
Accumulated Amortization [Member]
Accumulated Amortization
Software	(833)	(230)
Websites	(15)	(13)
Strategic Contract	(8,003)	(7,513)
Total	(8,851)	(7,756)
Net Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Software	4,148	751
Websites	0	2
Strategic Contract	1,797	2,287
Total	$ 5,945	$ 3,040

8. INTANGIBLE ASSETS - Schedu_2

8. INTANGIBLE ASSETS - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Finite-Lived Intangible Assets [Line Items]
2025	$ 2,568
2026	1,790
2027	1,420
2028 and thereafter	167
Total	$ 5,945	$ 3,040

8. INTANGIBLE ASSETS (Details N

8. INTANGIBLE ASSETS (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Of Intangible Assets	$ 1,104	$ 513

10. LEASES (Details Narrative)

10. LEASES (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Lessee, Lease, Description [Line Items]
Operating lease right of use assets	$ 4,293	$ 3,263

9. LOANS (Details Narrative)

9. LOANS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Aug. 14, 2024	Aug. 07, 2024	May 10, 2023	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024	Aug. 28, 2024	Apr. 22, 2022
Restructuring Cost and Reserve [Line Items]
Loans payable, net of current portion				$ 664,966
Gross loan outstanding				16,318
Principal payments on loans				52,158
Principal amount of loan payments				664,966
Common Stock, Value, Issued				$ 293		$ 271
Shares of CleanSpark common stock issued				292,566,230		270,897,784
Closing cost				$ 2,007	$ 0
2030 Convertible Note [Member]
Restructuring Cost and Reserve [Line Items]
Principal amount				1,000
Aggregate principal amount				650,000
Fair value				538,464
Principal amount outstanding				$ 75,000
Percentage of convertible senior notes				0%
Net proceeds from the sales				$ 633,688
Stock Repurchased During Period, Value				145,000
Trading price				$ (1,000)
Percentage of product of the last reported sale price				130%
Percentage Of Repurchase Price Of The Principal Amount				100%
Offering and issuance cost				$ 16,312
Shares of CleanSpark common stock issued				67.5858
Conversion Price				$ 14.8
Percentage Of Last Reported Sale Price				130%
Percentage of redemption price				100%
Percentage Of Trustee or holders Principal Amount				25%
Percentage Of Declare Principal Amount				100%
2030 Convertible Note [Member] | Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Percentage of product of the last reported sale price				98%
2030 Convertible Note [Member] | Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Principal amount				$ 100,000
Percentage of conversion price				130%
Auto and Equipment Loans and Western Alliance Equipment Financing Agreement [Member]
Restructuring Cost and Reserve [Line Items]
Borrowings to finance							$ 1,000
Debt instrument, face amount				$ 643
Debt instrument conversion description				This instrument bears interest at the Floating Wall Street Journal Prime Rate plus 1.00% per annum, calculated on the basis of a 360-day year consisting of twelve (12) consecutive thirty (30)-day months, and will be charged for each day there is an outstanding balance.
Outstanding balance of line of credit				$ 1,000
Auto and Equipment Loans and Western Alliance Equipment Financing Agreement [Member] | Prime [Member]
Restructuring Cost and Reserve [Line Items]
Floating interest rate				8.50%
Auto and Equipment Loans and Western Alliance Equipment Financing Agreement [Member] | Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Debt instrument term				12 months
Debt instrument, interest rate, stated percentage				0%
Auto and Equipment Loans and Western Alliance Equipment Financing Agreement [Member] | Minimum [Member] | Prime [Member]
Restructuring Cost and Reserve [Line Items]
Floating interest rate							1%
Auto and Equipment Loans and Western Alliance Equipment Financing Agreement [Member] | Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Debt instrument term				72 months
Debt instrument, interest rate, stated percentage				11.30%
Auto and Equipment Loans and Western Alliance Equipment Financing Agreement [Member] | Maximum [Member] | Prime [Member]
Restructuring Cost and Reserve [Line Items]
Floating interest rate				7.50%
Trinity Capital Inc [Member]
Restructuring Cost and Reserve [Line Items]
Principal amount outstanding				$ 3,449
Interest Rate				13.80%
Borrowings to finance								$ 35,000
Loan received								$ 20,000
Marquee Funding Partners [Member]
Restructuring Cost and Reserve [Line Items]
Interest Rate				13%
Debt instrument, interest rate, stated percentage				13%
Loan assumed				$ 1,143
Marquee Funding Partners [Member] | Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Debt instrument term				20 months
Marquee Funding Partners [Member] | Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Debt instrument term				36 months
Mortgage Corporate Facility [Member]
Restructuring Cost and Reserve [Line Items]
Interest Rate				10%
Principal amount of loan payments			$ 1,937
Debt instrument term			2 years
Debt instrument, interest rate, stated percentage			10%
Western Alliance Bank Credit Agreement [Member]
Restructuring Cost and Reserve [Line Items]
Principal amount outstanding				$ 6,731
Interest Rate				6.75%
Debt instrument term	30 days
Variable Interest Rate	3%
Debt Instrument, Payment Terms	monthly
Debt Instrument, Maturity Date	Aug. 14, 2029
Debt instrument, interest rate, stated percentage	6.75%
Promissory notes	$ 7,000
Coinbase Line of Credit [Member]
Restructuring Cost and Reserve [Line Items]
Interest Rate				8.50%
Outstanding balance of line of credit				$ 0
Outstanding balance of line of credit		$ 50,000
Percentage Of Line of Credit Facility Received				100%
Collateral at fair value		$ 78,130
Line of credit , interest rate		9%		8.50%
Percentage of Company Ownership		64%
Line of Credit Facility, Interest Rate Description		Pursuant to its terms, the line of credit initially bore interest of 9% per annum and has no defined maturity date but is terminable by either the Lender or the Company with notice.
Capped Calls [Member]
Restructuring Cost and Reserve [Line Items]
Financial Institutions Cost				$ 90,350
Cap Price				$ 24.66
Line of Credit Repayment				$ 50,000

9. LOANS - Schedule of Loans Ou

9. LOANS - Schedule of Loans Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
Debt Instrument [Line Items]
Total Loans Outstanding	$ 648,648	$ 65,957
Less: current portion of long-term loans	(7,215)	(58,781)
Long-term loans, excluding current portion	$ 641,433	7,176
Coinbase Line of Credit [Member]
Debt Instrument [Line Items]
Maturity Date	Not specified
Rate	8.50%
Total Loans Outstanding	$ 0	50,000
Western Alliance Bank Credit Agreement [Member]
Debt Instrument [Line Items]
Maturity Date	Aug-29
Rate	6.75%
Total Loans Outstanding	$ 6,644	6,839
Trinity Master Equipment Financing Arrangement [Member]
Debt Instrument [Line Items]
Maturity Date	Apr-25
Rate	13.80%
Total Loans Outstanding	$ 3,417	5,171
Mortgage - Corporate Facility [Member]
Debt Instrument [Line Items]
Maturity Date	Apr-25
Rate	10%
Total Loans Outstanding	$ 1,989	1,981
Marquee Funding Partners [Member]
Debt Instrument [Line Items]
Maturity Date	Aug-26 to Mar-27
Rate	13%
Total Loans Outstanding	$ 1,143	1,267
Convertible Note [Member]
Debt Instrument [Line Items]
Maturity Date	Jun-30
Rate	0%
Total Loans Outstanding	$ 633,812	0
Auto & Equipment Loans and Financing [Member]
Debt Instrument [Line Items]
Maturity Date	Jun-26 to Dec-29
Total Loans Outstanding	$ 1,643	$ 699
Auto & Equipment Loans and Financing [Member] | Minimum [Member]
Debt Instrument [Line Items]
Rate	0%
Auto & Equipment Loans and Financing [Member] | Maximum [Member]
Debt Instrument [Line Items]
Rate	11.30%

9. LOANS - Schedule of Principa

9. LOANS - Schedule of Principal Amount of Loan Maturities Due Over the Years (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Total principal amount of loan payments by fiscal year	$ 664,966
Unamortized deferred financing costs and discounts	(16,318)
Total loan book value as of December 31, 2024	648,648
FY 2025 (Remainder) [Member]
Debt Instrument [Line Items]
Total principal amount of loan payments by fiscal year	6,754
FY 2026 [Member]
Debt Instrument [Line Items]
Total principal amount of loan payments by fiscal year	1,862
FY 2027 [Member]
Debt Instrument [Line Items]
Total principal amount of loan payments by fiscal year	1,408
FY 2028 [Member]
Debt Instrument [Line Items]
Total principal amount of loan payments by fiscal year	1,299
FY 2029 [Member]
Debt Instrument [Line Items]
Total principal amount of loan payments by fiscal year	3,415
Thereafter [Member]
Debt Instrument [Line Items]
Total principal amount of loan payments by fiscal year	$ 650,228

10. INCOME TAXES (Details Narra

10. INCOME TAXES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 9,217	$ 1,399
Annual effective tax rate	21%
Effective tax rate	3.60%	5.10%

11. STOCKHOLDERS' EQUITY (Detai

11. STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Oct. 29, 2024	Oct. 25, 2024	Sep. 30, 2024	Mar. 28, 2024	Jan. 05, 2024	Dec. 14, 2022	Jun. 03, 2021
Class of Stock [Line Items]
Common stock, shares authorized	600,000,000					300,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001					$ 0.001
Preferred stock, shares authorized	10,000,000					10,000,000
Preferred stock, par value	$ 0.001					$ 0.001
Shares of CleanSpark common stock issued	292,566,230					270,897,784
Common stock, shares outstanding	280,806,295					270,897,784
Preferred stock, shares outstanding	1,750,000					1,750,000
Preferred stock, shares issued	1,750,000					1,750,000
Common shares issued in relation to exercise of options	17,864
Proceeds from Issuance of Private Placement	$ 186,807,000		$ 108,926,000
Fair value of CleanSpark common share issued as a portion of purchase price	293,000					$ 271,000
Common Stock, Value, Issued	293,000					$ 271,000
Cash Received From Issuance	$ 110,000		36,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized	2,000,000					2,000,000
Preferred stock, shares outstanding	1,750,000					1,750,000
Preferred stock, shares issued	1,750,000					1,750,000
Preferred stock dividends	$ 5,141,000		$ 579,000
Series X Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized	0					1,000,000
Preferred stock, shares outstanding	0			1,000,000		1,000,000
Preferred stock, shares issued	0			1,000,000		1,000,000
GRIID Acquisition [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	5,031,221
Restricted Stock [Member]
Class of Stock [Line Items]
Common stock net settlement, shares			553,390
Shares withheld for net settlement of restricted stock units related to tax withholdings, Shares			1,441,152
Common stock net settlement, value			$ 5,533,000
A T M [Member]
Class of Stock [Line Items]
Shares of CleanSpark common stock issued			6,096
Stock Issued During Period, Shares, New Issues	16,619,361		24,475,832
Issuance Costs	$ 4,795,000
Proceeds from Issuance of Private Placement			$ 99,336,000
Fair value of CleanSpark common share issued as a portion of purchase price									$ 500,000
Common Stock, Value, Issued									$ 500,000
Proceeds from ATM Agreement	$ 191,603,000
A T M [Member] | Minimum [Member]
Class of Stock [Line Items]
Common stock, shares authorized					300,000,000
A T M [Member] | Maximum [Member]
Class of Stock [Line Items]
Common stock, shares authorized					600,000,000
2024 ATM [Member]
Class of Stock [Line Items]
Fair value of CleanSpark common share issued as a portion of purchase price								$ 500,000
Share issued under ATM Agreement		34,075,408
Common Stock, Value, Issued								$ 500,000
Proceeds from ATM Agreement		$ 487,500
ATM Agreement Amendment [Member]
Class of Stock [Line Items]
Fair value of CleanSpark common share issued as a portion of purchase price							$ 800,000
Common Stock, Value, Issued							$ 800,000
At-the-Market offering facility [Member]
Class of Stock [Line Items]
Aggregate gross offering prices										$ 500,000
Common Stock [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	11,759,935
Stock Repurchased During Period, Value	$ 145,000,000
Shares withheld for net settlement of restricted stock units related to tax withholdings, Shares			(553,390)

12. STOCK WARRANTS - Summary of

12. STOCK WARRANTS - Summary of Stock Warrant Activity (Details)	3 Months Ended
	Dec. 31, 2024 $ / shares shares
Stock Warrants
Warrant Shares, Beginning Balance	17,560
Warrant Shares, Granted	22,803,726
Warrant Shares, Expired	0
Warrant Shares, Canceled	0
Warrant Shares, Exercised	0
Warrant Shares, Ending Balance	22,821,286
Number of Option Shares, Beginning Balance	17,560
Number of Shares to be Issued Upon Exercise of Warrants, Granted	1,586,999
Number of Shares to be Issued Upon Exercise of Warrants, Expired	0
Number of Shares to be Issued Upon Exercise of Warrants, Canceled	0
Number of Shares to be Issued Upon Exercise of Warrants, Exercised	0
Number of Option Shares, Ending Balance	1,604,559
Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 6.12	[1]
Weighted Average Exercise Price, Granted | $ / shares	157.96	[1]
Weighted Average Exercise Price, Expired | $ / shares	0	[1]
Weighted Average Exercise Price, Canceled | $ / shares	0	[1]
Weighted Average Exercise Price, Exercised | $ / shares	0	[1]
Weighted Average Exercise Price, Ending Balance | $ / shares	$ 156.3	[1]
[1] Weighted average calculated weighting the exercise price versus the number of common shares that would be granted on exercise.

12. STOCK WARRANTS (Details Nar

12. STOCK WARRANTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
		Oct. 30, 2024	Dec. 31, 2024	Sep. 30, 2024
Number of warrants exercisable to purchase shares of common stock			1,604,559
Unvested warrants outstanding			0
Warrant Weighted Average Exercise Price			$ 156.3
Warrants issued to purchase shares of common stock, Exercise price	[1]		156.3	$ 6.12
Warrant exercised to purchase shares		14
Common Stock, Par or Stated Value Per Share			0.001	$ 0.001
Weighted average exercise price, exercised	[1]		$ 0
Outstanding warrants			22,813,726
Weighted average outstanding warrants term			3 years 9 months 18 days
Weighted average outstanding warrants intrinsic value			$ 12
Warrant [Member]
Outstanding warrants			7,560
Weighted average outstanding warrants intrinsic value			$ 42
Public Warrant [Member]
Stock Issued During Period, Shares, New Issues		13,800,000
Common Stock, Par or Stated Value Per Share		$ 165.25
Private Warrant [Member]
Stock Issued During Period, Shares, New Issues		7,270,000
Common Stock, Par or Stated Value Per Share		$ 165.25
GEM Warrant [Member]
Stock Issued During Period, Shares, New Issues		1,734,000
Common Stock, Par or Stated Value Per Share		$ 69.55
[1] Weighted average calculated weighting the exercise price versus the number of common shares that would be granted on exercise.

13. STOCK-BASED COMPENSATION -

13. STOCK-BASED COMPENSATION - Schedule of Option Summary (Details)	3 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Option Shares, Beginning Balance	17,560
Options expired	0
Options forfeited	0
Options exercised	(17,864)
Number of Option Shares, Ending Balance	1,604,559
Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Option Shares, Beginning Balance	2,285,462
Options granted	193,280
Options expired	(68,122)
Options forfeited	(25,554)
Options exercised	(17,864)
Number of Option Shares, Ending Balance	2,367,202
Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 15.58
Weighted Average Exercise Price, Options granted | $ / shares	10.19
Weighted Average Exercise Price, Options expired | $ / shares	19.08
Weighted Average Exercise Price, Options canceled/forfeited | $ / shares	12.8
Weighted Average Exercise Price, Options exercised | $ / shares	6.17
Weighted Average Exercise Price, Ending Balance | $ / shares	$ 15.15

13. STOCK-BASED COMPENSATION _2

13. STOCK-BASED COMPENSATION - Fair Value Assumptions 2021 (Details)	3 Months Ended
	Dec. 31, 2024
Expected dividends	0%
Minimum [Member]
Risk free interest rate	3.56%
Expected term (years)	1 year
Expected volatility	121.86%
Maximum [Member]
Risk free interest rate	4.48%
Expected term (years)	6 years 2 months 15 days
Expected volatility	123.02%

13. STOCK-BASED COMPENSATION _3

13. STOCK-BASED COMPENSATION - Schedule of Restricted Stock Summary (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Class of Stock [Line Items]
Number of Option Shares, Beginning Balance | shares	17,560
Number of Option Shares, Ending Balance | shares	1,604,559
Weighted Average Exercise Price, Beginning Balance	$ 6.12	[1]
Weighted Average Exercise Price, Granted	157.96	[1]
Weighted Average Exercise Price, Expired	0	[1]
Weighted Average Exercise Price, Ending Balance	$ 156.3	[1]
Restricted [Member]
Class of Stock [Line Items]
Number of Option Shares, Beginning Balance | shares	1,674,211
Number of Shares, Granted | shares	148,715
Number of Shares, Vested | shares	0
Number of Option Shares, Ending Balance | shares	1,822,926
Weighted Average Exercise Price, Beginning Balance	$ 7.56
Weighted Average Exercise Price, Granted	8.78
Weighted Average Exercise, Vested	0
Weighted Average Exercise Price, Ending Balance	$ 7.65
Aggregate Intrinsic Value Outstanding at Beginning | $	$ 12,649
Aggregate Intrinsic Value Outstanding at Ending | $	$ 16,789
[1] Weighted average calculated weighting the exercise price versus the number of common shares that would be granted on exercise.

13. STOCK-BASED COMPENSATION (D

13. STOCK-BASED COMPENSATION (Details Narrative) - USD ($) $ in Thousands			3 Months Ended
	Oct. 02, 2024	Oct. 01, 2024	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares of common stock in the Company there are options exercisable to purchase			1,424,951
Weighted average remaining term of outstanding options			7 years 6 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value			$ 2,296
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number			1,586,999
Compensation			$ 1,078	$ 1,812
Stock based compensation			3,021	9,953
Options [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value			1,749
Stock based compensation			$ 8,883
Non-vested outstanding options weighted-average period			2 years 3 months 7 days
Employees [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number			193,280
Restricted Stock Awards [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unvested options outstanding			1,822,926
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term			2 years
Restricted Stock Units RSU [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued in connection with vesting of restricted stock awards		136,520
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-Based Compensation Cost			$ 11,603
Compensation			$ 1,943	$ 8,141
Restricted Stock Units Vest Percentage		25%
Restricted Stock Units RSU [Member] | February 13, 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value		$ 1,200
Restricted Stock Units Vest Percentage		25%
2017 Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares subscribed but unissued			8,021,006
2025 Long-Term Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	4 years		3 years
Number of Units Restricted	5,381,021
Performance Metrics Percentage	40%		60%
2025 Long-Term Incentive Plan [Member] | Restricted Stock Units RSU [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Target Performance	100%
2025 Long-Term Incentive Plan [Member] | Restricted Stock Units RSU [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Percentage Of Granted RSUs	0%
2025 Long-Term Incentive Plan [Member] | Restricted Stock Units RSU [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Percentage Of Granted RSUs	200%

14. COMMITMENTS AND CONTINGEN_3

14. COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
Long-term Purchase Commitment [Line Items]
Contingent liabilities	$ 18,290
Construction and developmen	82,848
Modular Immersion Data Centers [Member]
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment amount		$ 165,000
Remaining Balance of Contract		$ 49,500
Purchcase of Bitcoin Miners [Member]
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment amount	1,290
Commitments Under Open Construction Projects [Member]
Long-term Purchase Commitment [Line Items]
Construction and developmen	$ 32,058

14. COMMITMENTS AND CONTINGEN_4

14. COMMITMENTS AND CONTINGENCIES - Schedule of Contractual Future Payments Obligations (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Product Liability Contingency [Line Items]
Fiscal Year 2025 (Remainder)	$ 82,848
Modular Immersion Data Centers [Member]
Product Liability Contingency [Line Items]
Fiscal Year 2025 (Remainder)	49,500
Construction in Progress [Member]
Product Liability Contingency [Line Items]
Fiscal Year 2025 (Remainder)	32,058
Purchcase of Bitcoin Miners [Member]
Product Liability Contingency [Line Items]
Fiscal Year 2025 (Remainder)	$ 1,290

15. MAJOR CUSTOMERS AND VENDO_3

15. MAJOR CUSTOMERS AND VENDORS (Details Narrative) - Operator	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Bitcoin [Member]
Representation of company's revenue, percent	100%	100%
Mining pool operator
Mining pool operator	1	1

15. MAJOR CUSTOMERS AND VENDO_4

15. MAJOR CUSTOMERS AND VENDORS - Digital currency mining segment major suppliers (Details) - Customer Concentration Risk [Member] - Accounts receivable	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Canaan U.S. Inc
Concentration risk percentage	6%	0%
Bitmain Technologies
Concentration risk percentage	94%	100%

16. SUBSEQUENT EVENTS (Details

16. SUBSEQUENT EVENTS (Details Narrative) $ in Thousands	Jan. 31, 2025 USD ($)
Subsequent Event [Member] | Georgia 2025 Asset Acquisition [Member]
Subsequent Event [Line Items]
Asset acquisition of a bitcoin mining facility	$ 5,400