CleanSpark (CLSK) is essentially a small consulting firm that provides energy efficiency solutions, mainly through its proprietary software. This market is potentially huge which could prove extremely profitable for investors. However, in reality, it's challenging to offer differentiated services and achieve sustainable competitive advantages. This is why CLSK's market is highly fragmented and competitive. Furthermore, CleanSpark's financials reflect a structurally unprofitable company with revenues below $1 million. In my view, these factors make CLSK massively overvalued at $140 million.
Source: CleanSpark. The company aims to lead a "global energy revolution."