$CLSK ANALYST REPORT 📰 🎯 Needham has raised price target from $18 to $23 Texas Speed: ‼️Huge Advantage to speed to market w/ TX leases: "The tenant's preferred GC/EPC engagement reportedly already fixed "certainty on the basis of design" for both Texas sites." " @CleanSpark_Inc newly signed tenant holds an LOI and exclusivity on the remainder of CLSK's TX portfolio (Sealy ~300MW; Brazoria 300MW, expandable to 600MW pending ERCOT approval). Add'l leases could come on one or both sites, which represent near term lease catalysts over the next 30-120 days." 🤔💭 My thoughts on speed: With the first lease already negotiated, the commercial portion of the discussions should also be shortened when using the same tenant. 🏦Financing: "In our call back with mgmt., the team stressed using equity financing as little as possible. We get the sense the company will push for LTCs closer to 90%, and will prefer to use bitcoin and cash on BS vs dilutive financing." "Mgmt. noted recent project debt financings in the HPC sector have been up to 6x oversubscribed, with improving LTV/rates correlated to tenant credit quality." 🤔💭 My thoughts on financing: The market seems hesitant to apply multiples without seeing the financing terms. Huge catalyst once announced! 📈 💰 Valuation: "Additionally, we believe CLSK could begin clipping an attractive 5%+ per annum yield on its bitcoin stack." "We value shares based on a 18.5x EV/EBITDA multiple of our 2028 estimate." "discount to other operators that are farther along on HPC." 🤔💭 My thoughts on valuation: This is fair considering the gap in critical IT load under lease. IMO we will see $30 targets once the next lease is signed and the 2028 ARR updated. NFA | DYOR