TLDR
- CleanSpark reported Q2 revenue of $136.4M, down 24.9% from $181.7M a year earlier.
- The company posted a net loss of $378.3M, or $1.52 per basic share.
- CleanSpark shares fell about 6% in after-hours trading after the earnings release.
- The company ended March with $260.3M in cash and $925.2M in Bitcoin holdings.
- CleanSpark received ERCOT approval for 300 MW at its Brazoria County, Texas campus.
CleanSpark reported a wider fiscal second-quarter loss as lower revenue, a Bitcoin-related impairment charge and higher costs weighed on results while the company continued shifting more attention toward artificial intelligence and high-performance computing infrastructure.
The Bitcoin miner reported revenue of $136.4 million for the quarter ended March 31, 2026, down 24.9% from $181.7 million in the same period a year earlier. The result missed analyst expectations of $152.32 million, according to StreetInsider.
CleanSpark posted a net loss of $378.3 million, or $1.52 per basic share, compared with a net loss of $138.8 million, or $0.49 per basic share, a year earlier. Analysts had expected a loss of $0.41 per share.
Shares of CleanSpark fell about 6% in after-hours trading after the earnings release. The stock reaction reflected investor concern over the earnings miss, negative adjusted EBITDA and the cost of the company’s digital infrastructure expansion.
Adjusted EBITDA fell to a loss of $241.2 million, compared with negative $57.8 million in the prior-year period. The company’s results included pressure from a reported $224 million Bitcoin impairment tied to the value of its crypto holdings during the quarter.
Revenue Falls as Mining Conditions Remain Tough
CleanSpark’s lower quarterly revenue came as Bitcoin miners continued adjusting to tougher operating conditions after network competition, energy costs and asset-price volatility affected margins across the sector.
The company said it mined 658 Bitcoin in March at an average operating hashrate of 47.3 EH/s. It ended March with 13,561 Bitcoin on its balance sheet.
After the quarter closed, CleanSpark reported April production of 640 Bitcoin. The company averaged 21.33 Bitcoin per day during the month, with an operational hashrate of 50.0 EH/s and 808 megawatts of utilized power. Its total Bitcoin holdings stood at 13,453 BTC as of April 30.
CleanSpark remains one of the largest publicly traded Bitcoin mining companies by hashrate and treasury holdings. However, the latest quarter showed how Bitcoin price swings can affect reported earnings when companies hold large crypto reserves.
The company ended the quarter with Bitcoin holdings valued at $925.2 million. It also held $260.3 million in cash and reported total current assets of $1.1 billion.
AI and HPC Pivot Gains More Attention
CleanSpark is working to turn part of its energy and data center footprint toward artificial intelligence and high-performance computing. The company said it controls more than 1.8 gigawatts of power, land and data centers across the United States.
Chief Executive and Chairman Matt Schultz said the quarter advanced CleanSpark’s digital infrastructure transition across land and power development, leasing, financing and construction.
During the quarter, CleanSpark received ERCOT approval for 300 megawatts at its Brazoria County, Texas campus. The site was acquired in January as part of a deal covering up to 447 acres, with potential expansion capacity of up to 600 megawatts.
The company is also developing a new parcel in Sandersville, Georgia. Management said these assets could support AI and high-performance computing customers as CleanSpark seeks to commercialize infrastructure beyond Bitcoin mining.
The move follows a broader trend among Bitcoin miners. Several mining firms have been repositioning power assets and data center sites for AI workloads as demand for compute capacity rises.
Balance Sheet Supports Expansion Plans
CleanSpark ended the quarter with $2.9 billion in total assets and $1.0 billion in stockholders’ equity. Total mining assets, including deployed miners and prepaid deposits, were valued at $807.9 million.
The company reported current liabilities of $133.1 million. Total long-term debt, net of debt discount and issuance costs, stood at $1.8 billion, while total liabilities reached $1.9 billion.
President and Chief Financial Officer Gary Vecchiarelli said CleanSpark’s balance sheet remains a competitive advantage as the company pursues growth. He said the company’s liquidity gives it flexibility to act on power, land and site commercialization opportunities.
The company’s strategy now rests on two tracks. It continues mining Bitcoin while also building a larger role in digital infrastructure for AI and high-performance computing.
