Key Highlights
- CleanSpark recorded a $378.3M net loss during Q2 FY2026, predominantly attributed to a $224.1M non-cash Bitcoin fair value adjustment.
- Quarterly revenue declined 24.9% compared to the previous year, reaching $136.4M amid Bitcoin price volatility and elevated network difficulty.
- Liquidity remains robust at $1.2B, comprising $260M in cash reserves and 13,561 Bitcoin worth approximately $925M.
- Hashrate capacity expanded 18% year-over-year on a monthly average basis, while megawatt contracts doubled including 585 MW of ERCOT-approved capacity.
- Leadership is prioritizing AI and high-performance computing commercialization, leveraging over 1.8 GW of power infrastructure and land holdings.
CleanSpark (CLSK) disclosed a substantial $378.3 million net loss during its second fiscal quarter ending March 31, 2026. While the figure appears alarming on the surface, the bulk stems from a $224.1 million non-cash Bitcoin fair value adjustment rather than actual capital depletion.
Quarterly revenue registered at $136.4 million, representing a significant decline from the prior year’s $181.7 million. This $45 million reduction, equivalent to a 24.9% decrease, reflects Bitcoin’s price fluctuations and increasingly challenging mining conditions.
The per-share net loss reached $1.52 on a basic calculation basis, substantially wider than the $0.49 per share loss recorded in Q2 FY2025. Non-cash charges totaled approximately $263 million for the quarter.
Revenue costs totaled $81.7 million for the period. Depreciation and amortization expenses climbed to $115.9 million, a reflection of the company’s aggressive mining fleet expansion strategy. Gross margin registered above 40%, representing a sequential decline from the previous quarter’s 47%.
Adjusted EBITDA finished at negative $241 million, deteriorating from negative $57.8 million during the comparable year-ago quarter — though showing sequential improvement from the prior quarter’s negative $295 million.
Financial Position Remains Stable
CleanSpark concluded the quarter holding $260 million in cash alongside 13,561 Bitcoin valued at $925 million. Combined liquidity approached $1.2 billion. At the reporting date, the company’s Bitcoin holdings were worth approximately $1.1 billion.
Total assets stood at $2.9 billion. Outstanding long-term debt registered at $1.79 billion, while stockholders’ equity reached $986.2 million with working capital of $1 billion.
CFO Gary Vecchiarelli characterized the strong balance sheet as providing strategic advantages as the company transitions into its next development phase.
During the quarter, CleanSpark successfully mined 1,799 Bitcoin — a modest decrease of 22 coins compared to the preceding quarter. Energy expenses averaged $0.052 per kilowatt hour, improving from the prior quarter’s $0.056.
Operational Expansion Continues Alongside AI Strategy
Operational metrics demonstrated solid momentum. Monthly average hashrate increased 18% on a year-over-year comparison. Contracted megawatt capacity doubled during the same timeframe.
The company obtained ERCOT regulatory approval for 585 MW of Texas-based capacity, featuring a newly authorized 300 MW facility in Brazoria. Development work proceeds at the Sandersville, Georgia location.
CEO Matt Schultz outlined four strategic pillars for the quarter: power infrastructure development, lease advancement, capital financing, and facility construction.
“Our strategic direction is unambiguous: monetize our AI/HPC-compatible infrastructure, expand our portfolio footprint, and sustain efficient mining operations,” Schultz stated.
CleanSpark currently manages over 1.8 gigawatts of combined power, real estate, and data center infrastructure throughout the United States. Commercialization efforts for AI and HPC workloads are progressing actively.
Digital asset management activities generated roughly $4 million in cash flow this quarter, contributing to fiscal year-to-date returns totaling $17.2 million.
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