Cleanspark reported a web lack of $378.3 million for its second fiscal quarter ended March 31, 2026, with a $224.1 million non-cash loss in Bitcoin honest worth weighing on its outcomes, regardless of increasing its hash price and energy capability.
Necessary factors:
- Cleanspark's second quarter 2026 income was $136.4 million, down 24.9% 12 months over 12 months as a consequence of Bitcoin value fluctuations.
- A non-cash Bitcoin honest worth lack of $224.1 million introduced Cleanspark's web loss to $378.3 million for the March 2026 quarter.
- CEO Matt Schultz goals to commercialize AI/HPC as Cleanspark doubles MW underneath contract with 585 MW of ERCOT capability.
Cleanspark posts $378 million loss in second quarter as Bitcoin honest worth fluctuations influence efficiency
Cleanspark (Nasdaq: CLSK)'s income for the quarter was $136.4 million, a lower of $45.3 million, or 24.9%, from $181.7 million within the year-ago quarter. This decline displays Bitcoin value developments and rising community difficulties, regardless of enterprise progress throughout the corporate's US mining portfolio.
Web loss was $1.52 per primary share, in comparison with a lack of $0.49 per share within the prior 12 months interval. Value of income totaled $81.7 million and depreciation expense totaled $115.9 million, numbers that elevated as the corporate continued to increase its fleet.
Adjusted EBITDA, a non-GAAP measure that excludes non-cash objects, together with Bitcoin honest worth changes, was -$241.2 million, in comparison with -$57.8 million within the prior 12 months interval.
On its stability sheet, Cleanspark had $260.3 million in money and $925.2 million in Bitcoin as of March 31, 2026. This quantity for Bitcoin represents a 14% year-over-year enhance. Complete belongings have been $2.9 billion, long-term debt was $1.79 billion, and complete stockholders' fairness was $986.2 million. The corporate reported working capital of $1 billion.
On the operational facet, miners’ common month-to-month hashrate elevated by 18% year-over-year. The quantity of megawatts underneath contract has doubled over the identical interval, together with 585 MW of ERCOT-approved capability in Texas. Cleanspark additionally secured ERCOT approval for 300 MW in Brazoria and continued progress on leases in Georgia, together with building work in Sandersville.
CEO and Chairman Matt Schultz pointed to 4 areas for future progress.
“This quarter, we accelerated the evolution of our digital infrastructure throughout 4 key areas: land and energy growth with a 300MW ERCOT approval in Brazoria, leasing with additional developments in Georgia and different areas, financing as market circumstances stay constructive, and building as we proceed to develop new parcels in Sandersville,” he stated.
Schultz added:
“Our aim is obvious: to commercialize AI/HPC relevant belongings, increase our portfolio, and proceed mining effectively.”
Gary Vecchiarelli, president and chief monetary officer, stated the stability sheet is a aggressive benefit for the corporate's subsequent stage. He stated CleanSpark ended the quarter with adequate liquidity to help near-term execution whereas sustaining optionality as demand for synthetic intelligence (AI) and excessive efficiency computing (HPC) infrastructure will increase.
The corporate stated it manages greater than 1.8 gigawatts of energy, land and information middle belongings throughout america. Cleanspark's launch states that it positions its low-cost power base as the muse for each Bitcoin mining and potential AI and HPC workloads, and that commercialization efforts for the positioning are underway.
The corporate additionally warned of uncertainty surrounding tariff legal responsibility for miners bought after 2024.
