Key Takeaways
- CleanSpark recorded a net loss of $378.3M in its fiscal Q2 2026, primarily attributed to a $224.1M non-cash Bitcoin fair value adjustment.
- Quarterly revenue dropped 24.9% year-over-year to $136.4M, pressured by Bitcoin price volatility and elevated network difficulty.
- The firm maintains $1.2B in total liquidity, comprised of $260M in cash and 13,561 Bitcoin worth approximately $925M.
- Monthly hashrate average increased 18% YoY while contracted megawatts doubled, featuring 585 MW of ERCOT-approved capacity in Texas.
- CEO Matt Schultz emphasizes commercialization of AI and HPC infrastructure as the company’s next strategic priority, leveraging over 1.8 GW in power assets.
CleanSpark (CLSK) disclosed a net loss of $378.3 million for its second fiscal quarter concluding March 31, 2026. While the figure appears significant on paper, the bulk stems from a $224.1 million non-cash adjustment related to Bitcoin’s fair value fluctuations — representing an accounting entry rather than actual cash outflow.
Quarterly revenue reached $136.4 million, declining from $181.7 million during the comparable period last year. This represents a contraction of roughly $45 million, or 24.9%, primarily driven by Bitcoin price volatility and increasingly competitive mining conditions.
The per-share net loss came to $1.52 on a basic basis, contrasting with a $0.49 per share loss in Q2 FY2025. Non-cash charges for the period totaled approximately $263 million.
Revenue costs totaled $81.7 million. Depreciation and amortization expenses reached $115.9 million, indicative of the company’s substantial equipment expansion. Gross margin registered above 40%, representing a decline from the previous quarter’s 47%.
Adjusted EBITDA registered at negative $241 million, versus negative $57.8 million in the prior-year quarter — though showing sequential improvement from negative $295 million last quarter.
Strong Liquidity Position Maintained
CleanSpark closed the quarter holding $260 million in cash alongside 13,561 Bitcoin on its balance sheet, representing a valuation of $925 million. Combined liquidity approached $1.2 billion. At the reporting date, the Bitcoin holdings carried an approximate value of $1.1 billion.
Total assets stood at $2.9 billion. Long-term debt obligations totaled $1.79 billion, with stockholders’ equity of $986.2 million and working capital of $1 billion.
CFO Gary Vecchiarelli characterized the robust balance sheet as providing strategic advantage as the company pursues its next expansion phase.
The mining operation produced 1,799 Bitcoin during the quarter — a decrease of 22 from the preceding quarter. Power costs averaged $0.052 per kilowatt hour, improving from $0.056 in the previous period.
Operational Expansion and AI Strategy Advance
From an operational perspective, metrics showed meaningful progress. Average monthly hashrate climbed 18% on a year-over-year basis. Megawatts under contractual agreements doubled during the same timeframe.
CleanSpark obtained ERCOT authorization for 585 MW of capacity across Texas locations, including a recently approved 300 MW facility in Brazoria. Construction activities are progressing in Sandersville, Georgia.
CEO Matt Schultz outlined the quarter’s strategic focus across four key areas: power infrastructure development, leasing advancement, financing activities, and construction execution.
“Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently,” Schultz said.
The company now commands more than 1.8 gigawatts of power, land holdings, and data center infrastructure throughout the United States. Active commercialization efforts for AI and HPC workloads are currently in progress.
Digital asset management activities generated approximately $4 million in cash during this quarter, contributing to fiscal year-to-date returns of $17.2 million.
