Key Takeaways
- CleanSpark’s fiscal Q2 2026 showed a $378.3M net loss, with $224.1M stemming from non-cash Bitcoin fair value adjustments.
- Quarterly revenue dropped 24.9% to $136.4M compared to last year, impacted by Bitcoin pricing volatility and increased mining difficulty.
- Liquidity remains robust at $1.2B, comprised of $260M in cash and 13,561 Bitcoin worth approximately $925M.
- Hashrate capacity expanded 18% year-over-year, while contracted megawatts doubled, with 585 MW of Texas ERCOT capacity now secured.
- Leadership under CEO Matt Schultz is pursuing AI and high-performance computing opportunities, leveraging over 1.8 GW in power infrastructure.
CleanSpark (CLSK) disclosed a substantial $378.3 million net loss for its fiscal second quarter that concluded on March 31, 2026. While the figure appears severe at first glance, the bulk derives from a $224.1 million non-cash adjustment related to Bitcoin’s fair market value fluctuationsâmeaning no actual capital left company coffers.
Quarterly revenues registered at $136.4 million, marking a decline from $181.7 million during the corresponding quarter in the previous fiscal year. This represents a contraction of roughly $45 million, or 24.9%, primarily attributable to Bitcoin’s price volatility and increasingly challenging mining conditions across the network.
The per-share net loss reached $1.52 on a basic basis, contrasting with a $0.49 loss per share recorded in Q2 FY2025. Non-cash charges for the period totaled approximately $263 million.
Revenue costs amounted to $81.7 million for the quarter. Depreciation and amortization expenses reached $115.9 million, a reflection of the company’s aggressive expansion of its mining infrastructure. Gross margin performance came in just above 40%, representing a decline from the previous quarter’s 47%.
Adjusted EBITDA registered at negative $241 million, worse than the negative $57.8 million posted in the year-ago quarterâthough showing sequential improvement from last quarter’s negative $295 million.
Financial Position Remains Solid
As the quarter closed, CleanSpark maintained $260 million in cash reserves alongside 13,561 Bitcoin holdings, carrying a valuation of $925 million. Combined liquidity reached approximately $1.2 billion. At the time of reporting, the company’s Bitcoin holdings were valued at roughly $1.1 billion.
Total company assets stood at $2.9 billion. Outstanding long-term debt reached $1.79 billion, while stockholders’ equity totaled $986.2 million and working capital sat at $1 billion.
CFO Gary Vecchiarelli characterized the robust balance sheet as a strategic advantage positioning the company for its next expansion phase.
Mining operations yielded 1,799 Bitcoin throughout the quarterâa modest decrease of 22 coins compared to the preceding quarter. Power consumption costs averaged $0.052 per kilowatt hour, an improvement from the prior quarter’s $0.056.
Operational Expansion Accelerates, AI Strategy Emerges
From an operational standpoint, performance indicators showed strength. Average monthly hashrate capacity increased 18% on a year-over-year basis. Contracted megawatt capacity doubled during the same timeframe.
The company obtained ERCOT regulatory approval for 585 MW of Texas-based capacity, including a recently greenlit 300 MW facility in Brazoria County. Additional construction activities continue advancing in Sandersville, Georgia.
CEO Matt Schultz outlined the quarter’s strategic focus around four core initiatives: power infrastructure development, leasing advancement, capital financing, and facility construction.
“Our strategic objectives remain focused: commercialize our AI and HPC-ready infrastructure, expand our portfolio footprint, and maintain mining operational efficiency,” Schultz stated.
CleanSpark now manages more than 1.8 gigawatts of combined power capacity, land holdings, and data center infrastructure distributed throughout the United States. Active efforts to commercialize facilities for AI and HPC workloads are currently underway.
The company’s digital asset management division generated approximately $4 million in cash returns this quarter, pushing fiscal year-to-date returns to $17.2 million.
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