TLDR
- CleanSpark reported second-quarter revenue of $136.4 million, down 24.9% from $181.7 million a year earlier.
- The company reported a net loss of $378.3 million, or $1.52 per basic share.
- CleanSpark shares fell nearly 6% in after-hours trading following the earnings announcement.
- The company ended March with $260.3 million in cash and $925.2 million in Bitcoin holdings.
- CleanSpark has received ERCOT approval to produce 300 megawatts at its campus in Brazoria County, Texas.
CleanSpark reported a broader financial loss in the second quarter as lower revenues, bitcoin-related impairment charges and higher costs weighed on results while the company continued to shift more attention toward artificial intelligence and high-performance computing infrastructure.
The bitcoin mining company reported revenue of $136.4 million for the quarter ending March 31, 2026, down 24.9% from $181.7 million in the same period a year earlier. The result missed analysts’ expectations of $152.32 million, according to StreetInsider.
Clean Spark to publish A net loss of $378.3 million, or $1.52 per basic share, compared to a net loss of $138.8 million, or $0.49 per basic share, in the prior year. Analysts were expecting a loss of $0.41 per share.
CleanSpark shares fell nearly 6% in after-hours trading following the earnings announcement. The stock reaction reflects investor concern about the loss of earnings, negative adjusted EBITDA and the cost of expanding the company’s digital infrastructure.
Adjusted EBITDA fell to a loss of $241.2 million, compared to $57.8 million in the same period a year earlier. The company’s results included pressure from a $224 million decline in the value of Bitcoin linked to the value of its cryptocurrency holdings during the quarter.
Revenues decline as difficult mining conditions persist
CleanSpark’s quarterly revenue decline came as bitcoin miners continue to adapt to tougher operating conditions after network competition, energy costs and asset price fluctuations impacted margins across the sector.
The company said it mined 658 bitcoins in March with an average operating hash rate of 47.3 exahash/s. He ended March with 13,561 BTC on his balance sheet.
After closing the quarter, CleanSpark reported production of 640 BTC in April. The company averaged 21.33 BTC per day during the month, with an operational hashrate of 50.0 exahash/s and 808 megawatts of power used. Its total Bitcoin holdings were 13,453 BTC as of April 30.
Clean Spark It remains one of the largest publicly traded Bitcoin miners in terms of hash rate and treasury holdings. However, the latest quarter showed how Bitcoin price fluctuations can impact reported earnings when companies hold large cryptocurrency reserves.
The company ended the quarter with Bitcoin holdings worth $925.2 million. It also held $260.3 million in cash and reported total current assets of $1.1 billion.
The focus of artificial intelligence and high-performance computing is receiving more attention
CleanSpark is shifting part of its power 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.
This quarter advanced CleanSpark’s digital infrastructure transformation across land and energy development, leasing, financing and construction, said CEO and Chairman Matt Schultz.
During the quarter, CleanSpark received ERCOT approval to produce 300 megawatts at its campus in Brazoria County, Texas. 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 of land in Sandersville, Georgia. Management said these assets could support artificial intelligence and high-performance computing customers as CleanSpark seeks to commercialize infrastructure beyond bitcoin mining.
The move follows a broader trend among Bitcoin miners. Many mining companies have re-located energy assets and sited data centers for AI workloads as demand for computing power rises.
The balance sheet supports expansion plans
Clean Spark He finished the quarter With total assets of US$2.9 billion and US$1.0 billion in shareholders’ equity. The value of total mining assets, including deployed miners and advance deposits, was $807.9 million.
The company reported current liabilities of $133.1 million. Total long-term debt, after deducting debt and issuance costs, was $1.8 billion, while total liabilities were $1.9 billion.
President and CFO Gary Vecchiarelli said CleanSpark’s balance sheet remains a competitive advantage as the company seeks growth. He said that the company’s liquidity gives it the flexibility to work on energy, land and site marketing opportunities.
The company’s strategy is now based on two tracks. It continues to mine Bitcoin while also building a larger role in digital infrastructure for artificial intelligence and high-performance computing.
