CleanSpark (CLSK) Stock: Revenues down 25% in Q2 as Bitcoin’s valuation weighs on results

TLDR

• CleanSpark reported a net loss of $378.3 million in the second quarter of fiscal 2026, largely driven by a non-cash bitcoin fair value loss of $224.1 million.
• Revenue fell 24.9% year over year to $136.4 million, impacted by Bitcoin price fluctuations and increased network difficulty.
• The company has $1.2 billion in liquidity, including $260 million in cash and 13,561 Bitcoin worth $925 million.
• The average monthly hashrate rose 18% year-over-year and megawatts more than doubled under the contract, including 585 megawatts of ERCOT capacity in Texas.
• CEO Matt Schultz is targeting commercialization of artificial intelligence and high-performance computing as the next growth lever, with more than 1.8 GW of energy and land assets.

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CleanSpark (CLSK) reported a net loss of $378.3 million for its fiscal second quarter ending March 31, 2026. The headline number looks ugly, but most of it comes from a $224.1 million non-cash loss tied to the fair value of bitcoin — not the cash that goes out the door.

Today we announced financial results for the fiscal second quarter of 2026 (ended 3/31/26), which generated $136.4 million in revenue and doubled CLSK’s capacity under contract year-over-year including 585 MW of ERCOT-certified capacity.

*Revenues: $136.4 million
*Total assets: $2.9 billion… pic.twitter.com/cojp6L2GHd

– CleanSpark (@CleanSpark_Inc) May 11, 2026

Revenue was $136.4 million, down from $181.7 million in the same quarter last year. This represents a decrease of about $45 million, or 24.9%, and is largely related to Bitcoin price movements and a tougher mining environment.

The net loss translated to $1.52 per basic share, compared to a loss of $0.49 per share in the second quarter of fiscal 2025. Total non-cash charges for the quarter were approximately $263 million.

Clean Spark Company, CLSK

Cost of revenue was $81.7 million. Depreciation and amortization was $115.9 million, reflecting the company’s ongoing fleet buildout. Gross margin came in above 40%, down from 47% in the previous quarter.

Adjusted EBITDA fell to negative $241 million, compared to $57.8 million in the same period last year — and an improvement from negative $295 million last quarter.

The balance sheet is holding up

CleanSpark ended the quarter with $260 million in cash and $13,561 million Bitcoin It has $925 million on its books. Total liquidity reached approximately $1.2 billion. As of the report date, Bitcoin HODL was valued at approximately $1.1 billion.

Total assets amounted to $2.9 billion. Long-term debt was $1.79 billion, with shareholders’ equity of $986.2 million and working capital of $1 billion.

CFO Gary Vecchiarelli described the balance sheet as a competitive advantage in the company’s next phase of growth.

The company mined 1,799 Bitcoins during the quarter – 22 fewer than the previous quarter. Energy costs were $0.052 per kilowatt hour, down from $0.056 in the previous quarter.

Mining is growing, the AI ​​axis is taking shape

In practice, things looked stronger. The average monthly hash rate increased by 18% year over year. The contracted megawatts doubled during the same period.

CleanSpark has received ERCOT approval for 585 MW of capacity in Texas, including a newly approved 300 MW site in Brazoria. Construction continues in Sandersville, Georgia.

CEO Matt Schultz framed the quarter around four priorities: energy development, leasing progress, financing, and construction.

“Our goals are clear: commercialize our viable AI/HPC assets, grow the portfolio, and continue mining efficiently,” Schultz said.

The company now controls more than 1.8 gigawatts of power, land and data center assets across the US footprint. AI and HPC workloads Actively underway.

The digital asset management operations returned nearly $4 million in cash in the quarter, bringing fiscal year-to-date revenue to $17.2 million.