Key Takeaways
- Cleanspark posted $136.4M in Q2 FY2026 revenue, a 24.9% year-over-year drop driven by Bitcoin price swings.
- A $224.1M non-cash Bitcoin fair value loss pushed Cleanspark’s net loss to $378.3M for the March 2026 quarter.
- CEO Matt Schultz targets AI/HPC commercialization as Cleanspark doubled MW under contract with 585 MW of ERCOT capacity.
Cleanspark Posts $378M Loss in Q2 as Bitcoin Fair Value Swing Hits Results
Cleanspark’s (Nasdaq: CLSK) Revenue for the quarter came in at $136.4 million, down $45.3 million, or 24.9%, from $181.7 million in the same period a year earlier. The decline reflected bitcoin price dynamics and rising network difficulty despite operational growth across the company’s U.S. mining portfolio.
The net loss was $1.52 per basic share compared to a loss of $0.49 per share in the prior year quarter. Cost of revenues totaled $81.7 million, while depreciation and amortization reached $115.9 million, a figure that climbed with the firm’s ongoing fleet expansion.
Adjusted EBITDA, a non-GAAP measure that strips out non-cash items including the bitcoin fair value adjustment, came in at negative $241.2 million compared to negative $57.8 million in the year-ago period.
On the balance sheet, Cleanspark held $260.3 million in cash and $925.2 million in bitcoin as of March 31, 2026. That bitcoin figure represents a 14% increase year-over-year. Total assets stood at $2.9 billion, with long-term debt of $1.79 billion and total stockholders’ equity of $986.2 million. The company reported working capital of $1 billion.
Operationally, the miner’s average monthly hashrate increased 18% year-over-year. Megawatts under contract doubled over the same period, including 585 MW of ERCOT-approved capacity in Texas. Cleanspark also secured ERCOT approval for 300 MW in Brazoria and continued leasing progress in Georgia, including construction work in Sandersville.
CEO and Chairman Matt Schultz pointed to four areas of forward progress.
“This quarter, we accelerated our digital infrastructure evolution across four key areas: land and power development, with ERCOT approval of 300 MW in Brazoria; leasing, with further progress in Georgia and beyond; financing, as market conditions remain constructive; and construction, as we continue developing the new parcel in Sandersville,” he said.
Schultz added:
“Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently.”
President and CFO Gary Vecchiarelli called the balance sheet a competitive advantage heading into the company’s next phase. He said Cleanspark ended the quarter with enough liquidity to support near-term execution while preserving optionality as artificial intelligence (AI) and high-performance computing (HPC) infrastructure demand grows.
The company said it controls more than 1.8 gigawatts of power, land, and data center assets across the United States. Cleanspark release notes that it positions its low-cost energy base as a foundation for both bitcoin mining and potential AI and HPC workloads, with site commercialization initiatives underway.
The company also flagged uncertainty around tariff liability on miners purchased since 2024.
