CleanSpark Reports Second Fiscal Quarter 2026 Results
Rhea-AI Summary
CleanSpark (Nasdaq: CLSK) reported fiscal Q2 2026 results for the quarter ended March 31, 2026.
Revenue was $136.4M, down 24.9% year-over-year, with a net loss of $378.3M and adjusted EBITDA of ($241.2M). Bitcoin holdings totaled $925.2M, cash was $260.3M, and working capital was $1.0B. MW under contract roughly doubled year-over-year, including 585 MW of ERCOT-approved capacity.
AI-generated analysis. Not financial advice.
Positive
- Working capital of $1.0 billion as of March 31, 2026
- Cash balance of $260.3 million supporting liquidity
- Bitcoin holdings valued at $925.2 million across current, non-current, and collateral
- MW under contract doubled year-over-year with 585 MW ERCOT-approved capacity
- Average monthly hashrate increased 18% year-over-year
- Bitcoin holdings increased 14% year-over-year
Negative
- Quarterly revenue declined 24.9% year-over-year to $136.4 million
- Net loss widened to ($378.3 million) or ($1.52) per basic share
- Adjusted EBITDA deteriorated to ($241.2 million) from ($57.8 million) a year ago
- Total long-term debt of $1.8 billion outstanding
- Total liabilities reached $1.9 billion as of March 31, 2026
Market Reaction – CLSK
Following this news, CLSK has declined 8.46%, reflecting a notable negative market reaction. Argus tracked a trough of -10.8% from its starting point during tracking. Our momentum scanner has triggered 36 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $13.09. This price movement has removed approximately $338M from the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Market Reality Check
Peers on Argus
CLSK is up about 1.6% while key mining peers show mixed to negative moves (e.g., WULF -8.27%, HUT -6.91%, CIFR -3.72%, MARA +2.94%). Momentum scanner also flags MARA moving down, underscoring stock-specific dynamics for CLSK.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 06 | Operational update | Positive | +8.1% | Reported April BTC production and hashrate growth with strong holdings and pricing. |
| May 05 | Earnings logistics | Neutral | +4.6% | Announced date and details for Q2 2026 financial results webcast. |
| Apr 07 | Operational update | Positive | -0.4% | Detailed March BTC production, higher hashrate, and improved fleet efficiency. |
| Mar 05 | Capacity expansion | Positive | -6.7% | Closed second Texas campus and added 300 MW ERCOT-approved capacity with BTC metrics. |
| Feb 19 | ETF launch | Neutral | +5.9% | Launch of single-stock leveraged ETFs tied to CLSK and other names. |
Operational updates and product-structure news have produced mixed reactions: some production updates saw selloffs, while April’s strong metrics and the leveraged ETF launch coincided with notable gains.
Over the last few months, CLSK has highlighted steady growth in mining capacity and bitcoin holdings. On Feb 28, 2026 it added 300 MW of ERCOT-approved capacity and detailed increased hashrate and bitcoin sales. Subsequent March and April 2026 updates reported operational hashrate around 50.0 EH/s, BTC production above 600 BTC per month, and total holdings exceeding 13,000 BTC. A February launch of single-stock leveraged ETFs on CLSK also drew attention. Today’s weaker Q2 revenue and larger net loss follow this expansionary period, contrasting stronger recent operational headlines.
Market Pulse Summary
This announcement details a weaker earnings quarter for CLSK, with revenue of $136.4 million and a net loss of ($378.3 million), but also highlights sizeable bitcoin holdings of $925.2 million and total assets of $2.9 billion. Management underscores progress in ERCOT-approved capacity and AI/HPC-focused infrastructure. Investors may watch future updates on profitability, capital structure, and utilization of contracted megawatts to gauge how effectively these assets support long-term financial performance.
Key Terms
ercot regulatory
hashrate technical
adjusted ebitda financial
hodl financial
ai/hpc technical
liquidity financial
AI-generated analysis. Not financial advice.
Doubled MW under contract year-over-year including 585 MW of ERCOT-approved capacity
Increased Bitcoin holdings by
"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
"Our balance sheet remains a core competitive advantage as we execute CleanSpark's growth strategy," said Gary Vecchiarelli, President and CFO. "We ended the quarter in a strong liquidity position that not only supports our near-term execution pipeline but also preserves meaningful optionality as the AI/HPC and digital infrastructure landscape continues to evolve. Our ability to move quickly and decisively on power and land expansion opportunities, as well as potential site commercialization initiatives, is a direct result of the financial discipline we have maintained. We believe we are well positioned to allocate capital dynamically, capitalize on emerging infrastructure opportunities, and continue creating long-term shareholder value."
Financial Highlights: Second Quarter Fiscal Year 2026
Financial Results for the Three Months Ended March 31, 2026
- Quarterly revenues were
$136.4 million $45.3 million 24.9% , from$181.7 million - Net loss for the three months ended March 31, 2026, was (
$378.3 million $1.52 $138.8 million $0.49 - Adjusted EBITDA(1) decreased to (
$241.2 million $57.8 million
Balance Sheet Highlights as of March 31, 2026
Assets
- Cash:
$260.3 million - Bitcoin:
$925.2 million - Total Current Assets:
$1.1 billion - Total Mining Assets (including prepaid deposits and deployed miners):
$807.9 million - Total Assets:
$2.9 billion
Liabilities and Stockholders' Equity
- Current Liabilities:
$133.1 million - Total Long-Term Debt, Net of Debt Discount and Issuance Costs:
$1.8 billion - Total Liabilities:
$1.9 billion - Total Stockholders' Equity:
$1.0 billion
The Company had working capital of
1See "Non-GAAP Measure" and the related reconciliation below.
2As of March 31, 2026, the Company's total HODL value was
Investor Conference Call and Webcast
The Company will hold its fiscal Q2 2026 earnings presentation and business update for investors and analysts today, May 11, 2026, at 4:30 p.m. ET / 1:30 p.m. PT.
Webcast URL: Click Here
The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.
Upcoming Investor Events
CleanSpark is scheduled to participate in the B. Riley Annual Investor Conference on May 21, 2026, the Macquarie AI Infrastructure Conference on June 10, 2026, and the Northland Growth Conference on June 23, 2026. If applicable, live presentation webcasts, replay information, and presentations will be available on the Company's investor relations website.
About CleanSpark
CleanSpark (Nasdaq: CLSK), is a market-leading data center developer with a proven track record of success. We control a portfolio of more than 1.8 GW of power, land, and data centers across
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's evolving business strategy to expand into the market for high-performance computing ("HPC") and artificial intelligence ("AI") and other expectations, beliefs, plans, intentions, and strategies, including the benefits of the Company's treasury management activities. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions.
The forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to: the risk that the electrical power available to the Company's facilities does not increase as expected; the success of the Company's bitcoin mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which the Company operates, including the volatility of BTC prices; increasing difficulty rates for bitcoin mining; bitcoin halving; our ability to execute on our business strategy, including our ability to diversify and expand into the market for HPC and AI solutions and data centers; our limited experience with respect to new markets we are entering, including the market for HPC and AI services; our ability to compete with our new HPC and AI services competitors; new or additional governmental regulation; the impacts of evolving global and
Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.
Non-GAAP Measure
The Company presents Adjusted EBITDA, which is not a measurement of financial performance under GAAP. Our non-GAAP "Adjusted EBITDA" excludes (i) impacts of interest, taxes, and depreciation; (ii) our share-based compensation expense, unrealized gains/losses on securities, and changes in the fair value of contingent consideration with respect to previously completed acquisitions, all of which are non-cash items that we believe are not reflective of our general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets; (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of our ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed; (vii) gains and losses related to discontinued operations that would not be applicable to our future business activities; and (viii) severance expenses.
Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, management believes that Adjusted EBITDA is also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate our bitcoin-related revenues). For example, we expect that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors.
The Company's Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents Adjusted EBITDA, we only utilize that measure supplementally and do not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.
Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in our Condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP.
CLEANSPARK, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share amounts)
| ||||||||
March 31, | September 30, | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 260,287 | $ | 42,966 | ||||
Restricted cash | 3,213 | 3,490 | ||||||
Prepaid expense and other current assets | 47,651 | 11,875 | ||||||
Bitcoin - current | 674,447 | 966,829 | ||||||
Receivable from bitcoin collateral | 111,940 | 294,648 | ||||||
Derivative investments | 1,499 | 233 | ||||||
Total current assets | $ | 1,099,037 | $ | 1,320,041 | ||||
Bitcoin - noncurrent | $ | 138,774 | $ | 222,614 | ||||
Property and equipment, net | 1,333,617 | 1,363,681 | ||||||
Operating lease right of use assets | 5,324 | 4,254 | ||||||
Intangible assets, net | 4,291 | 5,849 | ||||||
Deposits on miners and mining equipment | 137,416 | 112,037 | ||||||
Other long-term assets | 63,384 | 23,497 | ||||||
Goodwill | 131,658 | 131,658 | ||||||
Total assets | $ | 2,913,501 | $ | 3,183,631 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 18,058 | $ | 15,159 | ||||
Accrued liabilities | 101,531 | 117,544 | ||||||
Other current liabilities | 10,994 | 6,096 | ||||||
Current portion of debt | 2,485 | 176,570 | ||||||
Dividends payable | — | 396 | ||||||
Total current liabilities | $ | 133,068 | $ | 315,765 | ||||
Long-term liabilities | ||||||||
Long-term debt, net of current portion, debt discount and debt issuance costs | 1,788,196 | 644,586 | ||||||
Deferred income taxes | 3,566 | 44,872 | ||||||
Other long-term liabilities | 2,511 | 3,281 | ||||||
Total liabilities | $ | 1,927,341 | $ | 1,008,504 | ||||
CLEANSPARK, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) (in thousands, except par value and share amounts)
| ||||||||
March 31, | September 30, | |||||||
(Unaudited) | ||||||||
Stockholders' equity | ||||||||
Preferred stock; | ||||||||
Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding (liquidation preference | 2 | 2 | ||||||
Common stock; | 299 | 296 | ||||||
Additional paid-in capital | 2,506,997 | 2,445,723 | ||||||
Accumulated deficit | (912,948) | (125,894) | ||||||
Treasury stock at cost; 42,365,391 and 11,759,935 shares held, respectively | (608,190) | (145,000) | ||||||
Total stockholders' equity | 986,160 | 2,175,127 | ||||||
Total liabilities and stockholders' equity | $ | 2,913,501 | $ | 3,183,631 | ||||
CLEANSPARK, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited, in thousands, except per share and share amounts)
| ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenues, net | ||||||||||||||||
Bitcoin mining revenue, net | $ | 136,408 | $ | 181,712 | $ | 317,588 | $ | 344,018 | ||||||||
Costs and expenses | ||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization) | 81,691 | 85,424 | 177,312 | 155,714 | ||||||||||||
Professional fees | 9,652 | 2,983 | 15,058 | 6,868 | ||||||||||||
Payroll expenses | 24,922 | 15,255 | 48,707 | 36,124 | ||||||||||||
General and administrative expenses | 16,105 | 11,736 | 31,547 | 21,790 | ||||||||||||
Loss (gain) on disposal of assets | 3,990 | (2,230) | 3,767 | (3,021) | ||||||||||||
Loss (gain) on fair value of bitcoin, net | 224,107 | 127,667 | 470,939 | (90,539) | ||||||||||||
Depreciation and amortization | 115,881 | 78,901 | 222,192 | 145,130 | ||||||||||||
Indirect tax contingency expenses | 1,731 | 4,893 | — | |||||||||||||
Impairment expense - fixed assets | — | — | 1,398 | — | ||||||||||||
Impairment expense - other | 4,008 | — | 4,008 | — | ||||||||||||
Total costs and expenses | $ | 482,087 | $ | 319,736 | $ | 979,821 | $ | 272,066 | ||||||||
(Loss) income from operations | (345,679) | (138,024) | (662,233) | 71,952 | ||||||||||||
Other (expense) income | ||||||||||||||||
(Loss) gain on bitcoin collateral | (38,838) | — | (142,458) | 42,493 | ||||||||||||
(Loss) gain on derivative securities, net | (4,840) | (4,741) | 6,955 | (1,119) | ||||||||||||
Interest income | 3,072 | 2,014 | 5,257 | 3,490 | ||||||||||||
Interest expense | (2,054) | (1,267) | (5,750) | (2,826) | ||||||||||||
Other income (expense) | 105 | 183 | (131) | 183 | ||||||||||||
Total other (expense) income | $ | (42,555) | $ | (3,811) | $ | (136,127) | $ | 42,221 | ||||||||
(Loss) income before income tax (benefit) expense | (388,234) | (141,835) | (798,360) | 114,173 | ||||||||||||
Income tax (benefit) expense | (9,891) | (3,043) | (41,306) | 6,174 | ||||||||||||
(Loss) income from operations | $ | (378,343) | $ | (138,792) | $ | (757,054) | $ | 107,999 | ||||||||
Net (loss) income | $ | (378,343) | $ | (138,792) | $ | (757,054) | $ | 107,999 | ||||||||
Preferred stock dividends, including deemed dividend | 30,000 | — | 30,000 | 5,141 | ||||||||||||
Net (loss) income attributable to common shareholders | $ | (408,343) | $ | (138,792) | $ | (787,054) | $ | 102,858 | ||||||||
Other comprehensive income, net of tax | — | 2,946 | — | 2,978 | ||||||||||||
Total comprehensive (loss) income attributable to common shareholders | $ | (408,343) | $ | (135,846) | $ | (787,054) | $ | 105,836 | ||||||||
CLEANSPARK, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued) (Unaudited, in thousands, except per share and share amounts)
| ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
(Loss) income from continuing operations per common share - basic | $ | (1.52) | $ | (0.49) | $ | (2.86) | $ | 0.36 | ||||||||
Weighted average common shares outstanding - basic | 267,827,913 | 280,853,882 | 274,726,414 | 282,722,198 | ||||||||||||
(Loss) income from continuing operations per common share - diluted | $ | (1.52) | $ | (0.49) | $ | (2.86) | $ | 0.34 | ||||||||
Weighted average common shares outstanding - diluted | 267,827,913 | 280,853,882 | 274,726,414 | 308,336,536 | ||||||||||||
CLEANSPARK, INC. RECONCILIATION OF ADJUSTED EBITDA (Unaudited, in thousands)
| ||||||||||||||||
($ in thousands) | For the three months ended | For the six months ended | ||||||||||||||
Reconciliation of non-GAAP Adjusted EBITDA | 2026 | 2025 | 2026 | 2025 | ||||||||||||
Net (loss) income | $ | (378,343) | $ | (138,792) | $ | (757,054) | $ | 107,999 | ||||||||
Depreciation and amortization | 115,881 | 78,901 | 222,192 | 145,130 | ||||||||||||
Share-based compensation expense | 12,055 | 3,101 | 24,186 | 6,122 | ||||||||||||
(Loss) gain on derivative securities, net | 4,840 | 4,741 | (6,955) | 1,119 | ||||||||||||
Interest income | (3,072) | (2,014) | (5,257) | (3,490) | ||||||||||||
Interest expense | 2,054 | 1,267 | 5,750 | 2,826 | ||||||||||||
Other income | (105) | (183) | 131 | (183) | ||||||||||||
Loss (gain) on disposal of assets | 3,990 | (2,230) | 3,767 | (3,021) | ||||||||||||
Fees related to financing & business development transactions | 5,068 | 258 | 5,270 | 631 | ||||||||||||
Litigation & settlement related expenses | 715 | 193 | 2,460 | 541 | ||||||||||||
Severance and other | (132) | 12 | (100) | 12 | ||||||||||||
Income tax (benefit) expense | (9,891) | (3,043) | (41,306) | 6,174 | ||||||||||||
Indirect tax contingency expenses | 1,731 | — | 4,893 | — | ||||||||||||
Impairment expense - other | 4,008 | — | 4,008 | — | ||||||||||||
Impairment expense - fixed assets | — | — | 1,398 | — | ||||||||||||
Non-GAAP Adjusted EBITDA* | $ | (241,201) | $ | (57,789) | $ | (536,617) | $ | 263,860 | ||||||||
*We have not excluded our Loss (gain) on fair value of bitcoin, net or our (Loss) gain on bitcoin collateral which we record in our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as provided in ASC 350-60 and discussed in the Form 10-K. Loss (gain) on fair value of bitcoin, net totaled a loss of |
Investor Relations Contact
Harry Sudock
702-989-7693
ir@cleanspark.com
Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com
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SOURCE CleanSpark, Inc.