CleanSpark Reports Third Fiscal Quarter 2026 Results
Rhea-AI Summary
CleanSpark (Nasdaq: CLSK) reported fiscal Q3 2026 revenue of $138.0 million, down 30.5% from $198.6 million a year earlier, and a net loss of $239.8 million or $0.89 per basic share versus prior-year net income of $257.4 million or $0.90.
The company signed a 20-year $6.6 billion triple-net lease at Sandersville with a high investment-grade tenant, fully funded its anticipated equity portion of the project, and pre-paid long-lead items to meet the ready-for-service schedule. Non-GAAP Adjusted EBITDA was $(113.0) million, compared with $377.7 million in the year-ago quarter.
As of June 30, 2026, CleanSpark reported $202.6 million in cash, $814.9 million in total bitcoin HODL value, total assets of $2.7 billion, total liabilities of $1.9 billion, and stockholders’ equity of $0.8 billion, with working capital of $761 million.
Positive
- 20-year $6.6 billion triple-net lease signed at Sandersville
- Anticipated equity portion of Sandersville fully funded
- Pre-paid long-lead equipment to meet Sandersville RFS date
- Cash balance of $202.6 million at June 30, 2026
- Bitcoin HODL value of $814.9 million as of June 30, 2026
- Working capital position of $761 million at quarter-end
Negative
- Quarterly revenue down 30.5% year-over-year to $138.0 million
- Shift from $257.4 million net income to $239.8 million net loss year-over-year
- Non-GAAP Adjusted EBITDA declined to $(113.0) million from $377.7 million
- Loss on fair value of bitcoin of $116.3 million in the quarter
- Bitcoin collateral loss of $16.5 million in the quarter
- Total long-term debt increased to $1.8 billion from $644.6 million at Sept. 30, 2025
News Explained
As of
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Signed 20-year
Ordered and pre-paid all long-lead items to meet Sandersville RFS date
Anticipated equity portion of Sandersville project has been fully funded
CleanSpark CEO and Chairman Matt Schultz commented, "We continue to successfully execute on our strategic evolution to a diversified digital infrastructure platform. Our recently announced Sandersville lease offers an ideal combination of long-term, durable cash flows and de-risked economic returns for our shareholders. We remain focused on the commercialization of our existing assets and the acquisition of scalable infrastructure to further bolster our portfolio."
"Capital stewardship remains central to how we allocate resources and evaluate growth," said Gary Vecchiarelli, President and CFO. "By fully funding our anticipated equity commitment for Sandersville and securing the long-lead equipment required to meet the project ready-for-service schedule, we have materially de-risked execution while preserving balance sheet flexibility. Despite currently challenging bitcoin mining economics, we have a portfolio of scarce, grid-connected power assets and multiple pathways to commercialization. We are positioned to convert infrastructure optionality into durable cash flows and long-term shareholder value."
Financial Highlights: Third Quarter Fiscal Year 2026
- Quarterly revenues were
$138.0 million $60.6 million 30.5% from$198.6 million - Net loss for the three months ended June 30, 2026, was (
$239.8 million $0.89 $257.4 million $0.90 - Adjusted EBITDA, a non-GAAP measure reconciled below, decreased to (
$113.0 million $377.7 million
Balance Sheet Highlights as of June 30, 2026
Assets
- Cash:
$202.6 million - Bitcoin:
$814.9 million - Total Current Assets:
$920.8 million - Total Assets:
$2.7 billion
Liabilities and Stockholders' Equity
- Current Liabilities:
$155.8 million - Total Long-Term Debt, Net of Debt Discount and Issuance Costs:
$1.8 billion - Total Liabilities:
$1.9 billion - Total Stockholders' Equity:
$0.8 billion
The Company had working capital of
1As of June 30, 2026, the Company's total HODL value was
Investor Conference Call and Webcast
The Company will hold its fiscal Q3 2026 earnings presentation and business update for investors and analysts today, August 6, 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 KeyBanc Capital Markets Technology Leadership Forum on August 10, 2026, Canaccord Genuity's 46th Annual Growth Conference on Tuesday, August 11, 2026, and the Needham Virtual AI Infrastructure 1x1 Conference on Wednesday, August 12, 2026. If applicable, live presentation webcasts, replay information and updated investor presentations will be available on the Company's investor relations page of its 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 data center development, high-performance computing ("HPC"), and artificial intelligence ("AI"), and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. 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 success of development and commercialization of some or all of our existing portfolio of bitcoin mining sites, as well as our other power and land assets, as data centers having operations other than bitcoin mining; identification and acquisition of new sites and power capacity capable of supporting data centers; risks related to data center construction and operations, including permitting and utility constraints, construction delays, cost overruns, financing and supply-chain challenges, tenant performance, and the possibility projects may not be completed, delivered or operated on the anticipated timeline, budget or terms; 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; changes to compute and data center infrastructure; new or additional governmental regulation; dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized, including in respect of the data center development, leasing, and compute markets; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings.
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
We present 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) | ||||||||
June 30, | September 30, | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 202,601 | $ | 42,966 | ||||
Restricted cash | 3,738 | 3,490 | ||||||
Prepaid expense and other current assets | 20,901 | 11,875 | ||||||
Bitcoin - current | 592,058 | 966,829 | ||||||
Receivable from bitcoin collateral | 100,607 | 294,648 | ||||||
Derivative investments | 922 | 233 | ||||||
Total current assets | $ | 920,827 | $ | 1,320,041 | ||||
Bitcoin - noncurrent | $ | 122,235 | $ | 222,614 | ||||
Property and equipment, net | 1,335,102 | 1,363,681 | ||||||
Operating lease right of use assets | 4,494 | 4,254 | ||||||
Intangible assets, net | 3,675 | 5,849 | ||||||
Deposits on miners and mining equipment | 86,264 | 112,037 | ||||||
Other long-term assets | 97,944 | 23,497 | ||||||
Goodwill | 131,658 | 131,658 | ||||||
Total assets | $ | 2,702,199 | $ | 3,183,631 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 11,230 | $ | 15,159 | ||||
Accrued liabilities | 131,342 | 117,544 | ||||||
Other current liabilities | 10,827 | 6,096 | ||||||
Current portion of debt | 2,353 | 176,570 | ||||||
Dividends payable | — | 396 | ||||||
Total current liabilities | $ | 155,752 | $ | 315,765 | ||||
Long-term liabilities | ||||||||
Long-term debt, net of current portion, debt discount and debt issuance costs | 1,780,011 | 644,586 | ||||||
Deferred income taxes | 597 | 44,872 | ||||||
Other long-term liabilities | 4,556 | 3,281 | ||||||
Total liabilities | $ | 1,940,916 | $ | 1,008,504 | ||||
| ||||||||
Preferred stock; | ||||||||
Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding | 2 | 2 | ||||||
Common stock; | 299 | 296 | ||||||
Additional paid-in capital | 2,521,933 | 2,445,723 | ||||||
Accumulated deficit | (1,152,790) | (125,894) | ||||||
Treasury stock at cost; 42,365,391 and 11,759,935 shares held, respectively | (608,161) | (145,000) | ||||||
Total stockholders' equity | 761,283 | 2,175,127 | ||||||
Total liabilities and stockholders' equity | $ | 2,702,199 | $ | 3,183,631 | ||||
CLEANSPARK, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||
(Unaudited, in thousands, except per share and share amounts) | ||||||||||||||||
For the three months ended June 30, | For the nine months ended June 30, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenues, net | ||||||||||||||||
Bitcoin mining revenue, net | $ | 138,006 | $ | 198,644 | $ | 455,594 | $ | 542,662 | ||||||||
Costs and expenses | ||||||||||||||||
Cost of revenues (exclusive of depreciation and | 85,480 | 90,128 | 262,792 | 245,842 | ||||||||||||
Professional fees | 7,108 | 3,004 | 22,166 | 9,872 | ||||||||||||
Payroll expenses | 27,807 | 16,398 | 76,514 | 52,522 | ||||||||||||
General and administrative expenses | 18,298 | 16,566 | 49,845 | 38,356 | ||||||||||||
Loss (gain) on disposal of assets | 2,925 | 156 | 6,692 | (2,865) | ||||||||||||
Loss (gain) on fair value of bitcoin, net | 116,250 | (268,651) | 587,189 | (359,190) | ||||||||||||
Depreciation and amortization | 111,037 | 94,880 | 333,229 | 240,010 | ||||||||||||
Indirect tax contingency expenses | 1,500 | — | 6,393 | — | ||||||||||||
Impairment expense | — | — | 5,406 | — | ||||||||||||
Total costs and expenses | $ | 370,405 | $ | (47,519) | $ | 1,350,226 | $ | 224,547 | ||||||||
(Loss) income from operations | (232,399) | 246,163 | (894,632) | 318,115 | ||||||||||||
Other (expense) income | ||||||||||||||||
(Loss) gain on bitcoin collateral | (16,506) | 31,354 | (158,964) | 73,847 | ||||||||||||
Gain (loss) on derivative securities, net | 5,673 | (430) | 12,628 | (1,549) | ||||||||||||
Interest income | 2,143 | 355 | 7,400 | 3,845 | ||||||||||||
Interest expense | (2,040) | (3,454) | (7,790) | (6,280) | ||||||||||||
Other income | 318 | 1,509 | 187 | 1,692 | ||||||||||||
Total other (expense) income | $ | (10,412) | $ | 29,334 | $ | (146,539) | $ | 71,555 | ||||||||
(Loss) income before income tax (benefit) expense | (242,811) | 275,497 | (1,041,171) | 389,670 | ||||||||||||
Income tax (benefit) expense | (2,969) | 18,107 | (44,275) | 24,281 | ||||||||||||
Net (loss) income | $ | (239,842) | $ | 257,390 | $ | (996,896) | $ | 365,389 | ||||||||
Preferred stock dividends, including deemed | — | 5,603 | 30,000 | 10,744 | ||||||||||||
Net (loss) income attributable to common | $ | (239,842) | $ | 251,787 | $ | (1,026,896) | $ | 354,645 | ||||||||
Other comprehensive (loss) income, net of tax | — | (223) | — | 2,755 | ||||||||||||
Total comprehensive (loss) income attributable to | $ | (239,842) | $ | 251,564 | $ | (1,026,896) | $ | 357,400 | ||||||||
(Loss) income from operations per common share - | $ | (0.89) | $ | 0.90 | $ | (3.77) | $ | 1.26 | ||||||||
Weighted average common shares outstanding - | 268,426,611 | 280,997,649 | 272,626,480 | 282,147,349 | ||||||||||||
(Loss) income from operations per common share - | $ | (0.89) | $ | 0.78 | $ | (3.77) | $ | 1.13 | ||||||||
Weighted average common shares outstanding - | 268,426,611 | 325,594,451 | 272,626,480 | 314,152,325 | ||||||||||||
CLEANSPARK, INC. | ||||||||||||||||
CONSOLIDATION OF ADJUSTED EBITDA | ||||||||||||||||
(Unaudited, in thousands, except per share and share amounts) | ||||||||||||||||
($ in thousands) | For the three months ended June 30, | For the nine months ended June 30, | ||||||||||||||
Reconciliation of non-GAAP Adjusted EBITDA | 2026 | 2025 | 2026 | 2025 | ||||||||||||
Net (loss) income | $ | (239,842) | $ | 257,390 | $ | (996,896) | $ | 365,389 | ||||||||
Depreciation and amortization | 111,037 | 94,880 | 333,229 | 240,010 | ||||||||||||
Share-based compensation expense | 14,548 | 4,488 | 38,734 | 10,609 | ||||||||||||
Gain (loss) on derivative securities, net | (5,673) | 430 | (12,628) | 1,549 | ||||||||||||
Interest income | (2,143) | (355) | (7,400) | (3,845) | ||||||||||||
Interest expense | 2,040 | 3,454 | 7,790 | 6,280 | ||||||||||||
Other income | (318) | (1,509) | (187) | (1,692) | ||||||||||||
Loss (gain) on disposal of assets | 2,925 | 156 | 6,692 | (2,865) | ||||||||||||
Fees related to financing & business development transactions | 4,973 | 22 | 10,243 | 653 | ||||||||||||
Litigation & settlement related expenses | 807 | 638 | 3,267 | 1,179 | ||||||||||||
Severance and other | 150 | — | 50 | 12 | ||||||||||||
Income tax (benefit) expense | (2,969) | 18,107 | (44,275) | 24,281 | ||||||||||||
Indirect tax contingency expenses | 1,500 | — | 6,393 | — | ||||||||||||
Impairment expense | — | — | 5,406 | — | ||||||||||||
Non-GAAP Adjusted EBITDA* | $ | (112,965) | $ | 377,701 | $ | (649,582) | $ | 641,560 | ||||||||
*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
Kyle Sourk
702-989-7693
ir@cleanspark.com
Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com
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SOURCE CleanSpark, Inc.