CleanSpark (CLSK) Q2 2026 earnings summary

Executive summary

• The quarter ended March 31, 2026, saw a significant sequential and year-over-year decline in revenue and profitability, with net loss widening to $378.3 million, as the company continued its transformation into a digital infrastructure and data center developer, expanding into AI and HPC markets while maintaining a strong liquidity position supported by substantial cash and bitcoin holdings.

• Operating mining units delivered 47.3 EH/s, with 224,473 miners in service and a total contracted power capacity of 1,809 MW, while average monthly hashrate and Bitcoin holdings increased 18% and 14% year-over-year, respectively.

• The company focused on building a scalable platform with a diversified portfolio, emphasizing long-term, risk-adjusted value creation, strong community relationships, and disciplined capital allocation.

• Mining remains foundational, generating cash flow and operational flexibility, while AI and HPC are targeted for high-margin, predictable cash flows and future commercialization.

• No revenue was recognized from AI/HPC services as of March 31, 2026; all revenue derived from bitcoin mining via a single pool operator.

Financial highlights

• Q2 2026 revenue was $136.4 million, down 25% sequentially and 24.9% year-over-year, driven by a sharp decline in average Bitcoin price.

• Gross margin for Q2 2026 was 40%, down from 47% in the prior quarter and 53% a year ago.

• Net loss for Q2 2026 was $378.3 million, or $(1.52) per share, compared to a net loss of $138.8 million or $(0.49) per share a year ago.

• Adjusted EBITDA for Q2 2026 was negative $241.2 million, an improvement from negative $295 million last quarter but down from negative $57.8 million a year ago.

• Cash and cash equivalents at quarter-end were $260.3 million, with Bitcoin holdings valued at $925 million and working capital of $1.0 billion.

Outlook and guidance

• The company plans to continue expanding mining capacity and infrastructure for AI/HPC, with ongoing evaluation of acquisitions and capital needs, and expects to commercialize AI/HPC assets while maintaining efficient Bitcoin mining.

• Existing liquidity, bitcoin holdings, and unused $400 million credit lines are expected to cover operational needs for at least the next 12 months.

• Ongoing negotiations with high-credit tenants for multi-site deployments, with timing for lease signings on track.

• Ongoing business development and site expansion initiatives are expected to provide additional upside to the 2+ GW development platform.