Bitcoin miner Cleanspark (Nasdaq: CLSK) reported a net loss of $378.3 million for the second fiscal quarter ended March 31, 2026, or $1.52 per basic share, compared to a loss of $0.49 per share in the prior-year quarter. The results were heavily impacted by a $224.1 million non-cash loss on Bitcoin fair value adjustments, even as the company expanded its hashrate and power capacity.
Financial Highlights: Revenue Declines, Costs Rise
Revenue for the quarter came in at $136.4 million, down 24.9% from $181.7 million a year ago, reflecting Bitcoin price dynamics and rising network difficulty. Cost of revenues totaled $81.7 million, while depreciation and amortization reached $115.9 million, climbing with fleet expansion. Adjusted EBITDA, a non-GAAP measure excluding non-cash items, was negative $241.2 million, compared to negative $57.8 million in the year-ago period.
Balance Sheet: Bitcoin Holdings Grow, Debt Remains High
As of March 31, 2026, Cleanspark held $260.3 million in cash and $925.2 million in Bitcoin, a 14% year-over-year increase in Bitcoin reserves. Total assets stood at $2.9 billion, with long-term debt of $1.79 billion and stockholders' equity of $986.2 million. Working capital was $1.0 billion.
Operational Update: Hashrate Up, Power Capacity Doubles
Average monthly hashrate increased 18% year-over-year. Megawatts under contract doubled, including 585 MW of ERCOT-approved capacity in Texas. The company also secured ERCOT approval for 300 MW in Brazoria and continued leasing progress in Georgia, including construction in Sandersville.
Management Outlook: AI/HPC Commercialization Accelerates
CEO Matt Schultz highlighted four areas of progress: land and power development (300 MW ERCOT approval in Brazoria), leasing (Georgia and beyond), financing (constructive market conditions), and construction (Sandersville parcel). “Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently,” said Schultz. CFO Gary Vecchiarelli called the balance sheet a competitive advantage, noting sufficient liquidity to support near-term execution while preserving optionality as AI and HPC infrastructure demand grows.
Cleanspark controls over 1.8 GW of power, land, and data center assets across the U.S., positioning its low-cost energy base for both Bitcoin mining and potential AI/HPC workloads. The company also flagged uncertainty around tariff liability on miners purchased since 2024.