Bitcoin miner CleanSpark reported a $378.3 million net loss for its second fiscal quarter ended March 31, 2026, sharply wider than the $138.8 million loss recorded a year earlier. The company said about $224.1 million of the quarterly loss came from fair value losses on its Bitcoin holdings, making crypto price weakness the biggest factor in the result.
Bitcoin holdings turned into the main earnings drag
According to the company’s SEC filing, CleanSpark held Bitcoin worth $925.2 million at the end of the quarter. That balance remained sizable, but the decline in Bitcoin prices hit reported earnings hard. Quarterly revenue came in at $136.4 million, down 25% from $181.7 million a year earlier. Net loss per share widened to $1.52, compared with a loss of $0.49 per share in the same period last year.
Hashrate and Bitcoin reserves still moved higher
Operating metrics showed growth even as earnings deteriorated. CleanSpark said its Bitcoin holdings increased 14% from the prior quarter, while average monthly hashrate rose 18% year over year. The figures point to continued gains in machine deployment and mining efficiency, though those improvements were not enough to offset the impact of weaker Bitcoin prices.
After-hours sell-off followed the earnings release
CleanSpark shares closed regular trading on Monday up 0.70% at $14.30, then fell 9.51% in after-hours trading to $12.94. Investors were focused on the scale of the loss and on leverage. At quarter end, the company held $260.3 million in cash and reported $2.9 billion in total assets, while long-term debt climbed from $644.6 million six months earlier to $1.8 billion.
AI and HPC expansion stayed on the agenda
Like several mining peers, CleanSpark is pushing into infrastructure tied to artificial intelligence and high-performance computing. The company said contracted data center capacity signed during the quarter doubled from a year earlier. It also secured 585 MW of ERCOT-approved capacity in Texas and kept advancing development at its Sandersville site in Georgia. Chairman and CEO Matt Schultz said the goal is to commercialize AI/HPC-capable assets, expand the portfolio, and keep mining efficiently.
Other miners also reported heavy losses
CleanSpark is not alone. MARA Holdings previously reported a $1.3 billion net loss for the first quarter of 2026, compared with $533.4 million a year earlier, with unrealized losses on its 38,689 Bitcoin inventory cited as the main drag. Revenue fell 18% to $174.6 million. TeraWulf also posted a $427 million net loss in the same period, versus $61.4 million a year earlier, while its HPC segment generated $21 million in revenue, about 60% of total revenue.