Bitcoin miner Cleanspark reported results for its fiscal second quarter ended March 31, 2026, showing that continued expansion in hash rate and power capacity was not enough to offset the impact of a large accounting loss tied to bitcoin holdings. The company posted a net loss of $378.3 million, with a $224.1 million non-cash fair value loss on bitcoin standing out as the biggest drag on quarterly performance.
Revenue for the quarter came in at $136.4 million, down from $181.7 million a year earlier, a decline of 24.9%. Cleanspark said the drop reflected bitcoin price dynamics and increasing network difficulty, even as its U.S. mining portfolio continued to expand operationally. On a per-share basis, quarterly loss widened to $1.52, compared with a loss of $0.49 per share in the same period last year.
Accounting impact overshadowed operating growth
The company recorded $81.7 million in cost of revenues during the quarter, while depreciation and amortization rose to $115.9 million, underscoring the financial effect of ongoing fleet and infrastructure expansion. Adjusted EBITDA, a non-GAAP measure that excludes non-cash items including bitcoin fair value adjustments, was negative $241.2 million, versus negative $57.8 million a year earlier.
The $224.1 million bitcoin fair value loss did not represent a direct cash outflow, but it had a major effect on reported earnings. For public bitcoin miners that hold large digital asset balances, these valuation swings can materially distort bottom-line results from quarter to quarter, especially during periods of elevated market volatility.
Balance sheet remains liquid despite pressure
As of March 31, 2026, Cleanspark held $260.3 million in cash and $925.2 million in bitcoin, with the bitcoin balance up 14% year over year. Total assets stood at $2.9 billion, long-term debt totaled $1.79 billion, and total equity was $986.2 million. The company also reported $1 billion in working capital, which management described as a competitive advantage as it moves into its next phase.
President and CFO Gary Vecchiarelli said the company ended the quarter with enough liquidity to support near-term execution while preserving strategic flexibility, particularly as demand for AI and high-performance computing, or HPC, infrastructure continues to rise.
Power expansion and AI/HPC strategy move forward
Operationally, Cleanspark’s average monthly hash rate increased 18% from a year earlier. Contracted megawatts doubled over the same period, including 585 MW of ERCOT-approved capacity in Texas. The company also received ERCOT approval for 300 MW in Brazoria and continued leasing progress in Georgia, alongside construction work tied to a new parcel in Sandersville.
CEO and Chairman Matt Schultz said Cleanspark accelerated its digital infrastructure transformation across four areas during the quarter: land and energy development, leasing progress, financing amid favorable market conditions, and construction. He said the company’s priorities remain clear: commercializing AI/HPC-suitable assets, growing the portfolio, and continuing efficient bitcoin mining operations.
Cleanspark added that it controls more than 1.8 gigawatts of power, land, and data center assets across the United States. The company is positioning its low-cost energy base as a foundation for both bitcoin mining and potential AI/HPC workloads, while commercialization efforts continue. It also flagged lingering uncertainty around potential tariff liabilities tied to miners acquired since 2024.