Cleanspark reports $378M Q2 loss after $224M bitcoin hit

Cleanspark posted a $378.3 million net loss for the fiscal second quarter ended March 31, 2026, driven largely by a $224.1 million noncash fair-value loss on its bitcoin holdings. Revenue declined 24.9% from a year earlier to $136.4 million.

The company attributed the revenue drop to bitcoin price volatility and higher network difficulty, despite expanded U.S. mining operations. Net loss per basic share was $1.52, compared with a loss of $0.49 per share in the prior-year quarter. Cost of revenues totaled $81.7 million, and depreciation and amortization rose to $115.9 million as the company added mining equipment.

Adjusted EBITDA, which excludes noncash items including the bitcoin fair-value adjustment, was negative $241.2 million for the quarter versus negative $57.8 million a year earlier. On March 31, 2026, Cleanspark had $260.3 million in cash and $925.2 million in bitcoin, a roughly 14% increase in bitcoin holdings year over year. Total assets were $2.9 billion, long-term debt was $1.79 billion, and total stockholders’ equity was $986.2 million. Working capital was reported at $1.0 billion.

Operational metrics showed growth: average monthly hashrate rose 18% year over year and megawatts under contract doubled. Cleanspark reported 585 megawatts of ERCOT-approved capacity in Texas and obtained ERCOT approval for an additional 300 MW in Brazoria. Leasing activity continued in Georgia and construction proceeded at a new parcel in Sandersville. The company said it controls more than 1.8 gigawatts of power, land and data-center assets across the U.S.

CEO and Chairman Matt Schultz highlighted four focus areas-land and power development, leasing, financing and construction-and outlined objectives to commercialize assets for artificial intelligence and high-performance computing workloads, grow the portfolio and maintain efficient mining.

President and CFO Gary Vecchiarelli described the company’s liquidity as sufficient to support near-term execution while preserving flexibility for AI and HPC opportunities. The company also flagged an unresolved potential tariff liability on miners purchased since 2024 and did not quantify the possible exposure in its quarterly release.