CleanSpark posts $378M Q2 loss after $224M Bitcoin writedown

CleanSpark reported a $378.3 million net loss for the fiscal second quarter ended March 31, 2026, driven by a $224.1 million unrealized fair-value writedown on its Bitcoin holdings. The Las Vegas-based miner held $925.2 million in BTC at quarter end, and revenue fell to $136.4 million from $181.7 million a year earlier.

The $224.1 million writedown accounted for nearly 60% of the quarter’s total loss. The company recorded a loss of $1.52 per basic share, compared with a loss of $0.49 per basic share in the year-ago period.

CleanSpark increased its Bitcoin holdings by 14% year-over-year and grew average monthly hashrate by 18%.

The company ended the quarter with $260.3 million in cash and $2.9 billion in total assets. Long-term debt rose to about $1.8 billion, up from $644.6 million six months earlier.

CleanSpark doubled contracted megawatts year-over-year and secured 585 megawatts of ERCOT-approved capacity in Texas. It continued site development in Sandersville, Georgia to expand infrastructure for artificial intelligence and high-performance computing workloads.

Shares closed the day of the results up 0.70% at $14.30 and fell about 9.5% in overnight trading to $12.94 following the earnings release.

Matt Schultz, CEO and chairman, wrote in the earnings release: “Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently to power CleanSpark’s transformation.”

Fair-value accounting requires companies to mark digital-asset holdings to market each reporting period, which can cause large swings in reported earnings when Bitcoin’s price moves.