0001193125-26-216866
SEC filingCleanSpark reported Q2 FY2026 results with revenues of $136.4 million down 24.9% year-over-year and a net loss of $378.3 million, alongside strong liquidity of $1.0 billion working capital as of March 31, 2026.
CleanSpark's Q2 FY2026 results showed significant deterioration in profitability, with revenues declining 24.9% to $136.4 million from $181.7 million year-over-year, primarily driven by bitcoin mining revenue. The net loss ballooned to $378.3 million or $1.52 per basic share from $138.8 million or $0.49 per share, exacerbated by a $224.1 million loss on fair value of bitcoin, $115.9 million in depreciation and amortization, and other expenses including $81.7 million cost of revenues. Adjusted EBITDA worsened to negative $241.2 million from negative $57.8 million. Despite operational challenges, the company highlighted infrastructure growth, doubling MW under contract year-over-year with 585 MW of ERCOT-approved capacity, including 300 MW in Brazoria, and increases in Bitcoin holdings by 14% and average monthly hashrate by 18%. CEO Matt Schultz emphasized acceleration in land/power development, leasing, financing, and construction, positioning assets for AI/HPC commercialization while maintaining efficient mining. CFO Gary Vecchiarelli underscored the balance sheet strength, with $260.3 million cash, $925.2 million Bitcoin holdings, and $1.0 billion working capital supporting growth and optionality amid evolving digital infrastructure opportunities. Total long-term debt rose sharply to $1.8 billion, reflecting financing for expansion. No forward guidance was provided, but management expressed confidence in dynamic capital allocation for long-term shareholder value.