CleanSpark sinks pre-market as Q2 loss more than doubles

CleanSpark reported a net loss of $378.3 million for its fiscal second quarter ended March 31, 2026. The loss more than doubled from $138.8 million in the same quarter last year.

Revenue fell 24.9% year over year to $136.4 million, compared with $181.7 million a year earlier. The company also reported a loss of $1.52 per basic share, wider than the $0.49 per-share loss in the prior-year quarter.

CleanSpark said the quarter included a $224.1 million loss tied to the fair value of its Bitcoin holdings. That represented nearly 60% of its total quarterly loss and followed weaker Bitcoin prices during the reporting period.

The company still grew its Bitcoin position. CleanSpark said its BTC holdings rose 14% year over year, while average monthly hashrate increased 18%. It ended the quarter with $925.2 million in Bitcoin and $260.3 million in cash.

CleanSpark shares fall pre-market

CleanSpark shares closed at $14.30 on May 11, up 0.70% for the regular session. The stock then fell to $12.82 in pre-market trading, down 10.35%, according to Google Finance data.

The share move followed weaker revenue and deeper losses. Google Finance listed CleanSpark’s market cap at about $3.66 billion, with a 52-week range between $8.00 and $23.61.

Meanwhile, CleanSpark is also moving deeper into artificial intelligence and high-performance computing infrastructure. The company said it doubled contracted megawatts year over year and secured 585 megawatts of ERCOT-approved capacity in Texas.

The company also continued development work in Sandersville, Georgia.

Mining sector faces similar pressure

CleanSpark’s results came as several public Bitcoin miners reported weaker earnings while shifting toward AI data centers. MARA posted a $1.3 billion Q1 loss after Bitcoin mark-to-market pressure hit its treasury.

TeraWulf also reported that high-performance computing revenue topped Bitcoin mining revenue for the first time in Q1, showing how miners are using AI demand to reduce reliance on mining income.

Core Scientific has followed a similar path. As crypto.news reported, the company posted a $347.2 million Q1 loss, but its colocation revenue rose sharply as it shifted more capacity toward AI infrastructure.