CleanSpark (CLSK) Stock: Revenue Falls 25% in Q2 as Bitcoin Valuation Weighs on Results

TLDR

• CleanSpark reported a $378.3M net loss in Q2 FY2026, driven largely by a $224.1M non-cash Bitcoin fair value loss.
• Revenue fell 24.9% year-over-year to $136.4M, hurt by Bitcoin price swings and higher network difficulty.
• The company holds $1.2B in liquidity, including $260M cash and 13,561 Bitcoin valued at $925M.
• Average monthly hashrate grew 18% YoY and megawatts under contract doubled, including 585 MW of ERCOT capacity in Texas.
• CEO Matt Schultz is targeting AI and HPC commercialization as the next growth lever, with over 1.8 GW of power and land assets.

CleanSpark (CLSK) posted a $378.3 million net loss for the second fiscal quarter ended March 31, 2026. The headline number looks ugly, but most of it comes from a $224.1 million non-cash loss tied to Bitcoin’s fair value — not cash walking out the door.

Revenue came in at $136.4 million, down from $181.7 million in the same quarter last year. That’s a drop of about $45 million, or 24.9%, largely tied to Bitcoin price movements and a tougher mining environment.

The net loss translated to $1.52 per basic share, compared to a loss of $0.49 per share in Q2 FY2025. Total non-cash charges for the quarter were approximately $263 million.

CleanSpark, Inc., CLSK

Cost of revenues was $81.7 million. Depreciation and amortization hit $115.9 million, reflecting the company’s ongoing fleet build-out. Gross margin came in above 40%, down from 47% the prior quarter.

Adjusted EBITDA landed at negative $241 million, compared to negative $57.8 million in the year-ago period — and an improvement from negative $295 million last quarter.

Balance Sheet Holds Up

CleanSpark ended the quarter with $260 million in cash and 13,561 Bitcoin on its books, valued at $925 million. Total liquidity came to nearly $1.2 billion. As of the report date, the Bitcoin HODL value sat at approximately $1.1 billion.

Total assets were $2.9 billion. Long-term debt stood at $1.79 billion, with stockholders’ equity of $986.2 million and working capital of $1 billion.

CFO Gary Vecchiarelli described the balance sheet as a competitive edge going into the next phase of the company’s growth.

The company mined 1,799 Bitcoin during the quarter — 22 fewer than the prior quarter. Power costs came in at $0.052 per kilowatt hour, down from $0.056 the previous quarter.

Mining Grows, AI Pivot Takes Shape

Operationally, things looked stronger. The average monthly hashrate rose 18% year-over-year. Megawatts under contract doubled over the same period.

CleanSpark secured ERCOT approval for 585 MW of capacity in Texas, including a newly approved 300 MW site in Brazoria. Construction continues in Sandersville, Georgia.

CEO Matt Schultz framed the quarter around four priorities: power development, leasing progress, financing, and construction.

The company now controls more than 1.8 gigawatts of power, land, and data center assets across the U.S. Site commercialization for AI and HPC workloads is actively underway.

Digital asset management operations returned approximately $4 million in cash this quarter, bringing fiscal year-to-date returns to $17.2 million.

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