Bitcoin Miner Cleanspark Posts $378M Loss in Q2

"Revenue for the quarter came in at $136.4 million, down $45.3 million, or 24.9%, from $181.7 million in the same period a year earlier. The decline reflected bitcoin price dynamics and rising network difficulty despite operational growth across the company's U.S. mining portfolio. The net loss was $1.52 per basic share compared to a loss of $0.49 per share in the prior year quarter."

"A $224.1M non-cash Bitcoin fair value loss pushed Cleanspark's net loss to $378.3M for the March 2026 quarter. Cost of revenues totaled $81.7 million, while depreciation and amortization reached $115.9 million, a figure that climbed with the firm's ongoing fleet expansion. Adjusted EBITDA, a non-GAAP measure that strips out non-cash items including the bitcoin fair value adjustment, came in at negative $241.2 million compared to negative $57.8 million in the year-ago period."

"On the balance sheet, Cleanspark held $260.3 million in cash and $925.2 million in bitcoin as of March 31, 2026. That bitcoin figure represents a 14% increase year-over-year. Total assets stood at $2.9 billion, with long-term debt of $1.79 billion and total stockholders' equity of $986.2 million. The company reported working capital of $1 billion."

"Operationally, the miner's average monthly hashrate increased 18% year-over-year. Megawatts under contract doubled over the same period, including 585 MW of ERCOT-approved capacity in Texas. Cleanspark also secured ERCOT approval for 300 MW in Brazoria and continued leasing progress in Georgia, including construction work in Sandersville. CEO and Chairman Matt Schultz pointed to four areas of forward progress."

Cleanspark reported $136.4 million in Q2 FY2026 revenue, down 24.9% year over year, driven by bitcoin price dynamics and rising network difficulty despite operational growth across its U.S. mining portfolio. A $224.1 million non-cash bitcoin fair value loss contributed to a $378.3 million net loss for the March 2026 quarter. Cost of revenues totaled $81.7 million, while depreciation and amortization reached $115.9 million amid ongoing fleet expansion. Adjusted EBITDA was negative $241.2 million after excluding non-cash items including the bitcoin fair value adjustment. The company held $260.3 million in cash and $925.2 million in bitcoin, with total assets of $2.9 billion and long-term debt of $1.79 billion. Average monthly hashrate increased 18% year over year, and megawatts under contract doubled, including 585 MW of ERCOT capacity.

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