Business
CleanSpark Reports Second Fiscal Quarter 2026 Results
Doubled MW under contract year-over-year including 585 MW of ERCOT-approved capacityIncreased Bitcoin holdings by 14% and average monthly hashrate by 18%
About this update from Cleanspark, Inc.
[{"type":"text","content":"Doubled MW under contract year-over-year including 585 MW of ERCOT-approved capacityIncreased Bitcoin holdings by 14% and average monthly hashrate by 18% year-over-yearLAS VEGAS, May 11, 2026 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (\"CleanSpark\" or the \"Company\"), today reported financial results for the quarter ended March 31, 2026.\n \n \n \n \n \n \n \n\"This quarter, we accelerated our digital infrastructure evolution across four key areas: land and power development, with ERCOT approval of 300 MW in Brazoria; leasing, with further progress in Georgia and beyond; financing, as market conditions remain constructive; and construction, as we continue developing the new parcel in Sandersville,\" said Matt Schultz, CEO and Chairman of CleanSpark. \"Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently to power CleanSpark's transformation.\"\"Our balance sheet remains a core competitive advantage as we execute CleanSpark's growth strategy,\" said Gary Vecchiarelli, President and CFO. \"We ended the quarter in a strong liquidity position that not only supports our near-term execution pipeline but also preserves meaningful optionality as the AI/HPC and digital infrastructure landscape continues to evolve. Our ability to move quickly and decisively on power and land expansion opportunities, as well as potential site commercialization initiatives, is a direct result of the financial discipline we have maintained. We believe we are well positioned to allocate capital dynamically, capitalize on emerging infrastructure opportunities, and continue creating long-term shareholder value.\"Financial Highlights: Second Quarter Fiscal Year 2026Financial Results for the Three Months Ended March 31, 2026Quarterly revenues were $136.4 million, a decrease of $45.3 million, or 24.9%, from $181.7 million for the same prior fiscal quarter.Net loss for the three months ended March 31, 2026, was ($378.3 million) or ($1.52) per basic share, compared to a net loss of ($138.8 million) or ($0.49) per basic share, for the same prior year period.Adjusted EBITDA(1) decreased to ($241.2 million) from ($57.8 million) from the same period a year ago.Balance Sheet Highlights as of March 31, 2026AssetsCash: $260.3 millionBitcoin: $925.2 million2Total Current Assets: $1.1 billionTotal Mi...