CleanSpark, Inc. (CLSK) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

On the call today, I am joined by Matt Schultz, our Chairman and Chief Executive Officer, and Gary Beccarelli, our President and Chief Financial Officer. Some of the statements we make today will be forward-looking, based on our best view of the world and our business as we move forward. One that builds on the strengths of our mining operations while expanding the set of opportunities our assets can support. We continue to operate a large scale, fundamentally sound Bitcoin mining business that generates durable cash flows and balance sheet strength. What is different today is what those cash flows now enable. CleanSpark is no longer a single track business. We're building an infrastructure platform with multiple independently valuable earning streams, all anchored by scarce utility grade power. Bitcoin mining funds the platform. AI monetizes it, and digital asset management optimizes it across all cycles. To frame how we think about AI development, we see three phases. First, securing scarce power and land. Second, tenant-driven technical and commercial alignment, and third, structured long-term monetization. We are now firmly in the second phase across multiple assets. As a result, when we look forward, we increasingly see a company defined not just by hash rate, but by the quality, scale, and flexibility of its infrastructure. and by its ability to allocate capital into the highest return opportunities available at any point in the cycle. As we evaluate the opportunities for expansion into AI, we are seeing improving economics per megawatt, driven by scale, power quality, and contracting structures, even as capital intensity increases. Despite this evolution, Bitcoin mining remains foundational to our business. We are fully operational, hashing every day, and gener...