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.
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. "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 Mining Assets (including prepaid deposits and deployed miners):...