CleanSpark Reports $136.4 Million in Q2 Revenue; ERCOT Pipeline Expands to 585 MW

CleanSpark (NASDAQ: CLSK) announced its financial results for the second fiscal quarter ended March 31, 2026, today, detailing a strategic pivot toward AI and high-performance computing (HPC) infrastructure alongside its core Bitcoin mining operations.

The company reported quarterly revenues of $136.4 million, representing a 24.9% decrease from the $181.7 million generated in the same period last year. Other key financial metrics for the quarter included:

Net Loss: Reported at $378.3 million, or ($1.52) per basic share, compared to a net loss of $138.8 million in the prior year period.

Adjusted EBITDA: Decreased to ($241.2 million) from ($57.8 million) a year ago.

Bitcoin Fair Value: The company recorded a net loss of $224.1 million on the fair value of its Bitcoin holdings during the quarter.

CleanSpark continues to maintain a robust liquidity position to fund its "Bring Your Own Capacity" (BYOC) infrastructure model. The company ended the quarter with $1.0 billion in working capital.

Assets as of March 31, 2026, included:

Total Cash: $260.3 million.

Bitcoin HODL: $925.2 million in total value, an increase of 14% year over year.

Total Assets: $2.9 billion, including $807.9 million in mining assets and deposits.

Current Assets: $1.1 billion in total current assets.

The company's long-term debt, net of discounts, stood at $1.8 billion at the end of the period.

CleanSpark has doubled its megawatts (MW) under contract year over year, now controlling a portfolio of more than 1.8 GW of power and land across the United States. A significant portion of this growth is centered in the ERCOT market in Texas, where the company has 585 MW of approved capacity. This includes a recently approved 300 MW expansion for its facility in Brazoria. CEO Matt Schultz noted that the company is focused on commercializing assets applicable to AI and HPC workloads while maintaining efficiency in its mining operations. Construction is currently ongoing at the company's new parcel in Sandersville, and further progress has been reported regarding leasing and development in Georgia.