Bitcoin Miner Cleanspark Posts $378M Loss In Q2
Key receivers
Cleanspark posted revenue of $136.4M in Q2 FY2026, a 24.9% year-over-year decline at Bitcoin inflation.A $224.1M non-cash Bitcoin fair value loss pushed Cleanspark's net loss to $378.3M for the March 2026 quarter.CEO Matt Schultz has targeted the AI/HPC business, and Cleanspark has doubled in contract MW with 585 MW of ERCOT capacity.
Cleanspark posts a loss of $378 million in Q2 Bitcoin Actual value swing results results
Cleanspark's (Nasdaq: CLSK ) quarterly revenue was $136.4 million, down $45.3 million, or 24.9%, from $181.7 million in the same period a year ago. The decline is reflected bitcoin Despite job growth in the company's U.S. mining portfolio, price volatility and increasing network complexity.
Net loss was $1.52 per basic share, compared to a loss of $0.49 in the year-ago quarter. Cost of revenues totaled $81.7 million and depreciation and amortization totaled $115.9 million.
Adjusted EBITDA, a non-GAAP measure including non-cash items bitcoin Fair value adjustment was negative $241.2 million, compared to negative $57.8 million last year.
On the balance sheet, Cleanspark has As of March 31, 2026, it holds $260.3 million in cash and $925.2 million in bitcoin. That bitcoin figure represents a 14 percent year-over-year increase. Total assets are $2.9 billion, long-term debt is $1.79 billion, and total equity is $986.2 million. The company reported a working capital of $1 billion.
In practice, the mine's average monthly hashrate has increased by up to 18 percent year-on-year. Megawatts under contract have doubled over the same period, including 585 megawatts of ERCOT-licensed capacity in Texas. Cleanspark has secured an ERCOT permit for 300MW in Brazoria and continues leasing progress, including construction work in Sanderville, Georgia.
CEO and Chairman Matt Schultz identified four areas of growth.
“This quarter, we accelerated the evolution of digital infrastructure in four key areas: land and power development, ERCOT's 300MW in Brazoria, leasing, progress in Georgia and beyond, financing, as market conditions continue to be constructive, and construction, as we continue to develop the new parcel in Sanderville,” he said.
Schultz added:
“Our goal is clear: market our AI/HPC-enabled assets, grow the portfolio, and continue mining efficiently.”
President and CFO Gary Vecchiarelli called the balance sheet a competitive advantage heading into the company's next phase. Cleanspark said it ended the quarter with sufficient liquidity on recent performance as demand for artificial intelligence (AI) and high-performance computing (HPC) infrastructure grew.
The company says it controls more than 1.8 gigawatts of power, land and data center assets across the United States. Cleanspark's release lays the foundation for its low-cost energy infrastructure for both Bitcoin mining and potential AI and HPC workloads, with on-site business optimization initiatives underway.
The company also expressed uncertainty over tariff liability on purchased miners from 2024.
