LAS VEGAS, May 12, 2026, 02:24 PDT
- CleanSpark posted a 24.9% slide in fiscal second-quarter revenue, coming in at $136.4 million. Net loss ballooned, reaching $378.3 million.
- The company logged a $224.1 million fair-value loss on bitcoin—a non-cash, mark-to-market charge tied to revaluing its bitcoin stash at the end of the quarter.
- CleanSpark is making a move into AI and high-performance computing, but as of March 31, the company reported zero revenue from that segment, according to its filing.
CleanSpark, Inc. posted a deeper net loss for its fiscal second quarter, hit by sliding bitcoin prices that knocked down the value of its digital assets. The miner still pushed forward with efforts to convert energy-hungry sites into AI-focused data centers. Revenue slipped to $136.4 million for the quarter ended March 31, compared with $181.7 million in the same period last year. Net loss ballooned to $378.3 million, or $1.52 per basic share, from $138.8 million, or 49 cents.
The timing is key: CleanSpark wants to shed its image as just a bitcoin miner, right when balance sheets loaded with bitcoin are making earnings especially volatile. Fair-value losses show up on paper—they don’t necessarily mean coins were offloaded. Still, when bitcoin drops, those marks can hit reported profit hard.
The company reported mining 1,795 bitcoin during the quarter, with an average price of $75,989. That’s down from 1,957 bitcoin a year ago, when the average price was $92,870. In its filing, CleanSpark pointed to global hashrate growth outpacing its own expansion, eroding its slice of network rewards.
Margins shrank. CleanSpark reported a direct energy outlay of $45,411 for each bitcoin it mined, while factoring in miner depreciation sent the direct cost soaring to $103,440—well past the $75,827 average revenue per coin at its facilities. Energy alone now eats up 59.9% of mining revenue, up from 46.0% a year ago.
The numbers on the balance sheet tell the other side. As of March, CleanSpark held $260.3 million in cash. The company’s bitcoin, counting collateral, was valued at $925.2 million. Working capital landed at $1.0 billion, while long-term debt stood at $1.8 billion.
Early Tuesday, bitcoin traded close to $80,738, up from the $68,200 valuation CleanSpark relied on as of March 31. If prices stay elevated, that might relieve some upcoming valuation pressure, but so far the company hasn’t disclosed a gain since the quarter ended.
CleanSpark CEO Matt Schultz said the company is aiming to “commercialize our AI/HPC-applicable assets” and keep mining operations running efficiently. President and chief financial officer Gary Vecchiarelli described the balance sheet as a “core competitive advantage,” with the firm seeking out new power and land expansion options. CleanSpark Investors
The AI initiative is very much in its infancy. As of March 31, CleanSpark’s 10-Q showed zero revenue from AI or high-performance computing (HPC) services, though the company was considering ways to convert or develop some of its current sites for such uses. The filing pointed to a property in Brazoria County, Texas, with around 300 megawatts of power and potential to double that to roughly 600 megawatts, along with another location in Austin County where about 285 megawatts of capacity are planned.
The peer comparison isn’t exactly apples-to-apples, but it stands out. MARA Holdings posted first-quarter revenue of $174.6 million, with a net loss to common stockholders landing at $1.26 billion. The company also noted it’s moving into AI and HPC, in addition to its core bitcoin mining business.
James Butterfill, CoinShares’ Head of Research, said in a recent mining report that a segment of miners is shifting toward data-center operations alongside bitcoin mining. “Others, like CleanSpark,” he noted, remain focused on mining in the short term, easing into AI exposure over time. CleanSpark, then, lands squarely in the middle of this divide. CoinShares
Timing is a key concern here. CleanSpark hasn’t recorded any AI or HPC services revenue so far. Its variable power contracts leave it exposed to swings in electricity prices. The company itself highlights bitcoin volatility, tougher mining conditions, and a lack of deep experience in HPC and AI as risks. Delays in lease signings, a weaker bitcoin price, or increased network difficulty could all weigh on earnings.
At this stage, it’s bitcoin mining doing the heavy lifting. CleanSpark’s tally stands to benefit if bitcoin rallies further, yet those AI lease revenues haven’t materialized. For the moment, it’s a mining operation with a data-center angle that’s not fully realized.
