Quarterly ResultMay 11, 2026, 05:02 PM
CleanSpark Q2 Net Loss $757.05M; Bitcoin Revenue Down 7.6%
AI Summary
CleanSpark, Inc. reported a substantial net loss of $757.05 million for the six months ended March 31, 2026, a significant reversal from a net income of $108.00 million in the same period last year. This loss was primarily driven by a $470.94 million loss on the fair value of bitcoin and a sharp increase in total costs and expenses. Despite the operational challenges, the company's cash and cash equivalents saw a notable increase, largely due to proceeds from debt financing, while long-term debt also rose significantly.
Key Highlights
- CleanSpark reported a net loss of $757.05 million for the six months ended March 31, 2026, compared to a net income of $108.00 million in the prior year period.
- Bitcoin mining revenue, net, decreased to $317.59 million for the six months ended March 31, 2026, from $344.02 million in the prior year.
- The company recorded a $470.94 million loss on the fair value of bitcoin, net, for the six months ended March 31, 2026, a significant swing from a $90.54 million gain in the prior year.
- Total costs and expenses surged to $979.82 million for the six months ended March 31, 2026, up from $272.07 million.
- Cash and cash equivalents increased to $260.29 million as of March 31, 2026, from $42.97 million as of September 30, 2025.
- Long-term debt, net, significantly increased to $1.79 billion as of March 31, 2026, from $644.59 million as of September 30, 2025.
- Total stockholders' equity decreased to $986.16 million as of March 31, 2026, from $2.18 billion as of September 30, 2025.
- Basic loss per common share was $2.86 for the six months ended March 31, 2026, compared to $0.36 income per share in the prior year.