CleanSpark (CLSK) Q2 2026 earnings summary

Executive summary

• Continued transformation into a digital infrastructure and data center development company, expanding into AI and HPC markets while maintaining a focus on bitcoin mining and new acquisitions in Texas and Tennessee.

• Doubled megawatts under contract year-over-year, including 585 MW of ERCOT-approved capacity, and increased Bitcoin holdings by 14% and average monthly hashrate by 18% year-over-year.

• Maintained strong liquidity and financial discipline to support growth, capital allocation, and ongoing infrastructure expansion.

• No revenue yet from AI/HPC services; all revenue derived from bitcoin mining via a single pool operator.

Financial highlights

• Q2 2026 revenue was $136.4 million, down 24.9% year-over-year and 25% sequentially, driven by a 24% drop in average Bitcoin price.

• Net loss widened to $378.3 million, or $1.52 per share, compared to $138.8 million or $0.49 per share a year ago.

• Adjusted EBITDA was negative $241.2 million, an improvement from negative $295 million last quarter but down from negative $57.8 million a year ago.

• Gross margin declined to 40% in Q2 2026 from 47% in Q1 and 53% in Q2 2025.

• Cash and cash equivalents at quarter-end were $260.3 million; Bitcoin holdings valued at $925.2 million.

Outlook and guidance

• Strong liquidity position with $1.2 billion, including $260 million in cash and 13,561 Bitcoin valued at $925 million as of March 31, 2026.

• Ongoing business development and site expansion initiatives expected to provide upside to the 2+ GW development platform.

• Plans to commercialize AI/HPC assets and continue efficient Bitcoin mining, with conservative capital deployment until leases are signed.

• Entire $400 million Bitcoin-backed credit line remains available, supporting future land and power acquisitions.