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 core focus on bitcoin mining and new acquisitions in Texas and Tennessee.

• Q2 FY2026 saw a significant sequential and year-over-year decline in revenue and profitability, with net losses deepening and adjusted EBITDA turning more negative.

• Operating mining units delivered 47.3 EH/s, with 224,473 miners in service and a total contracted power capacity of 1,809 MW.

• Maintained strong liquidity and financial discipline, supported by substantial cash reserves and bitcoin holdings.

• Strong community engagement and local economic contributions underpin expansion and site development strategies.

Financial highlights

• Q2 FY2026 revenue was $136.4 million, down 24.9% year-over-year and 25% sequentially, primarily due to a sharp decline in bitcoin prices.

• Gross margin for Q2 FY2026 was 40%, down from 47% in the prior quarter and 53% a year ago.

• Net loss for Q2 FY2026 was $378.3 million, compared to $138.8 million a year ago, driven by a $224.1 million loss on fair value of bitcoin.

• Adjusted EBITDA for Q2 FY2026 was negative $241.2 million, an improvement from negative $295 million last quarter but down from negative $57.8 million a year ago.

• Cash and cash equivalents at quarter-end were $260.3 million; bitcoin holdings valued at $925 million, with working capital at $1.0 billion.

Outlook and guidance

• Anticipates continued strong demand for compute and data center capacity, with a development platform exceeding 2 GW and a pipeline of over 5 GW of potential power.

• Plans to commercialize AI/HPC assets and continue efficient bitcoin mining, with modular construction expected to improve efficiency and reduce labor needs.

• Existing liquidity, bitcoin holdings, and unused credit lines are expected to cover operational needs for at least the next 12 months.