Crypto · 12 May, 2026 · 3 min read
CleanSpark Posts $378.3 Million Q2 Net Loss as Bitcoin Impairment Pressures Results
Net loss for Q2 2026 totaled $378.3 million. A $224.1 million impairment tied to Bitcoin fair value.
How much of the loss is 'damage' vs accounting marks.
10 of 12 outlets skipped it: AI/HPC segment had zero revenue as of March 31..
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One frames pain as operational reality; another stresses non-cash accounting.
CleanSpark’s Q2 Loss
CleanSpark posted a fiscal second-quarter net loss of $378.3 million, or $1.52 per basic share, for the quarter ended March 31, 2026, compared with a net loss of $138.8 million, or $0.49 per basic share, a year earlier. The company reported revenue of $136.4 million for the quarter ended March 31, 2026, down 24.9% from $181.7 million in the same period a year earlier, and it said the results included pressure from a $224.1 million Bitcoin impairment tied to the value of its crypto holdings during the quarter. CleanSpark said it mined 658 Bitcoin in March at an average operating hashrate of 47.3 EH/s, and it ended March with 13,561 Bitcoin on its balance sheet.
After the quarter closed, CleanSpark reported April production of 640 Bitcoin, and it said its total Bitcoin holdings stood at 13,453 BTC as of April 30. The earnings release also showed adjusted EBITDA fell to a loss of $241.2 million, compared with negative $57.8 million in the prior-year period, as shares fell about 6% in after-hours trading after the earnings release.
AI Pivot, Still Mining
CleanSpark continued shifting attention toward artificial intelligence and high-performance computing infrastructure while still mining Bitcoin, and it said it controls more than 1.8 gigawatts of power, land and data centers across the United States.
Chief Executive and Chairman Matt Schultz said the quarter advanced CleanSpark’s digital infrastructure transition across land and power development, leasing, financing and construction, and he framed the opportunity around rising AI compute demand constrained by access to energy and data center infrastructure.
CleanSpark received ERCOT approval for 300 megawatts at its Brazoria County, Texas campus, and the site was acquired in January as part of a deal covering up to 447 acres with potential expansion capacity of up to 600 megawatts.
The company also said it is developing a new parcel in Sandersville, Georgia, and it reported that as of March 31 it had zero revenue from AI or high-performance computing services.
In its earnings-call framing, CleanSpark’s President and Chief Financial Officer Gary Vecchiarelli said, “Mining funds the platform. AI monetizes it,” while also describing the balance sheet as a “core competitive advantage.”
Liquidity and the Next Quarter
CleanSpark ended the quarter with $260.3 million in cash and total current assets of $1.1 billion, and it said total assets were $2.9 billion with long-term debt of $1.8 billion and total liabilities of $1.9 billion. The company emphasized liquidity as it pursues expansion, and it said it ended the quarter with Bitcoin holdings valued at $925.2 million, alongside $260.3 million in cash. In a separate earnings-call transcript, CleanSpark’s executives described the net loss as including $263 million in non-cash GAAP mark-to-market adjustments on Bitcoin balances, and they said adjusted EBITDA was negative $241 million.
CleanSpark also reported that it had the full $400 million available on Bitcoin-backed lines of credit, and it said its digital asset management activities generated approximately $4 million in cash returns this quarter, pushing fiscal year-to-date returns to $17.2 million. Still, the earnings materials tied the quarter’s results to Bitcoin price volatility and said the average bitcoin price during the quarter was approximately $76,000, down from $100,000 in the prior quarter, as shares reacted to the earnings miss.