Cleanspark reported a $378.3 million net loss for its second fiscal quarter ended March 31, 2026, as a $224.1 million non-cash loss on bitcoin fair value weighed heavily on results even as the company expanded its hashrate and power capacity.
Cleanspark’s (Nasdaq: CLSK) Revenue for the quarter came in at $136.4 million, down $45.3 million, or 24.9%, from $181.7 million in the same period a year earlier. The decline reflected bitcoin price dynamics and rising network difficulty despite operational growth across the company’s U.S. mining portfolio.
The net loss was $1.52 per basic share compared to a loss of $0.49 per share in the prior year quarter. Cost of revenues totaled $81.7 million, while depreciation and amortization reached $115.9 million, a figure that climbed with the firm’s ongoing fleet expansion.
Adjusted EBITDA, a non-GAAP measure that strips out non-cash items including the bitcoin fair value adjustment, came in at negative $241.2 million compared to negative $57.8 million in the year-ago period.
On the balance sheet, Cleanspark held $260.3 million in cash and $925.2 million in bitcoin as of March 31, 2026. That bitcoin figure represents a 14% increase year-over-year. Total assets stood at $2.9 billion, with long-term debt of $1.79 billion and total stockholders’ equity of $986.2 million. The company reported working capital of $1 billion.
