CleanSpark reported a net loss of $378.3 million for its fiscal second quarter ended March 31, 2026, as reported by Google Finance. The loss more than doubled from $138.8 million in the same quarter last year, representing a significant deterioration in the company's financial position. Revenue declined 24.9% year over year to $136.4 million, compared with $181.7 million in the prior-year quarter. The company also reported a loss of $1.52 per basic share, which was wider than the $0.49 per-share loss in the prior-year quarter. Cost of revenues totaled $81.7 million, while depreciation and amortization rose to $115.9 million as the company added mining equipment. Adjusted EBITDA, which excludes noncash items including the bitcoin fair-value adjustment, was negative $241.2 million for the quarter versus negative $57.8 million a year earlier.
The quarter included a $224.1 million loss tied to the fair value of Bitcoin holdings, according to Google Finance data. This represented nearly 60% of the total quarterly loss and followed weaker Bitcoin prices during the reporting period. Despite the mark-to-market pressure, CleanSpark still grew its Bitcoin position, with BTC holdings rising 14% year over year. The company ended the quarter with $925.2 million in Bitcoin and $260.3 million in cash. Average monthly hashrate increased 18% during the quarter. Falling Bitcoin values combined with approximately $263 million in non-cash mark-to-market adjustments on holdings drove the substantial net loss. Total assets were $2.9 billion, with long-term debt at $1.79 billion and total stockholders' equity of $986.2 million.
CleanSpark shares fell 9.09% following the weaker revenue and deeper losses, as reported by StockTitan Argus. The stock is currently trading at $13.00, reflecting a notable negative market reaction that has removed approximately $366 million from the company's valuation. The stock had closed at $14.30 on May 11, up 0.70% for the regular session. Google Finance listed CleanSpark's market cap at approximately $3.66 billion, with a 52-week range between $8.00 and $23.61. The share movement reflected investor concerns over the company's financial performance amid challenging market conditions. Working capital was reported at $1.0 billion. However, shares are rising Monday as traders position ahead of the company's Q2 earnings release after the close, with the stock scheduled to present at the B. Riley Annual Investor Conference on May 21, 2026.
Despite the financial challenges, CleanSpark is expanding its artificial intelligence and high-performance computing infrastructure. According to Google Finance, the company doubled contracted megawatts year over year and secured 585 megawatts of ERCOT-approved capacity in Texas. CEO Matt Schultz highlighted four focus areas: land and power development, leasing, financing and construction, and outlined objectives to commercialize AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently. The company obtained ERCOT approval for an additional 300 MW in Brazoria and continued development work in Sandersville, Georgia. CleanSpark controls more than 1.8 gigawatts of power, land and data-center assets across the U.S. Chief Financial Officer Gary Vecchiarelli noted the company maintains nearly $1.2 billion in liquidity, with management prioritizing leveraging this capacity to monetize energy baseloads through high-performance computing and artificial intelligence infrastructure development.
