CleanSpark, Inc. reported significant financial challenges in its latest quarterly filing for the period ending June 30, 2026. The company generated $138.0 million in bitcoin mining revenue for the quarter, a decrease of 31% from $198.6 million in the same period last year. For the nine months ending June 30, 2026, total revenue was $455.6 million, down 16% from $542.7 million in the prior year. The decline in revenue was attributed to a combination of lower bitcoin prices and reduced mining output, with the average bitcoin price dropping from $98,736 to $71,881 year-over-year.
The company's operational costs also saw fluctuations, with total costs and expenses reaching $370.4 million for the quarter, compared to a negative expense of $47.5 million in the previous year, largely due to a significant loss on the fair value of bitcoin. This resulted in a net loss of $239.8 million for the quarter, contrasting sharply with a net income of $257.4 million in the same quarter of 2025. For the nine-month period, CleanSpark reported a net loss of $996.9 million, compared to a profit of $365.4 million in the prior year.
In terms of strategic developments, CleanSpark has been actively expanding its data center operations, particularly in the AI and high-performance computing (HPC) sectors. The company recently entered into a 20-year lease agreement for a new data center in Sandersville, Georgia, which is expected to support 175 MW of IT load. This move marks a significant shift in the company's strategy, as it aims to diversify its operations beyond bitcoin mining. The company is also in the process of evaluating additional properties for potential development in Texas and South Dakota.
Operationally, CleanSpark reported a decrease in its bitcoin holdings, with 12,205 bitcoins valued at approximately $714.3 million as of June 30, 2026, down from 10,428 bitcoins valued at $1.2 billion the previous year. The company also noted a significant reduction in its receivable from bitcoin collateral, which fell to $100.6 million from $294.6 million. The total number of miners in service decreased to 225,137, down from 241,227, reflecting ongoing optimization efforts.
Looking ahead, CleanSpark's management expressed cautious optimism about its future operations, emphasizing the need for additional capital to fund the development of its new data center projects. The company plans to explore various financing options, including project-based debt financing, to support its growth initiatives. However, management acknowledged the potential challenges posed by market volatility, regulatory changes, and the competitive landscape in both the bitcoin mining and data center sectors.
About CLEANSPARK, INC.
CleanSpark, Inc. is a U.S.-based bitcoin mining company operating a portfolio of proprietary data centers across multiple states, including Georgia, Tennessee, Mississippi, and Wyoming. It deploys high-efficiency ASIC mining equipment to contribute computing power to a mining pool operator, generating bitcoin rewards. The company focuses on operational efficiency, energy management, and infrastructure ownership to support scalable bitcoin mining, serving the global digital asset ecosystem through a proof-of-work consensus model.
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