CleanSpark, Inc. reported significant financial results for the second quarter of fiscal year 2026, ending March 31, 2026, with total revenues from bitcoin mining amounting to $136.4 million, a decrease of 25% from $181.7 million in the same period last year. The decline in revenue was attributed to a drop in both the average bitcoin price, which fell to $75,989 from $92,870, and the total bitcoin mined, which decreased to 1,795 from 1,957. The company's net loss for the quarter was $378.3 million, compared to a loss of $138.8 million in the prior year, reflecting a substantial increase in operational costs and losses on bitcoin collateral.
In terms of operational metrics, CleanSpark's total current assets as of March 31, 2026, were reported at $1.1 billion, a decrease from $1.3 billion at the end of the previous fiscal year. The company held approximately 11,920 bitcoins, with a fair value of $813.2 million, down from $1.2 billion in the prior period. The company's liabilities also increased significantly, totaling $1.9 billion, primarily due to a rise in long-term debt, which reached $1.8 billion, compared to $644.6 million in the previous fiscal year.
Strategically, CleanSpark has been expanding its operations, acquiring properties in Texas to support the development of new data centers aimed at high-performance computing (HPC) and artificial intelligence (AI) workloads. The company completed acquisitions in Brazoria and Austin Counties, Texas, which are expected to enhance its infrastructure and power capacity. As of March 31, 2026, CleanSpark operated 326,885 miners, with 224,473 in service, and achieved a peak hashrate of 50 EH/s during the previous fiscal year.
The filing also highlighted a significant increase in professional fees and payroll expenses, which rose by 224% and 63%, respectively, due to higher consulting costs related to the company's HPC and AI initiatives and increased headcount. Additionally, the company reported a loss of $224.1 million on the fair value of bitcoin, reflecting the volatility in bitcoin prices. Looking ahead, CleanSpark anticipates continued growth in its bitcoin mining operations and further development in the HPC and AI sectors, although it acknowledges the challenges posed by market conditions and competition in the cryptocurrency space.
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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