Bitcoin mining firm CleanSpark reported a significant widening of its net loss for the fiscal second quarter of 2026, driven by a $224.1 million impairment on its Bitcoin holdings and a sharp revenue decline. The company posted a net loss of $378.3 million, or $1.52 per basic share, compared with a loss of $138.8 million a year earlier, missing analyst expectations of a $0.41 per share loss.
Revenue fell 24.9% to $136.4 million from $181.7 million in the prior-year period, also below estimates of $152.32 million. The results were pressured by lower Bitcoin mining output, higher costs, and the impairment charge reflecting the decline in Bitcoin's price during the quarter. CleanSpark ended March with 13,561 Bitcoin valued at $925.2 million, alongside $260.3 million in cash.
Adjusted EBITDA turned negative, reaching a loss of $241.2 million compared with negative $57.8 million a year ago. The company mined 658 Bitcoin in March at an average hashrate of 47.3 EH/s. After the quarter closed, April production stood at 640 Bitcoin with an operational hashrate of 50.0 EH/s.
CleanSpark continues to pivot toward artificial intelligence and high‑performance computing, receiving ERCOT approval for 300 MW at its Brazoria County, Texas campus. CEO Matt Schultz highlighted progress in land, power, leasing, financing, and construction, aiming to commercialize infrastructure assets beyond Bitcoin mining. Shares fell about 6% in after‑hours trading following the release.
