CleanSpark fiscal loss hit $378.3 million in the quarter ended March. The Las Vegas miner posted the result on Monday, more than double the $138.8 million recorded in the same period a year earlier. Bitcoin’s mark-to-market accounted for nearly 60% of the total.
The company took a $224.1 million fair value write-down on its Bitcoin holdings during the fiscal second quarter. It held $925.2 million worth of BTC at quarter-end. Revenue dropped to $136.4 million from $181.7 million in the prior year.
The CleanSpark Fiscal Loss Breakdown
| Metric | Q2 FY26 | Q2 FY25 | Change |
|---|---|---|---|
| Net Loss | $378.3M | $138.8M | +172% |
| Loss Per Share | $1.52 | $0.49 | +210% |
| Revenue | $136.4M | $181.7M | -25% |
| BTC Fair Value Loss | $224.1M | N/A | N/A |
| Long-Term Debt | $1.8B | $644.6M | +179% |
The CleanSpark fiscal loss translated to $1.52 per basic share, up from $0.49 in the prior-year period. Shares closed Monday up 0.70% at $14.30 but dropped 9.51% in overnight trading to $12.94 after the release.
Hashrate and Holdings Grew Despite the Print
CleanSpark grew its BTC holdings by 14% and increased average monthly hashrate by 18% year-on-year. The operational expansion continued despite the loss. Total assets stood at $2.9 billion at quarter-end, with $260.3 million in cash. Long-term debt nearly tripled over the six months prior, from $644.6 million to $1.8 billion.
The miner is pivoting toward artificial intelligence and high-performance computing infrastructure. It doubled contracted megawatts year-over-year and secured 585 megawatts of ERCOT-approved capacity in Texas. Site development continues in Sandersville, Georgia.
The AI Pivot
CEO and chairman Matt Schultz framed the quarter around commercialising AI and HPC-applicable assets. The company is following the broader miner playbook of diversifying revenue streams beyond pure Bitcoin production. CleanSpark is not alone in absorbing unrealised BTC losses this cycle.
MARA Holdings posted a $1.3 billion loss for the first quarter of 2026, widening from $533.4 million a year earlier, driven by unrealised losses on its 38,689 Bitcoin treasury. Revenue fell 18% to $174.6 million, missing the consensus. TeraWulf recorded a $427 million net loss in the same quarter, up from $61.4 million, though HPC revenue hit $21 million, roughly 60% of total revenue.
The Read
The sector is caught between two regimes. Bitcoin production economics remain under pressure. The pivot to AI and HPC is live but early. CleanSpark’s hashrate growth shows operational momentum, but the debt stack nearly tripling in six months is the line item that matters. The question is whether the AI revenue ramps before the debt service becomes a problem.
Next catalyst: the fiscal third-quarter print. That will show whether the Texas capacity starts generating HPC revenue or whether this is still a Bitcoin mining operation carrying a heavier balance sheet into a structurally tougher environment.
This article is for information purposes only and does not constitute investment advice. Readers should not act on any information contained here without first consulting an authorised financial adviser. Past performance is not a reliable indicator of future results.
