CleanSpark, a U.S. Bitcoin mining company, reported a net loss of $378.3 million for its fiscal second quarter ending March 31, 2026, a steep increase from the $138.8 million loss a year earlier. The loss per share of $1.52 far exceeded analyst estimates of a $0.41 loss. Revenue fell 25% year-over-year to $136.4 million, missing expectations of $154.3 million. The bottom line was heavily impacted by a $224.1 million non-cash fair value loss on Bitcoin holdings. Despite the losses, CleanSpark strengthened its balance sheet: Bitcoin holdings rose 14% to $925.2 million, total assets reached $2.9 billion, and long-term debt stood at $1.8 billion. The company is pivoting toward AI and high-performance computing (HPC) infrastructure, doubling its megawatts under contract and joining a broader industry trend of leasing computing power for AI data centers. With Bitcoin mining costs averaging $88,000 per coin versus Bitcoin's price around $80,000, many miners are operating at a loss, driving the shift to AI. CleanSpark's stock fell over 9.4% in pre-market trading following the announcement.

Key facts

• Net loss widened to $378.3M from $138.8M a year ago, driven by $224.1M Bitcoin fair value loss.
• Quarterly revenue fell 25% YoY to $136.4M, missing estimates of $154.3M.
• Bitcoin holdings grew 14% to $925.2M; total assets $2.9B, long-term debt $1.8B.
• CleanSpark expands AI/HPC infrastructure, doubling contract megawatts.
• Mining cost of ~$88,000/BTC exceeds current price ~$80,000, pressuring miners.

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