CleanSpark shares slide after reporting $378M fiscal second quarter loss
Written by Amin Haqshanas, Staff Writer. Reviewed by Bryan O'Shea, Staff Editor. Written by Amin Haqshanas, Staff Writer. Reviewed by Bryan O'Shea, Staff Editor. CleanSpark shares slide after reporting $378M fiscal second quarter lossLatest NewsPublishedMay 12, 2026CleanSpark posted a $378.3 million net loss in its fiscal second-quarter results, more than double the prior year, with nearly 60% tied to Bitcoin price declines.
Bitcoin miner CleanSpark (CLSK) recorded a net loss of $378.3 million in its fiscal second quarter, more than doubling the $138.8 million loss reported in the same period a year ago, largely due to a sharp drop in Bitcoin’s price.
On Monday, the Las Vegas-based miner disclosed the results for the quarter ended March 31, 2026. It reported a $224.1 million loss tied to the fair value of its Bitcoin holdings, accounting for nearly 60% of the total quarterly loss. The company held $925.2 million worth of BTC at quarter’s end.
It reported a fiscal second-quarter net loss of $1.52 per basic share, widening from a loss of $0.49 a year earlier. Revenue for the quarter ended March 31 was $136.4 million, down from $181.7 million a year earlier.
Despite the Bitcoin-driven losses, CleanSpark grew its BTC holdings by 14% and increased its average monthly hashrate by 18% year-over-year.
CleanSpark shares drop in after-hours trading. Source: Yahoo Finance
Shares closed up 0.70% at $14.30 on Monday but fell 9.51% in after-hours trading to $12.94 following the earnings release.
Related: Bitcoin Miner Bitdeer Liquidates Entire BTC Treasury, Holdings Fall to Zero
CleanSpark shifts toward AI
Like many of its peers, CleanSpark is pushing into artificial intelligence and high-performance computing infrastructure. The company doubled its contracted megawatts year-over-year and secured 585 megawatts of ERCOT-approved capacity in Texas, while continuing site development in Sandersville, Georgia.
“Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently to power CleanSpark's transformation,” CEO and chairman Matt Schultz said. The company ended the quarter with $260.3 million in cash and $2.9 billion in total assets, per the announcement. However, long-term debt nearly tripled, from $644.6 million to $1.8 billion, six months prior.
Related: Saylor signals another Bitcoin buy after hinting at selling in Q1 earnings call
More miners see quarterly losses
As Cointelegraph reported, MARA Holdings posted a $1.3 billion loss for the first quarter of 2026, widening sharply from $533.4 million a year earlier, as unrealized losses on its 38,689 Bitcoin treasury dragged on results. Revenue fell 18% year-on-year to $174.6 million, missing analyst expectations of $192.7 million.
TeraWulf also recorded a net loss of $427 million in the same quarter, up from $61.4 million a year earlier, though its pivot to AI infrastructure showed early results, with HPC revenue hitting $21 million, roughly 60% of total revenue.
Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt
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