CleanSpark Q2 Net Loss Widens to $378.3M

CleanSpark, a leading Bitcoin mining company, reported a fiscal second-quarter net loss of $378.3 million for the period ended March 31, 2026, more than double the $138.8 million loss from the same quarter a year earlier. The Las Vegas-based firm disclosed the results on Monday, with shares falling about 10 percent in premarket trading to $12.82 after closing at $14.30 the previous day.

The widened loss, or $1.52 per basic share compared to $0.49 per share a year ago, stemmed largely from a $224.1 million decline in the fair value of its Bitcoin holdings, which accounted for nearly 60 percent of the total. Revenue dropped 25 percent year over year to $136.4 million from $181.7 million, missing analyst expectations around $139 million to $152 million. The company attributed the revenue decline to lower average Bitcoin prices, which averaged about $76,000 during the quarter, down from roughly $100,000 in the prior period.

Despite the financial pressures, CleanSpark expanded its operations. It increased Bitcoin holdings 14 percent year over year to 13,561 BTC, valued at $925.2 million at quarter's end, and boosted average monthly hashrate 18 percent. The firm mined 1,799 Bitcoin in...