Bitcoin mining company CleanSpark (CLSK) reported a net loss of $378.3 million in its fiscal second quarter, more than double the $138.8 million loss recorded in the same period last year, largely due to the sharp decline in the price of bitcoin.
The Las Vegas-based mining company on Monday disclosed results for the quarter ending March 31, 2026. It reported a loss of $224.1 million linked to the fair value of its bitcoin holdings, representing nearly 60% of the total quarterly loss. The company owned $925.2 million worth of BTC at the end of the quarter.
It announced a net loss in the second quarter of the fiscal year of $1.52 per basic share, compared to a loss of $0.49 in the previous year. Revenue for the quarter ended March 31 was $136.4 million, down from $181.7 million a year earlier..
Despite the losses from Bitcoin, CleanSpark increased its Bitcoin holdings by 14% and its average monthly hash rate increased by 18% year over year.
CleanSpark shares fall in after-hours trading. source: Yahoo Finance
Shares closed 0.70% higher at $14.30 on Monday but fell 9.51% in after-hours trading to $12.94 after the earnings announcement.
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CleanSpark is shifting towards artificial intelligence
Like many of its peers, CleanSpark is moving toward artificial intelligence and high-performance computing infrastructure. The company doubled its contracted megawatts year over year and secured 585 MW of ERCOT-certified capacity in Texas, while continuing to develop the site in Sandersville, Georgia.
“Our goals are clear: commercialize our viable AI/HPC assets, grow the portfolio, and continue mining efficiently to support CleanSpark’s transformation,” said Matt Schultz, CEO and Chairman of the Board. The company ended the quarter with $260.3 million in cash and $2.9 billion in total assets, according to the announcement. However, long-term debt nearly tripled, from $644.6 million to $1.8 billion, six months ago.
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More miners see quarterly losses
As Cointelegraph reported, MARA Holdings posted a loss of $1.3 billion in the first quarter of 2026, widening sharply from $533.4 million a year earlier, as unrealized losses on its Bitcoin treasury of $38,689 weighed on results. Revenue fell 18% year over year to $174.6 million, missing analysts’ expectations of $192.7 million.
TeraWulf also posted a net loss of $427 million in the same quarter, up from $61.4 million a year earlier, though its AI infrastructure pivot showed early results, with high-performance computing revenue reaching $21 million, nearly 60% of total revenue.
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