Bitcoin mining firm CleanSpark (CLSK) posted a net loss of $378.3 million for its fiscal second quarter, more than double the $138.8 million loss recorded during the same period last year, as falling Bitcoin prices weighed heavily on its results.
In earnings released Monday, the Las Vegas-based company said the quarter ending March 31, 2026 included a $224.1 million loss related to the fair value adjustment of its Bitcoin holdings, which made up nearly 60% of the total quarterly loss. CleanSpark reported holding $925.2 million worth of Bitcoin at the end of the quarter.
The miner posted a net loss of $1.52 per basic share, compared with a loss of $0.49 per share a year earlier. Quarterly revenue also declined, falling to $136.4 million from $181.7 million in the same quarter last year.
Despite the losses tied to Bitcoin’s price decline, CleanSpark increased its BTC reserves by 14% and boosted its average monthly hashrate by 18% year-over-year.
CleanSpark shares closed 0.70% higher at $14.30 on Monday before dropping 9.51% in after-hours trading to $12.94 following the company’s earnings report.
CleanSpark expands AI ambitions
Like several Bitcoin mining firms, CleanSpark is increasingly focusing on artificial intelligence and high-performance computing infrastructure. During the quarter, the company doubled its contracted megawatt capacity year-over-year and secured 585 megawatts of ERCOT-approved power capacity in Texas, while continuing development at its Sandersville, Georgia site.
“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.
According to the company, it finished the quarter with $260.3 million in cash and total assets valued at $2.9 billion. However, its long-term debt surged to $1.8 billion, nearly triple the $644.6 million reported six months earlier.
Other Bitcoin miners also post heavy losses
Other crypto mining firms have also reported significant quarterly losses. Earlier, MARA Holdings disclosed a $1.3 billion loss for the first quarter of 2026, sharply wider than the $533.4 million loss recorded a year ago. The decline was largely driven by unrealized losses tied to its 38,689 Bitcoin treasury. Revenue fell 18% year-over-year to $174.6 million, below analyst estimates of $192.7 million.
Meanwhile, TeraWulf posted a net loss of $427 million for the same quarter, compared with a $61.4 million loss a year earlier. Still, the company’s move into AI infrastructure showed early momentum, with high-performance computing revenue reaching $21 million — about 60% of its total revenue.
