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 overnight trading. Source: Yahoo! Finance
Shares closed up 0.70% at $14.30 on Monday but fell 9.51% in overnight 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.
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