Bitcoin miner CleanSpark ( CLSK ) recorded a net loss of $378.3 million in its fiscal second quarter, more than double the $138.8 million loss it reported in the same period a year ago, largely due to a sharp drop in the price of bitcoin.
On Monday, the Las Vegas-based miner Disclosure Results for the quarter ending March 31, 2026. It reported a loss of $224.1 million related to the fair value of its bitcoin holdings, about 60% of the total quarterly loss. The company held $925.2 million worth of BTC at the end of the quarter.
It reported a net loss of $1.52 per basic share in the fiscal second quarter, 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 Bitcoin-driven losses, CleanSpark grew its BTC holdings by 14% and increased its average monthly hashrate by 18% year-over-year.
Shares of KleinSpark fell in after-hours trading. Source: Yahoo Finance
Shares closed up 0.70% at $14.30 on Monday but fell 9.51% to $12.94 in after-hours trading after the earnings release.
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CleanSpark shifts to AI.
Like many of its peers, CleanSpark is pushing artificial intelligence and high-performance computing infrastructure. The company doubled its contracted MW year-over-year and secured 585 MW of ERCOT-approved capacity in Texas, while continuing to develop a site in Sandersville, Georgia.
“Our goals are clear: commercialize our applicable AI/HPC assets, grow the portfolio, and continue to mine effectively to power the CleanSpark transformation,” said CEO and Chairman Matt Schultz. 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 to $1.8 billion from $644.6 million six months ago.
Related: Saylor signals another bitcoin buy after signaling a sell in the 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, up sharply from $533.4 million a year earlier, as unrealized losses on its 38,689 bitcoin treasury dragged down the results. Revenue fell 18% year over year to $174.6 million, missing analysts’ 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, although its pivot to AI infrastructure showed early results, with HPC revenue reaching $21 million, about 60% of total revenue.
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