Cleanspark NASDAQ: CLSK reported fiscal second-quarter 2026 results while emphasizing its ongoing shift from a bitcoin mining-focused operator toward a broader digital infrastructure and data center development platform aimed at serving artificial intelligence and high-performance computing demand.
Matthew Schultz, CleanSpark’s Chairman and Chief Executive Officer, said the quarter marked “continued meaningful progress” in the company’s evolution into “a digital infrastructure and data center development company.” He framed the opportunity around rising AI compute demand, which he said is increasingly constrained by access to energy and data center infrastructure.
“Power and infrastructure are at the heart of the supply squeeze,” Schultz said, adding that CleanSpark’s history operating energy-intensive infrastructure gives it a foundation for pursuing AI and HPC projects.
CleanSpark Highlights 1.8 GW of Contracted Capacity
Schultz said CleanSpark has 1.8 gigawatts of currently contracted capacity, a figure he said includes only capacity that is “fully contracted and approved” and excludes a multi-gigawatt growth pipeline and potential expansions at existing facilities.
The company added 25 megawatts of contracted capacity to one of its metro Atlanta locations during the quarter, which Schultz said makes the site more attractive for HPC use. He said prospective tenants are increasingly engaging with CleanSpark on a portfolio basis rather than focusing only on a single location.
At Sandersville, Georgia, Schultz said all 250 megawatts are live and that the company closed in January on an additional 122-acre parcel needed to support a full greenfield data center build. CleanSpark received multiple indications of interest for the site, including from “high credit quality tenants,” and is progressing with a lead prospective tenant, he said.
“We understand their engineering requirements and their basis of design,” Schultz said. “In parallel, we have been negotiating the commercial relationship and the associated suite of contracts.”
Schultz also discussed CleanSpark’s developing Houston-area infrastructure hub. Sealy has 285 megawatts approved, with just over 200 megawatts scheduled to come online in the first half of 2027, and substation construction is underway. Brazoria has 600 megawatts across two phases, with ERCOT approval already received for the first 300 megawatts and the second 300 megawatts under review.
Bitcoin Price Decline Weighs on Revenue
Gary Vecchiarelli, CleanSpark’s President and Chief Financial Officer, said mining remains foundational to the business and is expected to help fund the company’s AI and HPC development strategy.
“Mining funds the platform. AI monetizes it,” Vecchiarelli said.
For the fiscal second quarter, CleanSpark’s revenue fell by approximately $45 million, or 25%, compared with the immediately preceding quarter, which Vecchiarelli attributed directly to a lower average bitcoin price. The average bitcoin price during the quarter was approximately $76,000, down from $100,000 in the prior quarter.
CleanSpark mined 1,799 bitcoin during the quarter, only 22 fewer than in the prior quarter. Vecchiarelli said that reflected flatter network hash rate growth and strong operational uptime. Gross margin remained above 40%, down from 47% in the prior quarter. Power prices improved to $0.052 per kilowatt hour from $0.056 in the prior quarter.
Compared with the same quarter last year, Vecchiarelli said revenue declined about $45 million, or 25%, to $136 million. Bitcoin production fell approximately 7% year over year due to difficulty, while power prices improved from $0.06 per kilowatt hour in the prior-year period.
Net Loss Includes Bitcoin Mark-to-Market Charges
CleanSpark reported a net loss of approximately $378 million for the quarter, flat with the prior quarter’s net loss. Vecchiarelli said the current quarter included about $263 million of unfavorable non-cash charges related to GAAP mark-to-market adjustments on bitcoin balances.
Adjusted EBITDA was negative $241 million, compared with negative $295 million in the prior quarter. Vecchiarelli said the change reflected the drop from bitcoin highs of approximately $126,000 in early fiscal first quarter.
As of March 31, CleanSpark had nearly $1.2 billion of liquidity, consisting of $260 million in cash and 13,561 bitcoin valued at $925 million. Vecchiarelli said the value of the company’s bitcoin holdings had risen to approximately $1.1 billion as of the call, following a recovery in bitcoin prices after quarter-end. He also said the company has the full $400 million capacity available under its bitcoin-backed lines of credit.
CleanSpark’s digital asset management activities generated approximately $4 million of net positive cash returns during the quarter, bringing fiscal year-to-date cash generated from those activities to $17.2 million. Vecchiarelli said the company is using less than 40% of its bitcoin balance in those strategies.
Management Sees Multiple Paths for Mining and AI
During the question-and-answer session, Schultz and Vecchiarelli discussed additional sites that could have AI or HPC potential. Schultz identified Washington, with 86 megawatts of energized capacity and a line study underway for possible expansion, as “the next highest probability” site after the company’s more prominent projects. He also cited 60 megawatts in Jackson, Tennessee, and 110 megawatts in Cheyenne, Wyoming, where he said CleanSpark is a fence-line neighbor with another hyperscaler.
Vecchiarelli said CleanSpark has deployed about $200 million at Sandersville, including miners. He said current incremental spending at the site is limited to activities such as clearing trees and moving dirt, amounting to “millions, not tens of millions of dollars,” because the company wants to sign a lease before deploying significant capital.
Management also described potential hybrid models in which bitcoin mining could be paired with AI data centers. Vecchiarelli said energized sites could use mining pods to monetize power while AI or HPC facilities are being built. Schultz added that bitcoin mining could help use spare capacity during periods when a data center is not consuming peak power.
Asked about construction timelines for data centers, Harry, who led portions of the call, said CleanSpark is thinking conservatively about a 14- to 18-month range from lease signing to delivery, depending on project size and the timing of first and last data halls. Schultz said the company’s development approach contemplates using factory-built components that could reduce onsite labor requirements substantially.
Schultz said tenant demand remains strong across large and smaller sites, citing a recent conversation with a Neocloud company seeking sites with 60 megawatts of power or more. He said CleanSpark is balancing credit quality, financing considerations and shareholder value as it evaluates potential tenants and multi-site opportunities.
About Cleanspark NASDAQ: CLSK
CleanSpark, Inc NASDAQ: CLSK is a leading energy software and services company specializing in advanced microgrid controls and distributed energy resource (DER) management. The firm develops proprietary software platforms designed to optimize power flows across on-grid and off-grid installations, integrating renewable generation, battery storage, and traditional generation assets. CleanSpark's technology is used by utilities, commercial and industrial enterprises, and remote facilities seeking to enhance energy resilience, reduce operating costs, and achieve sustainability goals.
In addition to its core software offerings, CleanSpark provides end-to-end engineering, procurement and construction (EPC) services.
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