CleanSpark posts $378M Q2 loss, pivots to AI and HPC

CleanSpark reported a $378.3 million net loss for its fiscal second quarter ended March 31, 2026. The result included a $224.1 million writedown on bitcoin holdings valued at $925.2 million at quarter end. The company noted bitcoin’s price is down about 6% year to date and its shares fell roughly 5% in after-hours trading.

The loss widened from $138.8 million in the year-ago quarter, a 173% increase. Bitcoin mining revenue was $136.4 million, down 25% from $181.7 million a year earlier.

CleanSpark outlined a strategy to commercialize assets for artificial intelligence and high-performance computing while continuing bitcoin mining. The company identified four areas of focus: land and power development, leasing expansion, financing, and construction. It cited an ERCOT approval for 300 megawatts in Brazoria and ongoing work on a parcel in Sandersville.

Matt Schultz, CleanSpark's CEO and chairman, wrote in a statement: “Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently to power CleanSpark's transformation.”

The company said it plans to develop facilities and power capacity to support AI and HPC customers and to lease infrastructure to third parties. It described continued mining operations as a source of revenue during the transition.

The quarterly report shows declining mining revenue alongside investments in infrastructure and non-mining business lines. Financial results reflected both operating performance and market valuation changes to the company’s bitcoin holdings.