CLSK earnings analysis
What we found in CLSK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
CleanSpark reported disappointing Q2 FY 2026 results with revenues of $136.4 million, falling short of estimates and reflecting a 24.9% decrease year-over-year. The company also posted an EPS loss of $1.52, significantly worse than the expected loss of $0.23. Operational challenges, driven by high costs and unfavorable crypto market conditions, led to a substantial net loss of $378.3 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Decline
- Revenue decreased by 24.9% YoY to $136.4 million from $181.7 million.
- Adverse EPS Performance
- EPS recorded a loss of -$1.52 versus the estimate of -$0.23.
- Increased Mining Losses
- Loss on fair value of bitcoin increased to $224.1 million from $127.7 million YoY.
- High Operational Costs
- Total costs rose due to energy expenses, hitting $177.3 million for the six-months.
- Cash and Liquid Assets
- Current assets stood at $1,099 million, indicating strong liquidity despite losses.
- Strategic Expansion Initiatives
- AI and HPC hosting opportunities are being pursued but have yet to generate revenue.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Escalating Net Loss
- Net loss increased to $378.3 million, up from $138.8 million in the prior period.
- Rising Operational Costs
- Significant operational expenses lead to cash outflow of $296.9 million in H1 2026.
- Market Volatility Risk
- Bitcoin value decline from $87,500 to $68,200 heavily impacted financial performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.52
What they said about what is next.
No numeric guidance provided; expectations remain cautious amid challenging market conditions.
The filing reads worse than the one before it.
What came before.
- 10-Q · February 5, 2026
- CleanSpark reported bitcoin-mining revenue of $181,180,000 for the quarter (up 12% YoY from $162,306,000) but swung to a GAAP net loss of $378,711,000 and reported EPS of -$1.35. Gross margin compressed to 47.2% (from…
- 10-K · November 25, 2025
- CleanSpark’s 10‑K describes a company transitioning from primarily bitcoin mining toward dual-purpose data centers for AI/HPC while retaining a large mining footprint. The filing discloses a 1,027 MW contracted power…
- 10-K · December 3, 2024
- CleanSpark is a U.S.-focused bitcoin miner that owns and operates data centers across Georgia, Tennessee, Mississippi and Wyoming; as of September 30, 2024 it operated approximately 188,500 miners with 27.6 EH/s of…
- 10-Q · August 9, 2024
- CleanSpark reported bitcoin mining revenue of $104,108,000 for the three months ended June 30, 2024, up $58,681,000 or 129% versus $45,427,000 in the prior-year quarter, driven by higher average bitcoin prices and a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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