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…
Earnings analysis · 10-Q
CLSK earnings analysis
Filed May 11, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.52
What stood out
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Significant Revenue Decline
Revenue decreased by 24.9% YoY to $136.4 million from $181.7 million.
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Adverse EPS Performance
EPS recorded a loss of -$1.52 versus the estimate of -$0.23.
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Increased Mining Losses
Loss on fair value of bitcoin increased to $224.1 million from $127.7 million YoY.
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High Operational Costs
Total costs rose due to energy expenses, hitting $177.3 million for the six-months.
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Cash and Liquid Assets
Current assets stood at $1,099 million, indicating strong liquidity despite losses.
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Strategic Expansion Initiatives
AI and HPC hosting opportunities are being pursued but have yet to generate revenue.
What to watch
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Escalating Net Loss
Net loss increased to $378.3 million, up from $138.8 million in the prior period.
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Rising Operational Costs
Significant operational expenses lead to cash outflow of $296.9 million in H1 2026.
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Market Volatility Risk
Bitcoin value decline from $87,500 to $68,200 heavily impacted financial performance.
Management's outlook
No numeric guidance provided; expectations remain cautious amid challenging market conditions.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.