CleanSpark (CLSK) investor relations material

Executive summary

• Announced and signed a landmark 20-year triple net lease at the Sandersville, Georgia campus with a high investment-grade global technology company, representing $6.6 billion in contracted revenue, scalable to $11.6 billion with extensions, and fully funded the anticipated equity portion while pre-paying all long-lead items for project readiness.

• Expanded business strategy to include data center development, high-performance computing, and AI markets, transitioning from exclusive bitcoin mining and planning further expansion in Texas and other states.

• The lease marks a strategic shift toward a diversified digital infrastructure platform, monetizing the power portfolio at institutional scale and commercializing existing assets.

• Maintains a strong position in the AI data center market, leveraging legacy Bitcoin mining for capital flexibility and operational agility.

• Focused on acquiring scalable infrastructure to strengthen the portfolio amid challenging bitcoin mining economics.

Financial highlights

• Q3 revenue was $138.0 million, up 1% sequentially from Q2 but down 30.5% year-over-year from $198.6 million.

• Gross margin was 38% in Q3, compared to 40% in Q2, with gross profit margin compression due to lower bitcoin prices and higher energy costs.

• Net loss for Q3 was $239.8 million, improved from a $378 million loss in Q2, but down from net income of $257.4 million in the prior year, driven by significant non-cash losses on bitcoin holdings.

• Adjusted EBITDA was negative $113 million for Q3, down from $377.7 million in the prior year.

• Cash position at quarter-end was $202.6 million; bitcoin holdings valued at $714.3 million to $814.9 million; working capital stood at $761 million as of June 30, 2026.

Outlook and guidance

• The Sandersville lease is expected to deliver near 100% net operating income margin, with an average annual NOI of $330 million.

• The first data hall at Sandersville is on track for service in Q4 2027, with phased energy availability for Texas assets through 2029.

• Management remains focused on converting infrastructure optionality into durable cash flows and long-term shareholder value, with ongoing strategic evolution toward diversified digital infrastructure and AI compute markets.

• Additional capital will be required to fund Sandersville and future data center projects, with plans for project-based debt and potential equity financing.

• No anticipated changes to energization timelines for Texas sites despite regulatory reviews.