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CleanSpark
CleanSpark (CLSK) investor relations material
CleanSpark Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary5 Feb, 2026
Executive summary
Transitioned from a pure-play Bitcoin miner to a diversified digital infrastructure and data center developer, expanding into AI and HPC hosting, with no material revenue yet from AI/HPC as of December 31, 2025.
Ongoing portfolio expansion includes major land and power acquisitions in Texas and Georgia, with a focus on tenant-driven design and long-term monetization.
Operating 245,199 miners with a hashrate of 47.1 EH/s, representing 4.46% of global hashrate, and 318,776 miners owned across multiple U.S. states.
Ended Q1 2026 with a strong balance sheet, $1.3 billion in working capital, and a transition to an infrastructure platform with multiple earnings streams.
AI infrastructure buildout is progressing, with advanced discussions for tenant leases and strong demand from hyperscalers.
Financial highlights
Q1 2026 revenue grew 12% year-over-year to $181.2 million, despite flat Bitcoin production.
Net loss of $378.7 million, compared to net income of $246.8 million in the prior year, primarily due to non-cash mark-to-market Bitcoin adjustments and fair value losses.
Adjusted EBITDA was -$295.4 million, compared to $321.6 million in the prior year.
Gross margin declined to 47% from 57% a year ago, mainly due to increased network difficulty and higher power prices.
Cash and cash equivalents totaled $458 million at quarter-end.
Outlook and guidance
Strategic focus on expanding into HPC and AI markets, with plans for multi-campus capabilities and giga-project development by 2028.
CapEx focus shifting toward AI infrastructure, targeting $9–$11 million per megawatt for new builds.
Management expects existing cash, bitcoin, and operational cash flows to cover anticipated needs for the next 12 months.
Confident in signing quality AI tenant leases soon, with strong demand from hyperscalers.
Plans to redeploy cash flows from bitcoin mining into long-duration infrastructure opportunities.
Quantify bitcoin fair value impact on Q1 loss
When do you expect AI infrastructure revenue?
Purpose of significant Q1 long-term debt increase?
Key terms for first AI lease agreement
Bitcoin mining fleet breakeven hash price?
DAM's contribution to normalized EBITDA?
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Merger vote includes new non-voting stock class with limited conversion and no voting rights.
Next CleanSpark earnings date
Q2 20267 May, 2026
CleanSpark
Next CleanSpark earnings date
Q2 20267 May, 2026
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Frequently asked questions
CleanSpark Inc provides energy solutions including Bitcoin mining, microgrid systems, and energy storage technologies. The company offers products and services aimed at optimizing energy usage, improving grid resilience, and promoting renewable energy adoption. CleanSpark serves the energy and digital asset industries through a combination of software, hardware, and operational capabilities. The company is headquartered in Draper, Utah, and its shares are listed on the NASDAQ.
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