CleanSpark (CLSK) Q1 2026 earnings summary

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.