CleanSpark, Inc. (NASDAQ:CLSK) shares are trading lower premarket on Tuesday after the company reported worse-than-expected second-quarter results.
Earnings Snapshot
The company reported EPS loss of $1.52, missing analyst expectations of 50 cents. Revenue came in at $136.4 million, also below the $145.4 million consensus estimate.
Gross margin came in above 40%, down from 47% in the previous quarter. The company posted a net loss of about $378 million, including $263 million in non-cash mark-to-market charges.
It reported adjusted EBITDA loss stood at $241.2 million versus a loss of $57.8 million in the year-ago quarter.
As of March 31, 2026, the company’s cash position stood at $260.3 million.
“This quarter, we accelerated our digital infrastructure evolution across four key areas: land and power development, with ERCOT approval of 300 MW in Brazoria; leasing, with further progress in Georgia and beyond; financing, as market conditions remain constructive; and construction, as we continue developing the new parcel in Sandersville,” added Matt Schultz, CEO and Chairman of CleanSpark.
Gary Vecchiarelli, President and CFO, stated, “We ended the quarter in a strong liquidity position that not only supports our near-term execution pipeline but also preserves meaningful optionality as the AI/HPC and digital infrastructure landscape continues to evolve.”
Key Metrics
CleanSpark produced 1,799 Bitcoin in the quarter, only slightly below the prior quarter’s output.
The average Bitcoin price fell about 24% quarter over quarter to roughly $76,000, driving revenue down 25% to $136 million.
CleanSpark said it is undergoing a strategic shift toward becoming a digital infrastructure and AI data center developer, leveraging its energy and mining expertise to build a broader platform.
Management highlighted that AI compute demand is rising rapidly but is constrained by limited energy and data center capacity, creating a structural supply bottleneck in power markets.
The company currently has 1.8 GW of contracted power capacity as the foundation of its development strategy, alongside a pipeline of more than 5 GW of additional potential opportunities that remain uncontracted.
Outlook
CleanSpark expects AI data center buildouts to take roughly 14–18 months from lease signing to delivery, depending on project size.
Management pointed to strong demand from tenants, including requests for 60+ MW blocks available through 2027.
The company also noted that some prospective customers are discussing total capacity needs of up to 8 GW, underscoring significant long-term demand visibility.
CLSK Price Action: Cleanspark shares were down 8.87% at $13.03 during premarket trading on Tuesday, according to Benzinga Pro data.
Photo via Shutterstock
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