CleanSpark posted a first-quarter fiscal 2026 loss of $0.10 per share versus an expected $0.08 loss, translating to a net loss of $378.7 million after fair value adjustments on its Bitcoin holdings. Revenue grew 11.6% year-over-year to $181.2 million but fell 2.1% short of consensus estimates.

Gross profit declined 7% to $85.6 million and gross margin contracted by 940 basis points to 47.2%. Operating loss totaled $316.6 million compared with an operating income of $210 million a year earlier, while adjusted EBITDA swung to a loss of $295.4 million from a prior $321.6 million gain.

As of December 31, 2025, cash and equivalents stood at $458 million versus $43 million three months earlier, against $1.79 billion of long-term debt. The company holds 13,099 Bitcoin valued at approximately $1.15 billion and has $400 million available under its credit line, while executing a multi-year plan to expand power assets, monetize megawatt capacity and develop AI data-center infrastructure.