CleanSpark Q2 Revenue Drops 24.9% While Bitcoin Holdings Rise 14%
CleanSpark’s Q2 revenues fell 24.9% to $136.4 million, with net loss widening to $378.3 million from $138.8 million a year earlier. Bitcoin holdings increased 14% to $925.2 million and average monthly hashrate grew 18% year-over-year.
1. Second Quarter Financial Results
For the quarter ended March 31, 2026, CleanSpark posted revenue of $136.4 million, a 24.9% decline year-over-year, and reported a net loss of $378.3 million, or $1.52 per share, compared with a $138.8 million loss in the prior year. Adjusted EBITDA fell to a negative $241.2 million from a negative $57.8 million a year earlier.
2. Operational and Mining Metrics
The company doubled megawatts under contract year-over-year, including 585 MW of ERCOT-approved capacity in Brazoria, while average monthly Bitcoin hashrate increased 18% and Bitcoin holdings grew 14%, reaching a HODL value of $925.2 million as of quarter end.
3. Strong Liquidity Position
CleanSpark ended Q2 with $260.3 million in cash and working capital of $1.0 billion. Total assets stood at $2.9 billion against $1.9 billion in liabilities, providing financial flexibility for power expansion, land development and potential AI/HPC commercialization initiatives.