CleanSpark Q2 revenue falls 25%, net loss widens

CleanSpark

11/05/2026 21:32

Overview

US bitcoin miner's fiscal Q2 revenue fell 25% yr/yr

Net loss widened to $378.3 mln from $138.8 mln a year ago

Company cited lower bitcoin mining revenue and higher costs

Outlook

Company says it is focused on commercializing AI/HPC-applicable assets and expanding digital infrastructure

CleanSpark says strong liquidity supports near-term execution pipeline and preserves capital allocation flexibility

Company sees constructive market conditions for financing and plans to capitalize on emerging infrastructure opportunities

Result Drivers

LOWER BITCOIN REVENUE - Co said bitcoin mining revenue fell 25% yr/yr, contributing to overall revenue decline

HIGHER COSTS - Co cited increased professional fees, payroll, general and administrative expenses, and a bigger loss on fair value of bitcoin as factors impacting results

Company press release: ID:nPn85fqFFa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Bitcoin Mining Revenue
$136.41 mln
Q2 Net Income
-$378.34 mln
Q2 Operating Income
-$345.68 mln
Q2 Pretax Profit
-$388.23 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

Wall Street's median 12-month price target for CleanSpark Inc is $19.00, about 33.8% above its May 8 closing price of $14.20

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)