10-Q: Q1 2026 Earnings Report

CleanSpark reported Q1 FY2026 revenue of $181.2 million, up 12% YoY, driven by higher average bitcoin prices despite a decrease in total bitcoin mined. The company achieved an average hashrate of 47.1 EH/s, representing approximately 4.46% of the global hashrate. However, the company recorded a net loss of $378.7 million, primarily due to a $246.8 million loss on fair value of bitcoin.The company strengthened its balance sheet by issuing $1.15 billion in convertible notes and maintaining $458.1 million in cash. Operating costs increased with energy expenses rising 51% YoY to $95.5 million, while payroll expenses grew 14% to $23.8 million. The company held 11,452 bitcoin valued at $1.0 billion as of December 31, 2025.Looking ahead, CleanSpark expanded into new markets with property acquisitions in Texas and South Dakota for AI and HPC data center development. The company implemented a Digital Asset Management strategy, generating $13.2 million in premium proceeds through derivative trading activities. Management believes existing resources will be sufficient to fund operations until reaching consistent profitability.

CleanSpark reported Q1 FY2026 revenue of $181.2 million, up 12% YoY, driven by higher average bitcoin prices despite a decrease in total bitcoin mined. The company achieved an average hashrate of 47.1 EH/s, representing approximately 4.46% of the global hashrate. However, the company recorded a net loss of $378.7 million, primarily due to a $246.8 million loss on fair value of bitcoin.The company strengthened its balance sheet by issuing $1.15 billion in convertible notes and maintaining $458.1 million in cash. Operating costs increased with energy expenses rising 51% YoY to $95.5 million, while payroll expenses grew 14% to $23.8 million. The company held 11,452 bitcoin valued at $1.0 billion as of December 31, 2025.Looking ahead, CleanSpark expanded into new markets with property acquisitions in Texas and South Dakota for AI and HPC data center development. The company implemented a Digital Asset Management strategy, generating $13.2 million in premium proceeds through derivative trading activities. Management believes existing resources will be sufficient to fund operations until reaching consistent profitability.