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CleanSpark's fiscal second quarter of 2026 saw revenue fall approximately 25% year-over-year to $136 million, directly attributable to a slide in the average Bitcoin price to roughly $76,000 from about $94,000 a year earlier, even though Bitcoin production declined only about 7%. The company posted a GAAP net loss of approximately $378 million, essentially flat with the prior quarter, driven almost entirely by roughly $263 million of non-cash mark-to-market charges on its Bitcoin holdings, while adjusted EBITDA was negative $241 million. Operationally, margins proved resilient, with gross margin holding above 40% on more favorable power costs, and the balance sheet stayed strong at nearly $1.2 billion of liquidity with no need to sell Bitcoin. The quarter's story was CleanSpark's continued pivot toward AI and HPC data center development, anchored by 1.8 gigawatts of contracted capacity, a Houston-area hub, and advanced negotiations with a lead prospective tenant at its energized Sandersville site. Analysts pressed almost entirely on the timing and structure of a first AI lease, portfolio-level tenant demand, power acquisition, and construction labor, with little focus on the quarter's headline mining loss.
Capex Investment | Capital Allocation | Cloud & AI | Competitive Dynamics | Geographic Expansion | Demand | Regulation Policy | Cost Pressure | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 3 | 3 | 1 | 1 | |||
| 2025Q1 | 5 | 3 | 2 | 2 | 2 | 1 | ||
| 2025Q2 | 1 | 4 | 1 | |||||
| 2025Q3 | 4 | 6 | 2 | |||||
| 2025Q4 | 8 | 1 | 6 | 1 | 2 | 1 | ||
| 2026Q1 | 2 | 3 | 4 | 1 | 2 | 2 | 1 | 3 |
| 2026Q2 | 2 | 8 | 1 | 2 | 5 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Capex Investment | 4 | 5 | 1 | 4 | 8 | 2 | 2 |
| Capital Allocation | 3 | 3 | 4 | 6 | 1 | 3 | |
| Cloud & AI | 6 | 4 | 8 | ||||
| Competitive Dynamics | 3 | 2 | 1 | 2 | 1 | 1 | 1 |
| Geographic Expansion | 1 | 2 | 2 | 2 | 2 | ||
| Demand | 1 | 2 | 5 | ||||
| Regulation Policy | 1 | 2 | 1 | 1 | |||
| Cost Pressure | 1 | 3 | 1 |
Calendar quarter Q1 2026Earnings call May 11, 2026
FY2026 Q2 in brief
CleanSpark's fiscal second quarter of 2026 saw revenue fall approximately 25% year-over-year to $136 million, directly attributable to a slide in the average Bitcoin price to roughly $76,000 from about $94,000 a year earlier, even though Bitcoin production…
Sources. Tellvest earnings-call sentiment score for CleanSpark, Inc. (CLSK), FY2026 Q2: 2/10. Scores: CleanSpark, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CLSK daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $89M | +68.1% | $-0.25 | +50.0% | -73.5% | -69.6% |
| FY2025 Q1 | $162M | +120.0% | $0.83 | +492.9% | 129.4% | 152.1% |
| FY2025 Q2 | $182M | +62.5% | $-0.49 | -184.5% | -76.0% | -76.4% |
| FY2025 Q3 | $199M | +90.8% | $0.77 | +174.8% | 123.9% | 129.6% |
| FY2025 Q4 | $224M | +150.5% | $-0.00 | +98.2% | 0.4% | -0.4% |
| FY2026 Q1 | $181M | +11.6% | $-1.33 | -260.2% | -174.7% | -209.0% |
| FY2026 Q2Selected | $136M | -24.9% | $-1.52 | -210.2% | -253.4% | -277.4% |
| FY2026 Q3 | $138M | -30.5% | $-0.89 | -215.6% | -168.4% | -173.8% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mike Colonnese | H.C. Wainwright | 12 questions · 0% challenging |
| Brian Dobson | Clear Street | 12 questions · 0% challenging |
| Brett Knoblauch | Cantor Fitzgerald | 9 questions · 0% challenging |
| Greg Lewis | BTIG | 8 questions · 0% challenging |
| John Todaro | Needham | 8 questions · 25% challenging |
| Paul Golding | Macquarie | 7 questions · 0% challenging |
| Steve Glagola | KBW | 5 questions · 20% challenging |
| Nick Giles | B. Riley Securities | 5 questions · 0% challenging |
| Jon Hickman | Ladenburg Thalmann | 5 questions · 20% challenging |
| Jim McIlree | Chardan Capital Markets | 5 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Clear Street | 1 analyst | 12 questions · 0% challenging |
| BTIG | 2 analysts | 12 questions · 0% challenging |
| H.C. Wainwright | 1 analyst | 12 questions · 0% challenging |
| Cantor Fitzgerald | 1 analyst | 9 questions · 0% challenging |
| Needham | 1 analyst | 8 questions · 25% challenging |
| Chardan Capital Markets | 2 analysts | 7 questions · 0% challenging |
| KBW | 2 analysts | 7 questions · 14% challenging |
| Macquarie | 1 analyst | 7 questions · 0% challenging |
What CLSK and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We've engaged with, as I mentioned, McKinsey and a couple of others, Accenture to assist us in that road map going forward.”
CleanSpark has engaged Accenture (alongside McKinsey) to help build out its data center construction and labor roadmap, a signal on Accenture winning AI infrastructure advisory work.
“we've already been in market with ERCOT, we've already been in market with CenterPoint.”
CleanSpark is procuring large-scale grid power and interconnection in CenterPoint Energy's Houston-area territory for its Sealy and Brazoria data center sites (nearly 900 megawatts combined), a signal on major new industrial load demand for the utility.
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
GAAP revenue YoY -24.9% → base 2. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CLSK CleanSpark, Inc. | 2 | -24.9% | |
| BMNR Bitmine Immersion Technologies, Inc. | 6 | +627.6% | |
| CRCL Circle Internet Group | 7 | +20.0% | |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 9 | +201.4% | |
| GS The Goldman Sachs Group, Inc. | 7 | +13.9% | |
| HOOD Robinhood Markets, Inc. | 8 | +15.1% | |
| MARA Marathon Digital Holdings, Inc. | 2 | -18.4% | |
| MS Morgan Stanley | 9 | +18.8% | |
| RIOT Riot Platforms, Inc. | 6 | +3.6% | |
| RJF Raymond James Financial | 7 | +12.4% | |
| SCHW Charles Schwab Corporation | 9 | +9.8% |