CleanSpark, Inc. Earnings Recaps
Q2 2026
May 12, 2026
CleanSpark’s shares were little changed, rising modestly by 0.7% following Q2 results as the market digested steady progress in contract capacity and ongoing commercialization efforts without material surprises in guidance or margins.
Key takeaways
- Contracted capacity reached 1.8 gigawatts, with an incremental 25 megawatts added recently at the Metro Atlanta site.
- The company continues to secure long-duration leases, increasingly engaging tenants on a portfolio-wide basis rather than individual sites.
- Sandersville data center remains fully operational at 250 megawatts, with acquisition of additional acreage completed to support greenfield expansion.
- Management is actively negotiating a lead tenant agreement at Sandersville, progressing on complex commercial terms.
- CleanSpark’s transformation focuses on scale and efficiency in delivery, including supply chain enhancements that could reduce on-site labor by up to 70%.
Q1 2026
Feb 6, 2026
CleanSpark delivered a robust performance in Q1 2026, generating over $180 million in revenue with a gross margin exceeding 47%, while strategically advancing its transition into digital infrastructure and AI-enabled services.
Key takeaways
- Generated $180 million in revenue despite challenging market conditions, maintaining a gross margin above 47%.
- Completed a significant $1.15 billion convertible offering, utilizing proceeds to repurchase $460 million in shares, totaling over $600 million in share buybacks since December 2024.
- Acquired nearly 900 megawatts of utility capacity in Texas, establishing key infrastructure to support both Bitcoin mining and AI deployments.
- Transitioning from portfolio formation to commercialization, with ongoing tenant-driven discussions validating asset demand and future cash flow prospects.
Q4 2025
Nov 26, 2025
CleanSpark demonstrated significant growth in fiscal year 2025, achieving record revenues of $766 million while enhancing its operational capabilities in Bitcoin mining and expanding into AI data center development.
Key takeaways
- Achieved a record operational hash rate of 50 exahash per second, maintained entirely through U.S.-based infrastructure.
- Grew Bitcoin treasury by 62% to over 13,000 BTC, capitalizing on a robust 55% gross margin.
- Avoided equity dilution, showcasing strong financial discipline by not issuing shares throughout the year.
- Initiated deployment of 19,000 high-efficiency immersion cooling units, with completion expected by 2026.
- Secured a 285 megawatt site in Texas for AI factory development, aligning with growing demand for digital infrastructure.