CleanSpark posts a $378.3 million net loss for Q2, tripling estimates, as bitcoin fair value losses weigh on earnings.
CleanSpark reported a $378.3 million net loss for the quarter ended March 31, sharply wider than the $138.8 million loss a year earlier. The loss of $1.52 per share exceeded analyst expectations of a 41-cent loss, driven by a $224.1 million non-cash bitcoin fair value adjustment amid market volatility.
Revenue fell 25 percent year-over-year to $136.4 million, despite the company expanding its megawatts under contract and pivoting toward AI and high-performance computing infrastructure. Bitcoin holdings rose 14 percent to $925.2 million, while total assets reached $2.9 billion against $1.8 billion in long-term debt.
Shares slid 9.4 percent in pre-market trading following the earnings release.