CleanSpark, Inc.

Q2 revenue was $136 million, down approximately $45 million, or 25%, from Q1 and also down approximately $45 million, or 25%, year over year. Gross margin was over 40% versus 47% in the prior quarter. Net loss was approximately $378 million, flat versus the prior quarter, and included approximately $263 million of unfavorable noncash GAAP mark-to-market charges on Bitcoin balances. Adjusted EBITDA was negative $241 million versus negative $295 million last quarter. The company mined 1,799 Bitcoin, only 22 fewer than the prior quarter, and said average Bitcoin price in Q2 was about $76,000 versus $100,000 in Q1 and about $94,000 in the same quarter last year. Power cost was $0.052 per kWh versus $0.056 in Q1 and $0.06 a year ago. As of March 31, liquidity was almost $1.2 billion, consisting of $260 million in cash and 13,561 Bitcoin worth $925 million; it also said the entire $400 million Bitcoin backline capacity was available. Management did not provide formal next-quarter or full-year financial guidance on the call.

Matthew Schultz framed the quarter as another step in CleanSpark’s evolution from a Bitcoin miner into a digital infrastructure and data center development company. He emphasized the AI compute build-out theme, saying power and infrastructure are the constraint, and positioned CleanSpark’s land, power, commercialization and construction capabilities as the foundation for scaling. His tone was confident and expansive, especially around Sandersville, the Houston-area hub, and the company’s ability to land and expand sites with disciplined counterparty selection.

Gary Vecchiarelli said mining still underpins the business because it funds development and gives the company flexibility in grid-constrained markets. He walked through the quarter’s financial pressure from Bitcoin price volatility, but pointed to gross margin above 40%, favorable power pricing of $0.052 per kWh, and strong liquidity of almost $1.2 billion at March 31. He also noted $4 million of net positive cash returns from digital asset management in the quarter and $17.2 million fiscal-year-to-date, while saying the company has the full $400 million Bitcoin backline available and sees constructive capital markets for data center financings, with recent deals oversubscribed 5x to 6x and priced slightly above 6%.

Analysts pressed on how much capital has been deployed at Sandersville, the timing of a lease, and how much more the company would invest before signing; Gary said CleanSpark has deployed a couple of hundred million dollars including miners, but current site investment is minimal and amounts are “millions, not tens of millions” until a lease is signed. Questions also focused on multi-site tenant demand, hashrate trends, and whether Bitcoin mining will coexist with AI; management said portfolio-wide conversations are active, timing is unchanged, and hybrid AI/Bitcoin models are part of the plan. On power acquisition and community impact, management stressed that only contracted power is disclosed, that the pipeline is greater than 5 gigawatts but speculative, and that utility/community structures in places like Georgia and Texas are designed so there is no pass-back to communities when sites transition.