CleanSpark, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • CleanSpark emphasized its transformation from a pure Bitcoin miner into a broader digital infrastructure and data center company. Bitcoin mining remains the foundation, but AI infrastructure and digital asset management (DAM) now represent growing revenue and strategic pillars.
  • The company is now in "Phase 2" of AI expansion: tenant-driven technical and commercial alignment across multiple sites.
  • CleanSpark now operates more than 50 EH/s of Bitcoin mining capacity and continues expanding power and land holdings to support AI development.

Financial Performance

  • Q1 revenue: USD 181M.
    • Up USD 19M (12%) year-over-year.
    • Down USD 43M (19%) quarter-over-quarter due to lower BTC prices and higher network difficulty.
  • Average BTC revenue per coin: USD 100,000, vs USD 84,000 a year ago.
  • Gross margin: 47%.
    • Down from 57% YoY due to increased network difficulty and slightly higher power prices.
    • Flat QoQ despite revenue decline, helped by lower average power costs.
  • Net loss: USD 379M, vs net income of USD 247M a year ago, driven primarily by non‑cash mark‑to‑market adjustments.

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Operator: Good afternoon. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to CleanSpark's Fiscal First Quarter 2026 Financial Results Call. [Operator Instructions]. Thank you. Harry, you may begin your conference. Harry Sudock: Thanks, Jeannie, and thank you for joining us today to review the first quarter to 2026 financial results for Queen Spark. We encourage you to review our earnings results press release, which was issued today and is available on our website. Our 10-Q will be filed shortly. A webcast replay and transcript of today's call will be added to our website once available. On the call today, I am joined by Matt Schultz, our Chairman and Chief Executive Officer; and Gary Vecchiarelli, our President and Chief Financial Officer. Some of the statements we make today will be forward looking based on our best view of the world and our business as we see them today. The statements and information provided remain subject to the risk factors disclosed in our 10-K. We will also discuss certain non-GAAP financial measures concerning our performance during today's call. You can find the reconciliation of non-GAAP financial measures in our press release, which is available on our website. And with that, it's my pleasure to turn it over to Matt. Matthew Schultz: Good afternoon, and thank you all for joining us. This quarter represents a meaningful step forward in CleanSpark's evolution into a digital infrastruc

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