CleanSpark, Inc. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Overview: CleanSpark reported Q2 2026 results amid its strategic evolution from Bitcoin mining leader to a digital infrastructure and AI/HPC data center developer. The company leverages its energy expertise and 1.8 GW contracted capacity portfolio while maintaining mining operations for cash flow. Key themes included AI-driven power demand, site monetization (starting with Sandersville), and disciplined capital allocation. Forward-looking statements are subject to 10-K risk factors.

Financial Highlights (Comparisons to Prior Periods)

  • Revenue: $136 million, down ~25% QoQ (from ~$181 million in Q1 2026) and down 25% YoY, primarily due to lower Bitcoin prices.
  • Bitcoin Mined: 1,799 BTC, down 22 BTC QoQ (from 1,821 in Q1); down 7% YoY due to network difficulty, offset by strong uptime.
  • Average Bitcoin Price: ~$76,000 in Q2 vs. $100,000 in Q1 2026 (-24%) and $94,000 YoY.
  • Gross Margin: Over 40% vs. 47% in Q1 2026; supported by lower power costs.
  • Power Costs: $0.052/kWh (improved from $0.056/kWh QoQ and $0.06/kWh YoY).
  • Net Loss: ~$378 million (flat QoQ); down $240 million YoY, almost entirely from $263 million non-cash GAAP mark-to-market adjustments on Bitcoin holdings.

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Operator: Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to CleanSpark's Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] Harry, you may begin your conference. Harry Sudock: Thanks, Krista, and thank you for joining us today to review the second quarter 2026 Financial Results for CleanSpark. We encourage you to review our earnings results press release, which was filed today and is available on our website. A webcast replay and transcript of today's call will be added to our website as well once available. On the call today, I'm joined by Matthew 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 introduce Matt Schultz. Matthew Schultz: Thank you, Harry, and thank you, everyone, for joining us this afternoon. This quarter represents continued meaningful progress in CleanSpark's evolution into a digital infrastructure

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