Signed 20-year $6.6 billion triple-net lease at Sandersville with high investment-grade tenant
Ordered and pre-paid all long-lead items to meet Sandersville RFS date
Anticipated equity portion of Sandersville project has been fully funded
LAS VEGAS, Aug. 6, 2026 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) ("CleanSpark" or the "Company"), a market leading data center developer, today reported financial results for the quarter ended June 30, 2026.
CleanSpark CEO and Chairman Matt Schultz commented, "We continue to successfully execute on our strategic evolution to a diversified digital infrastructure platform. Our recently announced Sandersville lease offers an ideal combination of long-term, durable cash flows and de-risked economic returns for our shareholders. We remain focused on the commercialization of our existing assets and the acquisition of scalable infrastructure to further bolster our portfolio."
"Capital stewardship remains central to how we allocate resources and evaluate growth," said Gary Vecchiarelli, President and CFO. "By fully funding our anticipated equity commitment for Sandersville and securing the long-lead equipment required to meet the project ready-for-service schedule, we have materially de-risked execution while preserving balance sheet flexibility. Despite currently challenging bitcoin mining economics, we have a portfolio of scarce, grid-connected power assets and multiple pathways to commercialization. We are positioned to convert infrastructure optionality into durable cash flows and long-term shareholder value."
Financial Highlights: Third Quarter Fiscal Year 2026
-- Quarterly revenues were $138.0 million, a year-over-year decrease of
$60.6 million, or 30.5% from $198.6 million.
-- Net loss for the three months ended June 30, 2026, was ($239.8 million)
or ($0.89) per basic share, compared to a net income of $257.4 million or
$0.90 per basic share, for the same prior year period.
-- Adjusted EBITDA, a non-GAAP measure reconciled below, decreased to
($113.0 million) from $377.7 million from the same period a year ago.
Balance Sheet Highlights as of June 30, 2026
Assets
-- Cash: $202.6 million -- Bitcoin: $814.9 million1 -- Total Current Assets: $920.8 million -- Total Assets: $2.7 billion
Liabilities and Stockholders' Equity
-- Current Liabilities: $155.8 million
-- Total Long-Term Debt, Net of Debt Discount and Issuance Costs: $1.8
billion
-- Total Liabilities: $1.9 billion
-- Total Stockholders' Equity: $0.8 billion
The Company had working capital of $761 million as of June 30, 2026.
(1) As of June 30, 2026, the Company's total HODL value was $814.9 million, consisting of current bitcoin, non-current bitcoin, and bitcoin held by counterparties related to collateral arrangements.
Investor Conference Call and Webcast
The Company will hold its fiscal Q3 2026 earnings presentation and business update for investors and analysts today, August 6, 2026, at 4:30 p.m. ET / 1:30 p.m. PT.
Webcast URL: Click Here
The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.
Upcoming Investor Events
CleanSpark is scheduled to participate in the KeyBanc Capital Markets Technology Leadership Forum on August 10, 2026, Canaccord Genuity's 46(th) Annual Growth Conference on Tuesday, August 11, 2026, and the Needham Virtual AI Infrastructure 1x1 Conference on Wednesday, August 12, 2026. If applicable, live presentation webcasts, replay information and updated investor presentations will be available on the Company's investor relations page of its website.
About CleanSpark
CleanSpark (Nasdaq: CLSK), is a market-leading data center developer with a proven track record of success. We control a portfolio of more than 1.8 GW of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence, and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource -- compute -- positions us to prosper in an ever-changing world.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's evolving business strategy to expand into the market for data center development, high-performance computing ("HPC"), and artificial intelligence ("AI"), and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions.
The forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to: the success of development and commercialization of some or all of our existing portfolio of bitcoin mining sites, as well as our other power and land assets, as data centers having operations other than bitcoin mining; identification and acquisition of new sites and power capacity capable of supporting data centers; risks related to data center construction and operations, including permitting and utility constraints, construction delays, cost overruns, financing and supply-chain challenges, tenant performance, and the possibility projects may not be completed, delivered or operated on the anticipated timeline, budget or terms; the success of the Company's bitcoin mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which the Company operates, including the volatility of BTC prices; increasing difficulty rates for bitcoin mining; bitcoin halving; changes to compute and data center infrastructure; new or additional governmental regulation; dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized, including in respect of the data center development, leasing, and compute markets; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings.
Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.
Non-GAAP Measure
We present Adjusted EBITDA, which is not a measurement of financial performance under GAAP. Our non-GAAP "Adjusted EBITDA" excludes (i) impacts of interest, taxes, and depreciation; (ii) our share-based compensation expense, unrealized gains/losses on securities, and changes in the fair value of contingent consideration with respect to previously completed acquisitions, all of which are non-cash items that we believe are not reflective of our general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets; (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of our ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed; (vii) gains and losses related to discontinued operations that would not be applicable to our future business activities; and (viii) severance expenses.
Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, management believes that Adjusted EBITDA is also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate our bitcoin-related revenues). For example, we expect that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors.
The Company's Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents Adjusted EBITDA, we only utilize that measure supplementally and do not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.
Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in our Condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP.
CLEANSPARK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share amounts)
June 30, September 30,
2026 2025
------------ ---------------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 202,601 $ 42,966
Restricted cash 3,738 3,490
Prepaid expense and other current
assets 20,901 11,875
Bitcoin - current 592,058 966,829
Receivable from bitcoin collateral 100,607 294,648
Derivative investments 922 233
Total current assets $ 920,827 $ 1,320,041
Bitcoin - noncurrent $ 122,235 $ 222,614
Property and equipment, net 1,335,102 1,363,681
Operating lease right of use assets 4,494 4,254
Intangible assets, net 3,675 5,849
Deposits on miners and mining
equipment 86,264 112,037
Other long-term assets 97,944 23,497
Goodwill 131,658 131,658
Total assets $ 2,702,199 $ 3,183,631
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 11,230 $ 15,159
Accrued liabilities 131,342 117,544
Other current liabilities 10,827 6,096
Current portion of debt 2,353 176,570
Dividends payable -- 396
Total current liabilities $ 155,752 $ 315,765
Long-term liabilities
Long-term debt, net of current
portion, debt discount and debt
issuance costs 1,780,011 644,586
Deferred income taxes 597 44,872
Other long-term liabilities 4,556 3,281
Total liabilities $ 1,940,916 $ 1,008,504
Stockholders' equity
Preferred stock; $0.001 par value;
10,000,000 shares authorized:
Series A shares;
2,000,000 authorized;
1,750,000 issued and outstanding
(liquidation preference $0.02 per
share) 2 2
Common stock; $0.001 par value;
600,000,000 shares authorized;
299,161,671 and 296,087,533 shares
issued; 256,796,280 and 284,327,598
shares outstanding, respectively 299 296
Additional paid-in capital 2,521,933 2,445,723
Accumulated deficit (1,152,790) (125,894)
Treasury stock at cost; 42,365,391
and 11,759,935 shares held,
respectively (608,161) (145,000)
----------- -----------
Total stockholders' equity 761,283 2,175,127
----------- -----------
Total liabilities and stockholders'
equity $ 2,702,199 $ 3,183,631
=========== ===========
CLEANSPARK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)
INCOME
(Unaudited, in thousands, except per share and share amounts)
For the three months ended For the nine months ended
June 30, June 30,
-------------------------- --------------------------
2026 2025 2026 2025
------------ ------------ ------------ ------------
Revenues, net
Bitcoin mining
revenue, net $ 138,006 $ 198,644 $ 455,594 $ 542,662
Costs and
expenses
Cost of revenues
(exclusive of
depreciation
and
amortization) 85,480 90,128 262,792 245,842
Professional
fees 7,108 3,004 22,166 9,872
Payroll expenses 27,807 16,398 76,514 52,522
General and
administrative
expenses 18,298 16,566 49,845 38,356
Loss (gain) on
disposal of
assets 2,925 156 6,692 (2,865)
Loss (gain) on
fair value of
bitcoin, net 116,250 (268,651) 587,189 (359,190)
Depreciation and
amortization 111,037 94,880 333,229 240,010
Indirect tax
contingency
expenses 1,500 -- 6,393 --
Impairment
expense -- -- 5,406 --
Total costs
and expenses $ 370,405 $ (47,519) $ 1,350,226 $ 224,547
(Loss) income
from operations (232,399) 246,163 (894,632) 318,115
Other (expense)
income
(Loss) gain on
bitcoin
collateral (16,506) 31,354 (158,964) 73,847
Gain (loss) on
derivative
securities,
net 5,673 (430) 12,628 (1,549)
Interest income 2,143 355 7,400 3,845
Interest expense (2,040) (3,454) (7,790) (6,280)
Other income 318 1,509 187 1,692
----------- ----------- ----------- -----------
Total other
(expense)
income $ (10,412) $ 29,334 $ (146,539) $ 71,555
(Loss) income
before income
tax (benefit)
expense (242,811) 275,497 (1,041,171) 389,670
Income tax
(benefit)
expense (2,969) 18,107 (44,275) 24,281
Net (loss) income $ (239,842) $ 257,390 $ (996,896) $ 365,389
Preferred stock
dividends,
including
deemed
dividend -- 5,603 30,000 10,744
Net (loss) income
attributable to
common
shareholders $ (239,842) $ 251,787 $(1,026,896) $ 354,645
=========== =========== =========== ===========
Other
comprehensive
(loss) income,
net of tax -- (223) -- 2,755
Total
comprehensive
(loss) income
attributable to
common
shareholders $ (239,842) $ 251,564 $(1,026,896) $ 357,400
=========== =========== =========== ===========
(Loss) income
from operations
per common share
- basic $ (0.89) $ 0.90 $ (3.77) $ 1.26
=========== =========== =========== ===========
Weighted average
common shares
outstanding -
basic 268,426,611 280,997,649 272,626,480 282,147,349
=========== =========== =========== ===========
(Loss) income
from operations
per common share
- diluted $ (0.89) $ 0.78 $ (3.77) $ 1.13
=========== =========== =========== ===========
Weighted average
common shares
outstanding -
diluted 268,426,611 325,594,451 272,626,480 314,152,325
=========== =========== =========== ===========
CLEANSPARK, INC.
CONSOLIDATION OF ADJUSTED EBITDA
(Unaudited, in thousands, except per share and share amounts)
For the three months For the nine months
($ in thousands) ended June 30, ended June 30,
--------------------- ---------------------
Reconciliation of
non-GAAP Adjusted
EBITDA 2026 2025 2026 2025
----------------- ---------- --------- ---------- ---------
Net (loss) income $(239,842) $ 257,390 $(996,896) $ 365,389
Depreciation and
amortization 111,037 94,880 333,229 240,010
Share-based
compensation
expense 14,548 4,488 38,734 10,609
Gain (loss) on
derivative
securities, net (5,673) 430 (12,628) 1,549
Interest income (2,143) (355) (7,400) (3,845)
Interest expense 2,040 3,454 7,790 6,280
Other income (318) (1,509) (187) (1,692)
Loss (gain) on
disposal of
assets 2,925 156 6,692 (2,865)
Fees related to
financing &
business
development
transactions 4,973 22 10,243 653
Litigation &
settlement
related