Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
CleanSpark's Q3 FY2026 was defined by a sharp swing to a net loss, driven overwhelmingly by a $384.9 million reversal in the fair value of its Bitcoin holdings from a gain to a loss. Bitcoin mining revenue fell 31% as both lower Bitcoin prices and a shrinking share of the global hashrate pressured the top line, while depreciation expense rose 17% amid ongoing fleet expansion. The period was also marked by a strategic milestone with the signing of a 20-year, 175 MW data center lease that signals the company’s pivot toward AI and HPC hosting. However, the immediate financial picture was dominated by the Bitcoin price decline, which pushed total mining costs well above revenue and highlighted the company’s acute exposure to crypto volatility even as it diversifies.
Cost of Revenue
$85.48M
-5.16% YoY
Operating Income
-$232.4M
-194.41% YoY
Source: SEC XBRL
Cleanspark (CLSK) reported Q3 FY2026 revenue of $85.48M, down 5.2% year over year. CLSK's fiscal Q3 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 1 beat
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Mar 2026 | -1.52 | -0.58 | Miss -164.0% |
| Dec 2025 | -1.34 | -0.23 | Miss -478.1% |
| Sep 2025 | -0.01 | 0.33 | Miss -103.0% |
| Jun 2025 | 0.77 | 0.28 | Beat +171.2% |
Compiled by AI from 10-Q Item 2 of this filing
On July 10, 2026, CleanSpark entered a 20-year triple-net lease for 175 MW of critical IT load at its Sandersville, Georgia campus with a global technology tenant, with deliveries expected to begin in Q4 2027. The transaction also included a letter of intent for up to 885 MW across its Texas portfolio.
Source: 10-Q Item 2 MD&A
Average operating hashrate dropped to 42.6 EH/s from 45.3 EH/s a year ago, while CleanSpark’s share of the global hashrate fell to 4.36% from 5.14%, as rising global competition reduced Bitcoin mined to 1,920 from 2,012.
Source: 10-Q Item 2 MD&A
The direct cost to mine one Bitcoin including depreciation and financing rose to $96,277, exceeding the average revenue per Bitcoin of $71,692. Direct energy costs alone were 61.9% of revenue, up from 45.4% a year earlier.
Source: 10-Q Item 2 MD&A
Management intends to fully decommission bitcoin mining at the Sandersville site by fiscal year 2028 as the campus is repurposed for the new data center lease, reflecting the company’s strategic shift.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 4 high, 1 medium, 0 low
New state executive orders and local moratoria, such as New York’s ban on new hyperscale data centers and Texas’s verification audit, could delay or block data center development on CleanSpark’s properties, increasing costs and limiting expansion.
Source: 10-Q Item 1A Risk Factors
The benefits of the data center pivot are unproven; the company has only one lease and must attract additional hyperscale or AI tenants to commercialize its sites, while facing rapid technology changes that could reduce demand.
Source: 10-Q Item 1A Risk Factors
Allocating capital, power, and management attention to data centers could reduce mining capacity and competitiveness, potentially harming the core business that still generates all revenue.
Source: 10-Q Item 1A Risk Factors
Failure to meet financing, construction, or delivery milestones could trigger rent abatements or lease termination. Dependence on third-party developers and supply chain constraints add execution risk.
Source: 10-Q Item 1A Risk Factors
Developing the Sandersville project and future data centers will require significant debt or equity financing. Inability to raise capital on acceptable terms could disrupt projects, and high leverage could strain financial flexibility.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Cost of Revenue $M | 85.48 $M | 90.13 $M | -5.16% |
Operating Income $M | -232.40 $M | 246.16 $M | -194.41% |
Net Income $M | -239.84 $M | 257.39 $M | -193.18% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
CleanSpark (CLSK) reported a net loss of $757.1M in Q1 2026, a dramatic reversal from $108.0M net income a year ago, driven by a massive surge in long-term debt (+178.6% YoY to $1.79B) and accelerating operating cash burn of $297.0M, while cash on hand more than doubled to $260.3M.
CLSK reported a net loss of $378.7M in Q1 FY2025, a dramatic reversal from $246.8M net income a year ago, driven by surging costs and a massive 178.6% increase in long-term debt, while cash on hand rose 65.6% to $458.1M through aggressive financing activity.