CleanSpark, Inc.

What they do

CleanSpark owns, leases and operates data centers and power assets in Georgia, Tennessee, Mississippi, Wyoming, Texas and South Dakota, with about 1,817 MW of contracted power capacity as of June 30, 2026. Its principal revenue-generating activity has been bitcoin mining, contributing computing power to a single mining pool operator in exchange for bitcoin rewards. It is developing portions of its sites for AI, HPC and other advanced data center hosting and leasing, through which it had earned no revenue as of June 30, 2026.

Revenue drivers

• Bitcoin mining — Historically the principal revenue source: the company contributes all computing power to one mining pool operator, its sole customer, under a contract terminable at any time, and earns variable bitcoin rewards. It held about 326,530 miners with roughly 225,137 in service as of June 30, 2026.
• Bitcoin treasury and trading — The company sells bitcoin to fund operations and growth, launched an in-house institutional trading function in April 2025, and began using bitcoin-linked derivatives to hedge price volatility and generate liquidity. HODL value was $814.9 million as of June 30, 2026.
• AI and HPC hosting and leasing — The Sandersville Lease signed July 10, 2026 is a 20-year triple-net infrastructure lease with a global technology company for 175 MW of critical IT load; the company had earned no AI/HPC revenue as of June 30, 2026.

Recent performance

For the quarter ended June 30, 2026, revenue was $138.0 million, down $60.6 million or 30.5% from $198.6 million a year earlier. The net loss was $239.8 million, or $0.89 per basic share, versus a net loss of $257.4 million, or $0.90 per basic share, in the prior-year period. Adjusted EBITDA was negative $113.0 million, compared with negative $377.7 million a year ago. At June 30, 2026 the company reported cash of $202.6 million, bitcoin of $814.9 million, total assets of $2.7 billion, total liabilities of $1.9 billion and stockholders' equity of $0.8 billion.

Strategy

CleanSpark describes itself as evolving from a bitcoin miner into a diversified digital infrastructure platform, commercializing power and land across bitcoin mining and AI/HPC use. It acquired Texas property and power agreements in October 2025 and February 2026, Tennessee property in February 2026, and South Dakota property in December 2025, and is advancing design and permitting for greenfield data centers. The July 2026 Sandersville lease covers 175 MW with a 20-year triple-net term, and the tenant also signed a letter of intent and exclusivity arrangement over the 718-acre Texas portfolio with up to 885 MW of secured and planned power. Management said the anticipated equity portion of the Sandersville project is fully funded and long-lead items are pre-paid and ordered. The company plans to transition Sandersville power from bitcoin mining to data center use and expects to fully decommission mining there during fiscal 2028.

Risks

• Customer concentration in mining — All mining computing power goes to a single mining pool operator, the company's sole customer, under a contract terminable at any time by either party.
• AI/HPC execution and tenant risk — The company had earned no AI/HPC revenue as of June 30, 2026, and its data center strategy depends on converting sites and completing the Sandersville project on schedule.
• Bitcoin price and mining economics — Revenue comes from variable bitcoin rewards, and management cited currently challenging bitcoin mining economics; bitcoin price volatility affects both mining revenue, the value of the $814.9 million bitcoin holding, and hedging results.
• Leverage and financing needs — Total long-term debt was about $1.8 billion against $202.6 million of cash at June 30, 2026, and the company states it needs future financing to sustain and expand operations.

Outlook

Management said the Sandersville lease provides long-term, durable cash flows and that funding the equity portion and ordering long-lead items has materially de-risked execution. It said the portfolio of grid-connected power assets offers multiple pathways to commercialization despite challenging bitcoin mining economics. The company expects to continue increasing computing power and developing capacity in its existing states and other regions, while transitioning Sandersville from mining to data center use and anticipating full decommissioning of mining there during fiscal 2028.