Key Highlights

  • Fiscal third-quarter Revenue was $138.0 million, down 30.5 per cent, with a net loss of $239.8 million including a $116.3 million Bitcoin fair-value loss.
  • CleanSpark disclosed a 20-year, $6.6 billion triple-net Lease at its Sandersville site with a tenant it describes as high investment-grade.
  • Long-term Debt was about $1.8 billion at 30 June 2026, against cash of $202.6 million and bitcoin valued at $814.9 million.

The latest results

CleanSpark (NASDAQ:CLSK) last reported on 6 August 2026, publishing results for its fiscal third quarter, which ended on 30 June 2026. Revenue was $138.0 million, down 30.5 per cent from $198.6 million a year earlier. The company recorded a net loss of $239.8 million, or $0.89 per share, compared with Net Income of $257.4 million in the prior-year quarter.

Adjusted EBITDA, a non-GAAP measure, was negative $113.0 million, against positive $377.7 million a year before. The operating loss was $232.4 million and included a $116.3 million loss on the Fair Value of bitcoin. For the nine months, adjusted EBITDA was negative $649.6 million, compared with positive $641.6 million. The release did not report hashrate or bitcoin units, and it gave no guidance.

Why the lease matters

The most significant item in the release is a 20-year, $6.6 billion triple-net lease at the company's Sandersville site with what CleanSpark describes as a high investment-grade tenant. The release does not name the tenant. A triple-net lease generally leaves the tenant responsible for property costs, so the revenue is contractual rather than dependent on bitcoin prices.

CleanSpark said it had ordered and prepaid all long-lead items to support the ready-for-service date, and that the anticipated Equity portion of the project is fully funded. These are company statements. Delivery timing, construction risk and the cost of Debt Financing are not quantified in the release, so the Economics cannot yet be assessed from the published figures.

Balance sheet and financing context

At 30 June 2026 the company held $202.6 million of cash and bitcoin with a total value of $814.9 million, including holdings pledged as collateral. Long-term debt was about $1.8 billion, Working Capital was $761 million, total Assets were $2.7 billion and stockholders' equity was $0.8 billion.

The debt position has changed markedly. In the previous quarter, reported on 11 May 2026 for the period to 31 March, total debt was about $1.79 billion against roughly $821 million at 30 September 2025, and equity had fallen from $2.18 billion to $986 million. Leverage has therefore stepped up while equity has been eroded by losses, including bitcoin fair-value movements. The earlier quarter showed revenue of $136.4 million and a net loss of $378.3 million. Cash was $260.3 million then, so it has fallen by $57.7 million between the two quarter-ends.

Shift towards data centres

The company's results are driven by bitcoin's fair-value swings, and the shift towards data-centre development is its response to that volatility. It describes a portfolio of more than 1.8 gigawatts of power, land and data centres, though the release does not break this down by site or state how much is contracted. The May release cited 585 megawatts of ERCOT-approved capacity, including 300 megawatts in Brazoria. Hashrate rose 18 per cent year on year in the March quarter (May release).

What to watch

Several verifiable points stand out. First, whether future filings name the Sandersville tenant, set out the construction schedule and disclose the financing terms and capital cost. Second, whether Mining revenue stabilises, since quarterly revenue was broadly flat sequentially, at $138.0 million against $136.4 million. Third, how bitcoin fair-value changes continue to affect reported earnings. Fourth, how debt of about $1.8 billion is serviced.