CleanSpark’s quarterly loss for the three months ended 30 June 2026 came in at $239 million, or $0.89 per basic share, as revenue fell 30.5% year over year to $138 million and missed the analyst consensus of $142.2 million compiled by Yahoo Finance, according to the company’s fiscal Q3 2026 earnings press release.
The result marks a sharp reversal from net income of $257 million, or $0.90 per share, in the same quarter a year earlier. For the nine months ended 30 June 2026, the cumulative net loss stands at $996.9 million, compared with net income of $365.4 million in the equivalent prior-year period.
The EPS shortfall was severe. Against a consensus estimate of negative $0.26, CleanSpark posted negative $0.89, a miss of 242.31%, according to Public.com earnings data.
Bitcoin Mark-to-Market Is Doing Most of the Damage
The quarterly loss figure is not primarily an operational story. Approximately $133 million of the Q3 loss came from unfavourable mark-to-market adjustments on Bitcoin holdings, according to Yahoo Finance’s Q3 earnings call highlights. That figure broke down into approximately $116.3 million on fair value of Bitcoin and a further $16.5 million Bitcoin collateral loss, per StockTitan’s results summary.
Strip those non-cash items out and the picture shifts. Management said on the earnings call that Adjusted EBITDA, a non-GAAP measure, would have been positive $20 million excluding non-cash Bitcoin mark-to-market losses. As reported, Adjusted EBITDA was negative $113.0 million, against positive $377.7 million in Q3 fiscal 2025.
Gross margin came in at approximately 38%, down from roughly 40% in the prior quarter, as power prices ticked up modestly. That compression is worth watching: the mining business is where CleanSpark generates current revenue, and margin erosion there matters regardless of what the AI pipeline eventually delivers.
Long-term debt has climbed to $1.8 billion as of 30 June 2026, up from $644.6 million at 30 September 2025. That trajectory reflects the capital intensity of simultaneously running a mining fleet and developing data centre infrastructure.
The CleanSpark Quarterly Loss Framing Obscures a More Complicated AI Bet
The headline result landed in the same week that CleanSpark disclosed its Sandersville, Georgia data centre lease, filed in a Form 8-K on 14 July. The 20-year triple-net (NNN) lease with an undisclosed investment-grade global technology company covers 175 MW and carries projected contracted revenue of approximately $6.6 billion over the initial term, according to the CleanSpark investor relations announcement.
Two five-year extension options could bring total contracted revenue to up to $11.6 billion. CleanSpark estimates approximately $330 million in average annual net operating income (NOI), with a nearly 100% NOI margin. Deliveries under the lease are expected to begin in Q4 2027.
The same tenant has executed a letter of intent and exclusivity arrangement covering CleanSpark’s entire Texas portfolio of 885 MW. If that converts to a lease, the scale of the AI pivot would be substantially larger than the Sandersville headline alone suggests.
There is a gap in the structure, though. As CryptoSlate reported, the Sandersville build-out is estimated to cost between $1.75 billion and $2.10 billion, and as of the July announcement no lender, committed financing amount, pricing, sponsor equity contribution, or draw schedule had been disclosed. Signing a $6.6 billion lease before securing the capital to construct the asset is the leverage point that equity holders need to track.
CleanSpark is not the only miner running this playbook. MARA posted a $1.3 billion first-quarter loss after mark-to-market adjustments on its Bitcoin treasury. TeraWulf reported that high-performance computing revenue exceeded Bitcoin mining revenue for the first time in Q1. Core Scientific posted a $347.2 million first-quarter loss while colocation revenue increased as capacity shifted toward AI workloads.
The pattern is consistent: BTC accounting creates volatile reported losses while operators build long-duration infrastructure revenue streams on the side. Whether CleanSpark can close the financing gap on Sandersville before its debt load tightens headroom is the binary that matters most heading into the next two quarters.
