Overview
- CleanSpark shares fell about 6% after Monday’s earnings release and roughly 9% to 10% in Tuesday pre-market trading after results missed expectations.
- The March-quarter loss reached $378.3 million, driven mostly by a $224.1 million non-cash fair-value mark on its bitcoin, as revenue fell 24.9% to $136.4 million and adjusted EBITDA registered a $241.2 million loss.
- Operationally, the company lifted average monthly hashrate by 18%, mined 1,799 bitcoin, and ended March with $260.3 million in cash and 13,561 bitcoin valued near $925 million.
- Management detailed a pivot to commercializing AI and high‑performance computing sites, citing 585 MW of ERCOT‑approved capacity in Texas that includes a newly cleared 300 MW Brazoria campus and continued build-out in Georgia.
- The strategy echoes a broader shift among miners as tougher economics pressure margins, with one model estimating mid‑March’s average cost to produce a bitcoin near $88,000, which is pushing operators to rent power and rack space to AI customers.