Q1 2026 CleanSpark Inc Earnings Call Transcript
Key Points
- Cleanspark Inc (CLSK) reported a significant revenue increase of approximately 12% year-over-year, driven by improved Bitcoin production economics.
- The company successfully completed a $1.15 billion convertible offering, using part of the proceeds to repurchase $460 million worth of shares, reducing outstanding shares by approximately 20%.
- Cleanspark Inc (CLSK) is expanding its infrastructure platform with multiple independently valuable earning streams, including AI monetization and digital asset management.
- The company has secured significant power and land assets in Texas, establishing a Houston area infrastructure hub with almost 900 megawatts of potential utility capacity.
- Cleanspark Inc (CLSK) generated over $13 million in premiums and cash from its digital asset management strategy, representing about 24% of normalized adjusted EBITDA.
- Cleanspark Inc (CLSK) reported a net loss of approximately $379 million for the quarter, primarily due to mark-to-market adjustments to Bitcoin's fair value.
- The company's gross margins declined from approximately 57% a year ago to 47% this quarter, mainly due to increased network difficulty and power prices.
- Revenues declined approximately 19% quarter-over-quarter, attributed to rising network difficulty and softer Bitcoin prices.
- The adjusted EBITDA was negative $295 million for the quarter, driven by non-cash mark-to-market adjustments.
- Cleanspark Inc (CLSK) anticipates increased professional fees, payroll, and G&A expenses as it executes its AI strategy, potentially impacting future profitability.
Good afternoon. My name is Jeannie and I will be your conference operator today. At this time, I would like to welcome everyone to Clean Spark's fiscal first quarter 2026 final financial results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad.
If you would like to withdraw your question, press one again.
Thank you, Harry, you may begin your conference.
Thanks, Jeannie, and thank you for joining us today to review the first quarter of 2026 financial results for Clean Spark. We encourage you to review our earnings results press release, which was issued today and is available on our website.
Our 10 will be filed shortly. A webcast replay and transcript of today's call will be added to our website once available.
On the call today, I'm joined by Matt
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