CleanSpark (CLSK) Loses 19% as Earnings, Bitcoin Fall

We recently published 10 Big Names, Bigger Losses. CleanSpark Inc. (NASDAQ:CLSK) was one of the worst performers on Thursday.

CleanSpark saw its share prices decline by 19.13 percent on Thursday to end at $8.27 apiece as investors digested the company’s dismal earnings performance in the first quarter of fiscal year 2026, as well as Bitcoin’s marked 50 percent fall from its all-time high.

In an earnings call, CleanSpark Inc. (NASDAQ:CLSK) said that it swung to a net loss attributable to shareholders of $378.7 million from a $241.6 million net income during the same period a year earlier.

Bitcoin mining revenues grew by 11.6 percent to $181.18 million from $162.3 million year-on-year.

“CleanSpark exited the quarter with one of the strongest balance sheets in our sector and a power and land portfolio that is increasingly scarce,” said CleanSpark Inc. (NASDAQ:CLSK) Chairman and CEO Matt Schultz.

“We strengthened our financial foundation, secured up to 890 megawatts of high-quality utility potential capacity in the Houston region, and materially advanced our Sandersville site with the acquisition of an additional 122-acre parcel as we progress toward AI tenancy. Importantly, this expansion is being funded from a position of strength. Our scaled bitcoin mining operations continue to generate durable cash flows, and those cash flows are now being redeployed into long-duration infrastructure opportunities that we believe can drive significant shareholder value over time,” he noted.

In other developments, CleanSpark Inc. (NASDAQ:CLSK) fell alongside its counterparts after Bitcoin dropped to the $62,000 territory during the session from an all-time high of $126,000, following news that the Treasury Department does not have the authority to step in and support Bitcoin and other cryptocurrency assets.

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Disclosure: None. This article is originally published at Insider Monkey.