CleanSpark Delivers $181 Million in Q1 Revenue, Strengthens Balance Sheet, and Advances Multi-Gigawatt AI Infrastructure Platform

Core Insights - CleanSpark, Inc. reported a significant expansion in its power capacity and AI-ready site portfolio, securing up to 890 MW of utility-grade power capacity in Texas and Georgia [1][2] - The company emphasized its strong balance sheet and diversified business model, moving beyond solely bitcoin mining to include infrastructure for AI and digital asset management [2] Financial Performance - Quarterly revenues reached $181.2 million, marking an increase of $18.9 million or 11.6% from the previous year [5] - The net loss for the quarter was $378.7 million, translating to a loss of $1.35 per basic share, compared to a net income of $246.8 million or $0.85 per basic share in the same period last year [5][17] - Adjusted EBITDA decreased to a loss of $295.4 million from a profit of $321.6 million in the prior year [5][19] Balance Sheet Highlights - As of December 31, 2025, the company had working capital of $1.3 billion and total assets of $3.3 billion [4][15] - Total liabilities amounted to $1.9 billion, with long-term debt at $1.8 billion [5][15] - Stockholders' equity was reported at $1.4 billion, down from $2.2 billion in the previous quarter [15] Operational Developments - The company is advancing its Sandersville site with the acquisition of an additional 122-acre parcel, aimed at supporting AI tenancy [2] - CleanSpark's bitcoin mining operations continue to generate cash flows, which are being reinvested into long-duration infrastructure opportunities [2] Strategic Direction - CleanSpark is transitioning to a multi-faceted infrastructure platform, with earnings streams from bitcoin mining, AI infrastructure, and digital asset management [2] - The company aims to optimize capital allocation to maximize returns, a strategy considered rare in the current market [2]