CleanSpark reports a Q1 net loss of $378 million, holds $925 million worth of bitcoin, and accelerates its AI/HPC digital infrastructure transformation

BlockBeats reported on May 12, according to official sources, that CleanSpark achieved Q1 revenue of 136.4 million USD, a decrease of 24.9% from 181.7 million USD during the same period last year. Net loss was 378.3 million USD (basic loss per share of 1.52 USD), compared to a net loss of 138.8 million USD in the same period last year. Adjusted EBITDA was -241.2 million USD, compared to -57.8 million USD in the same period last year.

The balance sheet shows that as of March 31, 2026, the company held cash of 260.3 million USD and Bitcoin holdings valued at 925.2 million USD (including current Bitcoin, non-current Bitcoin, and Bitcoin held by trading counterparties under collateral arrangements). Total current assets were 1.1 billion USD and total assets reached 2.9 billion USD. Total long-term debt (net of discount and issuance costs) was 1.8 billion USD; total liabilities were 1.9 billion USD; total shareholders’ equity was 1 billion USD; and working capital was 1 billion USD.

CleanSpark President and Chief Financial Officer Gary Vecchiarelli pointed out that the strong liquidity position not only supports the execution of short-term plans, but also preserves considerable optionality for future opportunities in the AI/HPC and digital infrastructure sectors—this is a direct result of the company’s long-term commitment to financial discipline.