CleanSpark reported a $239 million quarterly loss as revenue slid 30.5% year‑over‑year, even as the miner secures a major long‑term AI data center deal that could reshape its revenue mix. Key results and market reaction - For the fiscal third quarter (ended June 30) CleanSpark posted $138 million in revenue, down from $198 million a year earlier and below the Yahoo Finance consensus of $142.2 million. - The company recorded a net loss of $239 million, or $0.89 per basic share, reversing from net income of $257 million ($0.90 per share) in the prior‑year quarter. - Shares fell about 5.5% on the news before recovering roughly 3% in pre‑market trading to trade above $13.10, per Yahoo Finance. The weak reaction echoes the drop the stock saw after its May results. Recent trend and drivers - This follows another loss in the prior quarter: for the fiscal second quarter ended March 31, CleanSpark reported a $378.3 million net loss on $136.4 million in revenue (vs. a $138.8 million loss and $181.7 million revenue a year earlier). - Volatility in Bitcoin’s market value and mark‑to‑market accounting have been a major factor in the swings. In the prior quarter, a $224.1 million fair‑value loss on Bitcoin holdings made up nearly 60% of CleanSpark’s net loss. Balance sheet and mining operations - Despite pressure on earnings, CleanSpark continued to grow its mining footprint. In the fiscal second quarter the company said Bitcoin holdings rose 14% year‑over‑year and average monthly hashrate climbed 18%. - At the end of that quarter the company reported about $925.2 million in Bitcoin and $260.3 million in cash. Big push into AI and HPC - CleanSpark is simultaneously diversifying into AI and high‑performance computing (HPC). On July 14 it signed a 20‑year lease for a 175‑MW data center at its Sandersville, Georgia campus with an unnamed investment‑grade global technology company, estimating roughly $6.6 billion in contracted revenue over the initial lease term. - The firm says Sandersville development has been progressing for several quarters, it has doubled contracted megawatts year‑over‑year, and secured 585 MW of ERCOT‑approved capacity in Texas for additional AI/HPC projects. - CEO Matt Schultz has indicated the company plans to commercialize assets suitable for AI and HPC while continuing to operate its Bitcoin mining business efficiently. Broader industry context - CleanSpark is not alone in pivoting toward colocation and AI infrastructure as miners wrestle with mark‑to‑market earnings pressure. Marathon (MARA) faced a $1.3 billion Q1 loss after Bitcoin valuation adjustments, TeraWulf said HPC revenue surpassed mining revenue in Q1, and Core Scientific has reported rising colocation income even as it posted big losses earlier in the year. Why it matters - The results underline the twin realities for public miners: near‑term earnings remain vulnerable to Bitcoin price swings and accounting adjustments, but new AI/HPC deals offer a path to more predictable, contract‑based revenue. Investors will be watching execution at Sandersville, further colocation contracts, and whether mining economics improve as BTC prices and hashrates evolve. Read more AI-generated news on: undefined/news