CleanSpark, Inc. (CLSK) Earnings
CleanSpark, Inc. is expected to report next earnings on November 24, 2026 (in NaN days), with a consensus EPS estimate of $-0.37. CLSK has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -93.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $-0.47 | $-0.89 | -88.4% | $138M | -7.4% |
| May 11, 2026 | $-0.25 | $-0.52 | -108.0% | $136M | -11.1% |
| Feb 5, 2026 | $-0.10 | $-0.17 | -75.0% | $185M | -5.0% |
| Nov 25, 2025 | $0.26 | $-0.01 | -103.8% | $224M | -2.6% |
| Aug 7, 2025 | $0.06 | $0.78 | +1200.0% | $199M | -16.5% |
| May 8, 2025 | $0.03 | $-0.02 | -166.7% | $182M | -2.6% |
| Feb 6, 2025 | $-0.08 | $-0.07 | +12.5% | $162M | -18.0% |
| Dec 2, 2024 | $-0.18 | $-0.27 | -50.0% | $89M | +0.6% |
| Aug 9, 2024 | $-0.00 | $0.01 | +354.5% | $104M | +10.1% |
| May 9, 2024 | $0.06 | $0.13 | +116.7% | $112M | +9.0% |
| Feb 8, 2024 | $-0.28 | $-0.02 | +92.9% | $74M | +4.8% |
| Nov 30, 2023 | $-0.13 | $-0.63 | -384.6% | $53M | -2.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Strategic Landmark Transaction & Digital Infrastructure Evolution - Post-quarter end, the company completed the largest transaction in its history: a 20-year triple net lease of its entire Sandersville, Georgia campus to a high investment grade global technology company for AI data center use. The lease has $6.6 billion in contracted initial revenue, with two 5-year extension options that would bring total 30-year contracted revenue to $11.6 billion. - The lease structure results in an expected near 100% net operating income margin, as all taxes, insurance, and maintenance capex are the responsibility of the tenant. Expected average annual net operating income is ~$330 million, with total project cost estimated at $1.75 to $2.1 billion ($10 to $12 million per critical IT megawatt, in line with market rates). - The combination of long duration, triple net structure, and high quality tenant allows for attractively priced project-level financing with high loan-to-cost ratios, and the full equity portion of the project is already funded with no new equity/equity-linked raises planned for Sandersville. ### Project Execution Status - Sandersville site preparation has been ongoing for months on an adjacent 122-acre greenfield parcel, so buildout will not disrupt existing Bitcoin mining operations. The first data hall remains on track to be ready for service in Q4 2027, and all long-lead data center equipment has already been ordered and prepaid. - The company's entire 718-acre Texas portfolio (up to 885 megawatts across Seeley and Brazoria campuses) is currently under exclusivity with the same Sandersville tenant. The company continues to invest in site preparation with no change to planned energization timelines. - As of quarter end, CleanSpark holds 1.8 gigawatts of contracted capacity, with high confidence of growing to over 2.1 gigawatts in the near term, and multiple additional gigawatts of projects under active evaluation across the U.S. ### Legacy Bitcoin Mining as a Strategic Advantage - Bitcoin mining operations allow the company to quickly monetize underutilized power at new sites, while enabling the company to wait for the right long-term AI data center tenant. At Sandersville, mining will keep the existing site productive until data center buildout is complete. - The company's ~14,000 Bitcoin hodl balance acts as a flexible, non-dilutive source of capital. Management is not a forced seller of either Bitcoin or company equity, and can deploy this capital to pursue accretive acquisition or development opportunities. ### Texas ERCOT Audit Update - Texas Governor Abbott recently directed ERCOT and the PUC to audit all data center projects seeking grid connections, delaying the final batch zero determination to at least after the August 20 PUC open hearing. Management views this development positively, as CleanSpark's operational discipline and project readiness align with the new requirements, and the policy change will likely wash out underfunded speculative projects, creating new acquisition opportunities for the company. The existing Texas exclusivity agreement remains fully intact.
Guidance
- No formal quarterly/annual financial guidance was provided for legacy Bitcoin or digital infrastructure segments, beyond the already disclosed project timeline for the first Sandersville data hall to be ready for service in Q4 2027. - Management reaffirmed its target of achieving over 90% loan-to-cost project financing for the Sandersville buildout, and expects to secure attractively priced debt based on current strong investor demand for high quality, investment grade-backed infrastructure assets. - The company reaffirmed its plan to grow its total contracted digital infrastructure capacity beyond 2.1 gigawatts in the near term, from the current 1.8 gigawatts, and continues to evaluate multiple gigawatts of additional projects across the U.S.
Segment performance
The company currently operates two core business segments: legacy Bitcoin mining, and digital infrastructure development. In Q3 fiscal 2026, total company revenue was $138 million, a 1% increase from the prior quarter. Revenue growth came from increased hash rate and uptime in the Bitcoin mining segment, offsetting a 5% decrease in average revenue per Bitcoin mined ($72,000 vs. $76,000 Q2). The Bitcoin mining/digital asset management segment generated $8.6 million in net positive cash returns from derivative activities in Q3, bringing fiscal year-to-date total to $25.8 million; the team also achieved a 7% premium to spot price on quarterly Bitcoin production sales. Gross margin for the company was 38% in Q3, down from 40% in Q2 due to a modest increase in power costs. The only other active business segment is early-stage digital infrastructure development, which has not yet begun contributing revenue, though the recently closed Sandersville lease will start generating revenue once the first data hall is delivered in Q4 2027.
Risks & headwinds
- The Texas ERCOT audit and new pre-connection approval requirements introduce uncertainty around the timing of final interconnection approval for the company's Texas portfolio, which could delay execution of the planned Texas lease with the current exclusive counterparty. - Austin County (Texas) has implemented a temporary countywide moratorium on AI data centers, which introduces near-term uncertainty for the company's Sealy site, though management expects a positive constructive resolution with local leadership. - Debt financing market conditions can be volatile, and while current market indicators are positive for high quality infrastructure projects, there is a risk that financing spreads could widen or loan-to-cost targets could not be met, increasing the equity requirement for the Sandersville project. - Demand for AI data center capacity could cool, or tenant requirements could change, impacting the ability to execute on the planned Texas lease and future pipeline projects. - Bitcoin price volatility creates mark-to-market accounting volatility, and a sustained drop in Bitcoin prices could reduce the value of the company's Bitcoin treasury, reducing its available capital for new opportunities.
Analyst Q&A
Q: The Sandersville CapEx range is $10 to $12 million per megawatt. Does this include any benefit from existing infrastructure, and how does it compare to Texas greenfield costs? /
A: The Sandersville project is effectively a full greenfield build on an adjacent 122-acre parcel, so the cost is apples-to-apples with other greenfield data center projects, including those in Texas. The only modest existing benefit is the already built and energized substation, which was a key factor in making the site attractive to the tenant, but does not meaningfully move the overall CapEx number. The substation was already factored into the disclosed CapEx range.
Q: Could non-Texas sites (Washington GA, Wyoming, Tennessee) move to the forefront of leasing activity given the Texas audit delay? /
A: The Texas portfolio is still far along in the process and will remain the near-term priority, but interest in out-of-state assets with near-term ready capacity has increased significantly due to the Texas timing uncertainty. For example, the company's 86 megawatts of already energized capacity in Washington GA has seen significant inbound interest, and the company has already secured adjacent land and submitted a line study to expand that site by up to 500 additional megawatts at the request of potential customers.
Q: How does Bitcoin mining add strategic value to future digital infrastructure development, and will it be structured similarly to Sandersville going forward? /
A: Bitcoin mining allows the company to quickly take on interruptible or underutilized power that is not yet ready for long-term data center use, monetizing it immediately while the company prepares for data center buildout. Utilities prefer having an active paying customer for available capacity early in the development process, and Bitcoin mining can be deployed in 90 days with modular hardware. When a data center tenant is secured and buildout is complete, the company can move the existing mining hardware to new development sites to repeat the process, leveraging existing capital spent on mining equipment across multiple projects.
Q: What is the current status of the company's Bitcoin strategy amid the transition to digital infrastructure? /
A: The company's ~14,000 Bitcoin is treated as a strategic capital asset, not a passive ideological holding. It generates non-dilutive cash flow through covered call derivative strategies (producing $25.8 million fiscal year to date) and can be used as collateral for undrawn lines of credit ($400 million undrawn as of quarter end). The company is willing to sell Bitcoin to fund high-value accretive opportunities, which keeps the company's cost of capital low and avoids diluting shareholders at current equity valuations that management views as discounted.
Q: What must CleanSpark deliver to the Sandersville tenant under the triple net lease? /
A: CleanSpark is responsible for delivering a fully built, energized data center shell and core gray space (including all MEP infrastructure up to the tenant's white space) by the agreed RFS date. All ongoing maintenance, operational costs, taxes, and insurance are the tenant's responsibility under the triple net structure, and CleanSpark has no ongoing operational obligations after turning over the completed facility.