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Call sheet · Q1'26

CleanSpark (CLSK)

Q1'26 earnings call · held February 5, 2026 · compared with the Q4'25 call · management-credibility review
3/12
Disclosure score
3 high, 5 medium, 1 low flags
Financial quality
Bottom line
The sleeper story is that CLSK is essentially a leveraged Bitcoin mining company burning cash while hoping for an AI deal that keeps getting pushed out. The market sees 'AI transformation' but the binding constraint is they're hemorrhaging money at negative normalized margins with zero AI revenue after months of promises. Matt Schultz saying 'conversations with Grade A tenants are ongoing, it's not a matter of if but when' is the same language we heard last quarter, just with stretched timelines. My view changes if they sign a hyperscaler lease with disclosed terms in Q2, otherwise this is a Bitcoin treasury company with a mining problem dressed up as an AI play.

The 30-second version

  • The real story: AI monetization timeline is slipping while they're burning cash on Bitcoin mining at negative margins
  • The obvious headline of Bitcoin price weakness masks deeper operational deterioration
  • They stopped disclosing DSO and individual site profitability metrics while adding vague 'basis trade' yields

What changed this quarter

MetricQ4'25Q1'26Change
Revenue$224M (flat YoY)$181M (+12% YoY)-19% QoQ collapse
Gross Margin56.5%47%-950 bps deterioration
Adjusted EBITDA+$182M-$295M$477M swing negative
Normalized EBITDA (ex mark-to-market)$97M$55M-43% QoQ decline
Net Income-$4M-$379M$375M loss expansion
Power Cost/kWh$0.059$0.056-5% improvement
Bitcoin Production~2,000 BTCUndisclosedStopped reporting quantity
Hash Rate50 EH/s50+ EH/sFlat growth
Cash Balance~$20M$420M++$400M from converts
Bitcoin Holdings$1.5B value$1.15B value-$350M mark-to-market

Accountability tracked

7 new promises made6 narrative shifts flagged7 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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