Earnings Call Intelligence Subscribe
Home › Call Sheets › CLSK › Q3'26
Call sheet · Q3'26

CleanSpark (CLSK)

Q3'26 earnings call · held August 6, 2026 · compared with the Q2'26 call · management-credibility review
7/12
Disclosure score
1 high, 2 medium flags
Financial quality
Bottom line
The market will focus on the flat revenue and narrowed loss, but the real driver is the $6.6 bn triple‑net lease that converts CleanSpark’s power asset into near‑100 % NOI and forces a high‑margin cash flow stream. The binding constraint is now grid‑connected megawatt availability - the company can’t monetize AI without securing more power, and ERCOT’s batch‑zero delays add uncertainty. Management’s shift from confident AI growth to "early days" and the disappearance of working‑capital metrics signals a softening outlook. My view changes if the ERCOT interconnection timeline slips beyond Q2 2027 or if the lease fails to deliver the projected NOI.

The 30-second version

  • Sleeper story - the $6.6 bn triple‑net lease is the real cash‑flow engine
  • Headline - revenue flat, loss narrowed, but the binding constraint is megawatt supply
  • Red flag - key operating metrics disappeared

What changed this quarter

MetricQ2'26Q3'26Change
Revenue$136 m, -25 % YoY$138 m, +1 % QoQ+1 % QoQ
GAAP Net Loss$378 m, flat QoQ$240 m, -36 % QoQ-36 % QoQ
Adjusted EBITDA-$241 m-$113 m, excludes $133 m mark‑to‑market adjustmentImproved $128 m
Operating Cash Flow$4 m YoY$8.6 m QoQ+115 % QoQ
Gross Margin40 % QoQ38 % QoQ-2 pp
Contracted Power Capacity (GW)1.8 GW contracted, 2.1 GW pipeline1.8 GW contracted, 2.1 GW pipeline reaffirmedNo change
Liquidity (total)$1.2 bn total liquidity$917 m total liquidity ( $200 m cash + Bitcoin)Liquidity down $283 m
Bitcoin HODL balance13,561 BTC (~$925 m)≈14,000 BTC (~$1.1 bn)+~3 % BTC, +~19 % value
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.
Read the full CLSK Q3'26 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
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.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.