CleanSpark Misses Estimates with $239M Quarterly Loss

CleanSpark has reported a significant quarterly loss of $239 million as revenue fell 30.5% year over year to $138 million, missing analyst estimates.

The company's net loss for the quarter ended June 30 was $0.89 per basic share, reversing from net income of $0.90 per share recorded a year earlier.

CleanSpark has continued expanding into artificial intelligence and high-performance computing infrastructure despite weaker financial results in its Bitcoin mining business.

The company signed a 20-year lease for a 175-megawatt data center at its Sandersville, Georgia, campus with an undisclosed investment-grade global technology company, which is expected to generate about $6.6 billion in contracted revenue over the initial lease term.