CleanSpark Misses Q3 Earnings But Secures Key Lease for AI Expansion

CleanSpark reported a wider-than-expected loss and lower-than-forecast revenue for its fiscal third quarter. The company posted adjusted earnings of negative $0.89 a share, compared with analysts' estimate for a loss of $0.33 a share, and revenue of $138 million, below the $155.86 million forecast.

The stock fell 5.93% in regular trading to $12.70, then recovered 2.82% after hours to $13.11 as traders weighed the earnings miss against a major long-term lease announcement and strong liquidity.

CleanSpark's quarter showed the tension between its legacy Bitcoin mining business and its emerging role as a digital infrastructure developer. Revenue increased only modestly from the prior quarter, and the company still reported a GAAP net loss of $240 million. That loss was smaller than the $378 million loss in the previous quarter, mainly because the mark-to-market adjustment on Bitcoin holdings was less severe.

The bigger story, however, was strategic. CleanSpark said it completed a 20-year lease with a high investment-grade technology customer at Sandersville, a move that it described as a turning point in its shift from Bitcoin mining toward AI data center development. Management said the deal gives the company a long-duration, high-margin revenue stream and helps validate its land-and-power strategy.