CleanSpark stock drops 9% after Q2 loss widens to $378M amid bitcoin price pressure

CleanSpark reported a net loss of $378.3 million for Q2, more than doubling last year's loss, driven by a $224.1 million non-cash bitcoin fair value loss amid bitcoin price volatility. Revenue fell 25% year-over-year to $136.4 million, missing estimates, despite doubling its megawatts under contract and shifting focus toward AI and high-performance computing. The company highlighted a strong balance sheet with bitcoin holdings up 14% to $925.2 million and total assets of $2.9 billion, but bitcoin mining remains unprofitable as mining costs exceed bitcoin prices. CleanSpark is pivoting to lease computing power for AI data centers to adapt to industry challenges.