CleanSpark (NASDAQ: CLSK) reported $181.2 million in Q1 revenue on Thursday alongside a strategic shift toward AI/HPC. The company posted a net loss of $378.7 million, mostly attributed to cryptocurrency volatility.
The company also recorded a $246.8 million loss on the fair value of Bitcoin. A separate $103.6 million loss on Bitcoin collateral further impacted results.
The company’s stock dipped nearly 20% in after-hours trading as Bitcoin slid, down 13% on the week as of writing time. However, early morning trading hours saw the stock jump over 6%.
On the infrastructure side, CleanSpark secured up to 890 MW of power capacity in the Houston region. The Las Vegas-based company also acquired an additional 122-acre parcel in Sandersville, Georgia, to support AI tenancy. The goal is a multi-gigawatt AI infrastructure platform.
Executives described the shift as a move away from a single-track business model. Management intends to use mining cash flows to fund long-duration infrastructure assets.
CEO Matt Schultz cited the scarcity of power portfolios as a key competitive advantage, while CFO Gary Vecchiarelli noted the flexibility to optimize capital across market cycles.
The company holds $458.1 million in cash and approximately $1.0 billion in Bitcoin.
