# EDGAR Filing Document

**Accession Number:** 0000827876
**File Stem:** 0001193125-26-216866
**Filing Date:** 2026-5
**Character Count:** 26831
**Document Hash:** 00412438021e59e666682a4c5946b48e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-216866.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001193125-26-216866

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20260511

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CLEANSPARK, INC.
- **CENTRAL INDEX KEY:** 0000827876
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 870449945
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39187
- **FILM NUMBER:** 26963563

**BUSINESS ADDRESS:**
- **STREET 1:** 10624 S. EASTERN AVE.
- **STREET 2:** SUITE A - 638
- **CITY:** HENDERSON
- **STATE:** NV
- **ZIP:** 89052
- **BUSINESS PHONE:** (702) 941-8047

**MAIL ADDRESS:**
- **STREET 1:** 10624 S. EASTERN AVE.
- **STREET 2:** SUITE A - 638
- **CITY:** HENDERSON
- **STATE:** NV
- **ZIP:** 89052

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STRATEAN INC.
- **DATE OF NAME CHANGE:** 20141201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMARTDATA CORP
- **DATE OF NAME CHANGE:** 19880120

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** May 11, 2026<br>

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CleanSpark, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Nevada | 001-39187 | 87-0449945 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 10624 S. Eastern Ave.<br>Suite A - 638 |  |  |
| Henderson**,** Nevada |  | 89052 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (702) 989-7692<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | CLSK | The Nasdaq Stock Market LLC |
| Redeemable warrants, each exercisable for 0.069593885 shares of common stock at an exercise price of $165.24 per whole share | CLSKW | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On May 11, 2026, CleanSpark, Inc. announced financial results for its fiscal quarter ended March 31, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) should not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

## Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [<u>Press Release, dated</u>](clsk-ex99_1.htm)[<u>May 11, 2026</u>](clsk-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 11, 2026

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| | |
|:---|:---|
|  | **CLEANSPARK, INC.** |
| By:  | */s/ Gary A. Vecchiarelli* |
|  | Gary A. Vecchiarelli<br>President and Chief Financial Officer |

---

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## Exhibit 99.1

**EXHIBIT 99.1**

**CleanSpark Reports Second Fiscal Quarter 2026 Results**

***Doubled MW under contract year-over-year including*** 

***585 MW of ERCOT-approved capacity*** 

***Increased Bitcoin holdings by 14% and average*** 

***monthly hashrate by 18% year-over-year***

**LAS VEGAS, May 11, 2026 --** CleanSpark, Inc. (Nasdaq: CLSK) ("CleanSpark" or the "Company"), today reported financial results for the quarter ended March 31, 2026.

"This quarter, we accelerated our digital infrastructure evolution across four key areas: land and power development, with ERCOT approval of 300 MW in Brazoria; leasing, with further progress in Georgia and beyond; financing, as market conditions remain constructive; and construction as we continue developing the new parcel in Sandersville," said Matt Schultz, CEO and Chairman of CleanSpark. "Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently to power CleanSpark's transformation."

"Our balance sheet remains a core competitive advantage as we execute CleanSpark's growth strategy," said Gary Vecchiarelli, President and CFO. "We ended the quarter in a strong liquidity position that not only supports our near-term execution pipeline but also preserves meaningful optionality as the AI/HPC and digital infrastructure landscape continues to evolve. Our ability to move quickly and decisively on power and land expansion opportunities, as well as potential site commercialization initiatives, is a direct result of the financial discipline we have maintained. We believe we are well positioned to allocate capital dynamically, capitalize on emerging infrastructure opportunities, and continue creating long-term shareholder value."

**Financial Highlights: Second Quarter Fiscal Year 2026** 

*Financial Results for the Three Months Ended March 31, 2026* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Quarterly revenues were $136.4 million, a decrease of $45.3 million, or 24.9%, from $181.7 million for the same prior fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net loss for the three months ended March 31, 2026, was ($378.3 million) or ($1.52) per basic share, compared to a net loss of ($138.8 million) or ($0.49) per basic share, for the same prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA<sup>(1)</sup> decreased to ($241.2 million) from ($57.8 million) from the same period a year ago.

*Balance Sheet Highlights as of March 31, 2026*

<u>Assets</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash: $260.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Bitcoin: $925.2 million<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total Current Assets: $1.1 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total Mining Assets (including prepaid deposits and deployed miners): $807.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total Assets: $2.9 billion

<u>Liabilities and Stockholders' Equity</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Current Liabilities: $133.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total Long-Term Debt, Net of Debt Discount and Issuance Costs: $1.8 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total Liabilities: $1.9 billion

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total Stockholders' Equity: $1.0 billion

The Company had working capital of $1.0 billion as of March 31, 2026.

<sup>1</sup>See "Non-GAAP Measure" and the related reconciliation below.

<sup>2</sup>As of March 31, 2026, the Company's total HODL value was $925.2 million, consisting of current bitcoin, non-current bitcoin, and bitcoin held by counterparties related to collateral arrangements.

**Investor Conference Call and Webcast**

The Company will hold its fiscal Q2 2026 earnings presentation and business update for investors and analysts today, May 11, 2026, at 4:30 p.m. ET / 1:30 p.m. PT.

Webcast URL: https://clsk.news/q2fy26call

The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.

**Upcoming Investor Events** 

CleanSpark is scheduled to participate in the B. Riley Annual Investor Conference on May 21, 2026, the Macquarie AI Infrastructure Conference on June 10, 2026, and the Northland Growth Conference on June 23, 2026. If applicable, live presentation webcasts, replay information, and presentations will be available on the Company's investor relations website.

**About CleanSpark**

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's evolving business strategy to expand into the market for high-performance computing ("HPC") and artificial intelligence ("AI") and other expectations, beliefs, plans, intentions, and strategies, including the benefits of the Company's treasury management activities. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions.

The forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to: the risk that the electrical power available to the Company's facilities does not increase as expected; the success of the Company's bitcoin mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which the Company operates, including the volatility of BTC prices; increasing difficulty rates for bitcoin mining; bitcoin halving; our ability to execute on our business strategy, including our ability to diversify and expand into the market for HPC and AI solutions and data centers; our limited experience with respect to new markets we are entering, including the market for HPC and AI services; our ability to compete with our new HPC and AI services competitors; new or additional governmental regulation; the impacts

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of evolving global and U.S. trade policies and tariff regimes, including that there is uncertainty as to whether the Company will face materially increased tariff liability in respect of miners purchased since 2024 and in the future; the Company's ability to successfully complete acquisitions, including integration risks relating to completed and potential acquisitions and the ability to successfully deploy new miners; dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized, including in respect of the new markets that the Company seeks to enter; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings.

Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.

**Non-GAAP Measure**

The Company presents Adjusted EBITDA, which is not a measurement of financial performance under GAAP. Our non-GAAP "Adjusted EBITDA" excludes (i) impacts of interest, taxes, and depreciation; (ii) our share-based compensation expense, unrealized gains/losses on securities, and changes in the fair value of contingent consideration with respect to previously completed acquisitions, all of which are non-cash items that we believe are not reflective of our general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets; (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of our ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed; (vii) gains and losses related to discontinued operations that would not be applicable to our future business activities; and (viii) severance expenses.

Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, management believes that Adjusted EBITDA is also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate our bitcoin-related revenues). For example, we expect that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors.

The Company's Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents Adjusted EBITDA, we only utilize that measure supplementally and do not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.

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Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in our Condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP.

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**CLEANSPARK, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands, except par value and share amounts)**

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **September 30,<br>2025** |
|  | **(Unaudited)** |  |
| ASSETS |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $260287 | $42966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 3213 | 3490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expense and other current assets | 47651 | 11875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitcoin - current | 674447 | 966829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from bitcoin collateral | 111940 | 294648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative investments | 1499 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | $1099037 | $1320041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitcoin - noncurrent | $138774 | $222614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 1333617 | 1363681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right of use assets | 5324 | 4254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 4291 | 5849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits on miners and mining equipment | 137416 | 112037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 63384 | 23497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 131658 | 131658 |
| Total assets | $2913501 | $3183631 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $18058 | $15159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 101531 | 117544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 10994 | 6096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of debt | 2485 | 176570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends payable |  | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | $133068 | $315765 |
| Long-term liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net of current portion, debt discount and debt issuance costs | 1788196 | 644586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 3566 | 44872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 2511 | 3281 |
| Total liabilities | $1927341 | $1008504 |

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**CLEANSPARK, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS (continued)**

**(in thousands, except par value and share amounts)**

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **September 30,<br>2025** |
|  | **(Unaudited)** |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock; $0.001 par value; 10,000,000 shares authorized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding (liquidation preference $0.02 per share) | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock; $0.001 par value; 600,000,000 shares authorized; 298,964,590 and 296,087,533 shares issued; 256,599,199 and 284,327,598 shares outstanding, respectively | 299 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2506997 | 2445723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (912948) | (125894) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock at cost; 42,365,391 and 11,759,935 shares held, respectively | (608190) | (145000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 986160 | 2175127 |
| Total liabilities and stockholders' equity | $2913501 | $3183631 |

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**CLEANSPARK, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME**

**(Unaudited, in thousands, except per share and share amounts)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| **Revenues, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitcoin mining revenue, net | $136408 | $181712 | $317588 | $344018 |
| **Costs and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of depreciation and amortization) | 81691 | 85424 | 177312 | 155714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 9652 | 2983 | 15058 | 6868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payroll expenses | 24922 | 15255 | 48707 | 36124 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 16105 | 11736 | 31547 | 21790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of assets | 3990 | (2230) | 3767 | (3021) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on fair value of bitcoin, net | 224107 | 127667 | 470939 | (90539) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 115881 | 78901 | 222192 | 145130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indirect tax contingency expenses | 1731 |  | 4893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment expense - fixed assets |  |  | 1398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment expense - other | 4008 |  | 4008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total costs and expenses** | $482087 | $319736 | $979821 | $272066 |
| **(Loss) income from operations** | (345679) | (138024) | (662233) | 71952 |
| **Other (expense) income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on bitcoin collateral | (38838) |  | (142458) | 42493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on derivative securities, net | (4840) | (4741) | 6955 | (1119) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 3072 | 2014 | 5257 | 3490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (2054) | (1267) | (5750) | (2826) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 105 | 183 | (131) | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other (expense) income** | $(42555) | $(3811) | $(136127) | $42221 |
| **(Loss) income before income tax (benefit) expense** | (388234) | (141835) | (798360) | 114173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (9891) | (3043) | (41306) | 6174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from operations | $(378343) | $(138792) | $(757054) | $107999 |
| **Net (loss) income** | $(378343) | $(138792) | $(757054) | $107999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock dividends, including deemed dividend | 30000 |  | 30000 | 5141 |
| **Net (loss) income attributable to common shareholders** | $(408343) | $(138792) | $(787054) | $102858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, net of tax |  | 2946 |  | 2978 |
| **Total comprehensive (loss) income attributable to common shareholders** | $(408343) | $(135846) | $(787054) | $105836 |

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**CLEANSPARK, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (continued)**

**(Unaudited, in thousands, except per share and share amounts)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| (Loss) income from continuing operations per common share - basic | $(1.52) | $(0.49) | $(2.86) | $0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding - basic | 267827913 | 280853882 | 274726414 | 282722198 |
| (Loss) income from continuing operations per common share - diluted | $(1.52) | $(0.49) | $(2.86) | $0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding - diluted | 267827913 | 280853882 | 274726414 | 308336536 |

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**CLEANSPARK, INC.**

**RECONCILIATION OF ADJUSTED EBITDA**

**(Unaudited, in thousands)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **($ in thousands)** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
| **Reconciliation of non-GAAP Adjusted EBITDA** | **2026** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;Net (loss) income | $(378343) | $(138792) | $(757054) | $107999 |
| &nbsp;&nbsp;Depreciation and amortization | 115881 | 78901 | 222192 | 145130 |
| &nbsp;&nbsp;Share-based compensation expense | 12055 | 3101 | 24186 | 6122 |
| &nbsp;&nbsp;(Loss) gain on derivative securities, net | 4840 | 4741 | (6955) | 1119 |
| &nbsp;&nbsp;Interest income | (3072) | (2014) | (5257) | (3490) |
| &nbsp;&nbsp;Interest expense | 2054 | 1267 | 5750 | 2826 |
| &nbsp;&nbsp;Other income | (105) | (183) | 131 | (183) |
| &nbsp;&nbsp;Loss (gain) on disposal of assets | 3990 | (2230) | 3767 | (3021) |
| &nbsp;&nbsp;Fees related to financing & business development transactions | 5068 | 258 | 5270 | 631 |
| &nbsp;&nbsp;Litigation & settlement related expenses | 715 | 193 | 2460 | 541 |
| &nbsp;&nbsp;Severance and other | (132) | 12 | (100) | 12 |
| &nbsp;&nbsp;Income tax (benefit) expense | (9891) | (3043) | (41306) | 6174 |
| &nbsp;&nbsp;Indirect tax contingency expenses | 1731 |  | 4893 |  |
| &nbsp;&nbsp;Impairment expense - other | 4008 |  | 4008 |  |
| &nbsp;&nbsp;Impairment expense - fixed assets |  |  | 1398 |  |
| **Non-GAAP Adjusted EBITDA\*** | $**(241201)** | $**(57789)** | $**(536617)** | $**263860** |

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\* We have not excluded our Loss (gain) on fair value of bitcoin, net or our (Loss) gain on bitcoin collateral which we record in our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as provided in ASC 350-60 and discussed in the Form 10-K. Loss (gain) on fair value of bitcoin, net totaled a loss of $224,107 and $127,667 in the three months ended March 31, 2026 and 2025, respectively, and a loss of $470,939 and a gain of $90,539 in the six months ended March 31, 2026 and 2025, respectively. (Loss) gain on bitcoin collateral totaled a loss of $38,838 and $0 in the three months ended March 31, 2026 and 2025, respectively, and a loss of $142,458 and a gain of $42,493 in the six months ended March 31, 2026 and 2025, respectively.

**Investor Relations Contact** <br>Harry Sudock<br>702-989-7693<br>ir@cleanspark.com

**Media Contact**<br>Eleni Stylianou<br>702-989-7694<br>pr@cleanspark.com

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