KBW keeps ‘outperform’ rating and $14 target on CleanSpark after Q2 miss

Keefe, Bruyette & Woods maintained its “Outperform” standing and $14 terms people connected CleanSpark (NASDAQ: CLSK) aft the bitcoin miner reported fiscal second-quarter 2026 gross of $136.4 million, a 24.9% diminution from $181.7 cardinal a twelvemonth earlier, and a wider nett loss.

CleanSpark’s nett nonaccomplishment for the 4th ended March 31 widened to $378.3 million, oregon $1.52 per share, from $138.8 million, oregon $0.49 per share, successful the year-earlier period. Adjusted EBITDA fell to antagonistic $241.2 cardinal from antagonistic $57.8 million. Shares dropped implicit 5% successful after-hours trading Monday aft the results missed statement estimates, according to Yahoo Finance.

AI and Bitcoin’s regular show: Subscribe to the Blockspace Podcast here, connected Apple, Spotify, oregon anyplace you perceive to podcasts.

The institution ended the 4th with $260.3 cardinal successful cash, bitcoin holdings valued astatine $925.2 million, and $2.9 cardinal successful full assets against $1.8 cardinal successful semipermanent debt. CleanSpark said it accrued bitcoin holdings by 14% and mean monthly hashrate by 18% twelvemonth implicit year. It had 1.8 GW of powerfulness nether declaration with 808 MW utilized.

“Our equilibrium expanse remains a halfway competitory vantage arsenic we execute CleanSpark’s maturation strategy,” President and CFO Gary Vecchiarelli said. “We ended the 4th successful a beardown liquidity presumption that not lone supports our near-term execution pipeline but besides preserves meaningful optionality arsenic the AI/HPC and integer infrastructure scenery continues to evolve.”

CEO Matt Schultz pointed to respective operational milestones during the quarter, including ERCOT support of 300 MW successful Brazoria, leasing advancement successful Georgia, and ongoing operation astatine the Sandersville facility. CleanSpark has said it is pursuing information halfway improvement alongside its bitcoin mining operations.

“Bitcoin mining funds the platform, AI monetizes it, and we mean to bash some exceptionally well,” Schultz said.

AI and Bitcoin’s regular show: Subscribe to the Blockspace Podcast here, connected Apple, Spotify, oregon anyplace you perceive to podcasts.

CleanSpark’s April operational update showed the institution produced 640 bitcoin during the month, averaging much than 21 bitcoin per day, with 50.0 EH/s of operational hashrate. The institution held 13,453 bitcoin astatine the extremity of April. Schultz said the infrastructure being built for mining “unlocks” capableness beyond that azygous usage case, citing 1.8 GW nether declaration arsenic the instauration for what helium described arsenic a “multi-gigawatt AI infrastructure platform.”