CleanSpark stock slides on earnings miss, bitcoin loss

CleanSpark's stock experienced a significant drop of over 9% following its second fiscal quarter earnings report, which revealed a widening net loss of $378.3 million. This loss was substantially impacted by a $224.1 million non-cash adjustment related to the fair value of its bitcoin holdings. Quarterly revenue also declined 25% year-over-year to $136.4 million, missing analyst expectations. Despite these financial headwinds, the company is strategically pivoting its infrastructure to support AI and high-performance computing, aiming to lease its computing power to data centers.