分组1 - BTIG lowered the price target on Strategy to $250 from $630 while maintaining a Buy rating, citing bitcoin price volatility as a reason for the adjustment [1] - Strategy acquired 855 bitcoin for approximately $75.3 billion at an average price of $87,974, bringing total holdings to 713,502 bitcoin for about $54.26 billion [2] - Strategy reported a Q4 loss per share of ($42.93) on revenue of $123 million, compared to a loss of ($3.03) in the same period last year, with cash and cash equivalents of $2.3 billion as of December 31 [3] 分组2 - Galaxy Digital reported a Q4 loss per share of ($1.08) on revenue of $10.37 billion, missing analyst estimates [5] - Following Galaxy's report, Goldman Sachs and H.C. Wainwright adjusted their price targets to $24 and $40 respectively, with H.C. Wainwright seeing a buying opportunity [6] - IREN reported a Q2 loss per share of (52 cents) on revenue of $184.7 million, with cash and cash equivalents of $2.8 billion as of January 31 [7] 分组3 - CleanSpark reported a Q1 loss per share of ($1.35) on revenue of $181.2 million, with cash holdings of $485.1 million and $1 billion in bitcoin as of December 31 [9] - Following CleanSpark's report, several firms lowered their price targets, with a shift in investment focus towards AI [10] - Bullish reported a Q4 loss per share of ($3.73) on adjusted revenue of $92.5 million, with analysts adjusting price targets downwards due to market conditions [10][11] 分组4 - Mawson Infrastructure Group reported preliminary Q4 revenue of $3.2 million, down from $15.1 million year-over-year, and reached settlements to reduce potential financial liabilities [12][13] - Bed Bath & Beyond announced an agreement to acquire Tokens.com to create a unified investment platform, integrating traditional and tokenized finance [14][15] - Bitfarms plans to redomicile from Canada to the U.S. to enhance shareholder value and simplify operations, with a new parent company expected to trade under the name Keel Infrastructure [17][18] 分组5 - The cryptocurrency market is experiencing significant volatility, with bitcoin dropping approximately 18% to $68,182 [20]

Core Insights - CleanSpark (CLSK) reported a first-quarter fiscal 2026 loss of $0.10 per share, which was wider than the Zacks Consensus Estimate of an $0.08 loss [1] - The company experienced a loss from continuing operations of $1.35 per share, contrasting with earnings of $0.83 per share in the same quarter last year [1] - Revenues increased by 11.6% year over year to $181.2 million, but this figure missed the consensus estimate by 2.12% [1] Financial Performance - CleanSpark's first-quarter fiscal 2026 gross profit decreased by 7% year over year to $85.6 million, with a gross margin contraction of 940 basis points to 47.2% [4] - The company reported an operating loss of $316.6 million, compared to an operating income of $210 million in the year-ago quarter [4] - Adjusted EBITDA loss was $295.4 million, a significant decline from positive Adjusted EBITDA of $321.6 million in the previous year [5] - The net loss for the quarter was $378.7 million, primarily due to fair value adjustments related to bitcoin [5] Strategic Transition - CleanSpark is transitioning from a pure-play bitcoin miner to a broader energy, compute, and infrastructure platform, aiming to capture opportunities in high-performance computing (HPC) and AI data centers [2] - For 2026, management is focusing on expanding its power and land portfolio, monetizing available megawatt capacity, and accelerating the development of AI-focused data center infrastructure [3] - The company's multi-year roadmap includes phased execution plans targeting construction milestones and tenant visibility in 2026, scaling operations and diversifying tenants in 2027, and building multi-campus, giga-scale project capabilities by 2028 [3] Balance Sheet Overview - As of December 31, 2025, CleanSpark had cash and cash equivalents of $458 million, a significant increase from $43 million as of September 30, 2025 [6] - The total long-term debt, net of debt discount and issuance costs, was $1.79 billion as of December 31, 2025 [6] - The company held 13,099 Bitcoin, with an approximate market value of $1.15 billion, and had $400 million of available liquidity under its line of credit [7]

Core Viewpoint - Top Wall Street analysts have revised their outlook on several major companies, indicating potential shifts in investment sentiment and opportunities in the market [1] Company Analysis - Analysts are considering buying Amazon (AMZN) stock, suggesting a positive outlook for the company [1]

Core Insights - In 2026, crypto miners are experiencing significant volatility and panic selling, potentially more than Bitcoin itself [1] - Companies have invested billions in acquiring mining capacity due to rising Bitcoin prices, indicating a competitive landscape in the data center space [1] Industry Overview - The crypto mining industry is facing challenges as it competes in a crowded data center market, which may impact profitability and operational stability [1] - The experience of analysts covering technology companies and startups suggests a deep understanding of the themes influencing the crypto mining sector [1]

Core Viewpoint - CleanSpark Inc. (NASDAQ:CLSK) experienced a significant decline in share prices due to disappointing earnings and a substantial drop in Bitcoin prices, highlighting challenges in the cryptocurrency mining sector [1][5]. Financial Performance - CleanSpark reported a net loss attributable to shareholders of $378.7 million for the first quarter of fiscal year 2026, a stark contrast to a net income of $241.6 million during the same period the previous year [2]. - Despite the overall loss, Bitcoin mining revenues increased by 11.6% year-on-year, reaching $181.18 million, up from $162.3 million [3]. Strategic Positioning - The company maintains a strong balance sheet and has secured up to 890 megawatts of high-quality utility potential capacity in the Houston region, alongside advancing its Sandersville site with an additional 122-acre acquisition [4]. - CleanSpark's CEO emphasized that the expansion is funded from a position of strength, with ongoing cash flows from scaled bitcoin mining operations being redeployed into long-duration infrastructure opportunities [4]. Market Context - The decline in CleanSpark's stock price was influenced by Bitcoin's drop to the $62,000 range from an all-time high of $126,000, exacerbated by news regarding the Treasury Department's lack of authority to support cryptocurrency assets [5].

Financial Performance - CleanSpark reported a quarterly loss of $0.1 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.08, and compared to a loss of $0.07 per share a year ago, indicating a negative earnings surprise of -25.00% [1] - The company posted revenues of $181.18 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 2.12%, and this represents an increase from year-ago revenues of $162.31 million [2] - Over the last four quarters, CleanSpark has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Outlook - The immediate price movement of CleanSpark's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [3][4] - The current consensus EPS estimate for the upcoming quarter is -$0.09 on revenues of $196.02 million, and for the current fiscal year, it is $0.07 on revenues of $803.77 million [7] - The estimate revisions trend for CleanSpark was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The Financial - Miscellaneous Services industry, to which CleanSpark belongs, is currently in the top 33% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Revenue for the quarter grew year-over-year by approximately $19 million, an increase of almost 12% [17] - Bitcoin production was relatively flat, with revenues of almost $100,000 per Bitcoin compared to $84,000 in the same quarter last year [17] - Gross margins declined from approximately 57% a year ago to 47% this quarter, primarily due to increased network difficulty [17] - The company recognized a net loss of approximately $379 million compared to net income of approximately $247 million a year ago, driven by mark-to-market adjustments [18] - Adjusted EBITDA was negative $295 million, compared to positive $322 million a year ago, also influenced by mark-to-market adjustments [18][20] - Cash balance increased over $400 million compared to Q4, due to a $1.15 billion convertible transaction [21] - Total debt is approximately $1.8 billion, with a net debt-to-liquidity ratio of approximately 1.1 [22] Business Line Data and Key Metrics Changes - The company continues to operate a large-scale Bitcoin mining business, generating strong cash flows from a scaled mining footprint of more than 50 exahash per second [7] - Digital Asset Management (DAM) generated over $13 million in premiums and cash, representing about 24% of normalized adjusted EBITDA [15] - The DAM strategy achieved an annualized return of 4.2% on the average HODL balance, surpassing the target of 4% [25] Market Data and Key Metrics Changes - Power prices increased marginally to $0.056 per kWh, up from $0.049 per kWh a year ago [17] - The company is seeing improving economics per megawatt driven by scale, power quality, and contracting structures [6] Company Strategy and Development Direction - The company is evolving into a digital infrastructure and data center development company, building an infrastructure platform with multiple earning streams [5] - Bitcoin mining funds the platform, AI monetizes it, and digital asset management optimizes it across all cycles [5] - The company is focused on securing scarce power and land, with a strategy to capitalize on the demand for larger sites [10] - The company aims to move from portfolio formation into commercialization milestones, reflecting the demand for AI infrastructure [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for AI infrastructure, citing significant investments from major players like Amazon [34] - The company is focused on disciplined capital deployment and optimizing for durability rather than velocity [12] - Management believes that Bitcoin mining will always be core to the business, providing a strategic advantage in power acquisition [13] Other Important Information - The company completed a $1.15 billion convertible offering, part of which was used to repurchase $460 million worth of shares, totaling over $600 million since December 2024 [9] - The company has over 13,000 Bitcoin, with a strategy to use Bitcoin as a productive capital asset [24] Q&A Session Summary Question: Can you talk about the demand environment for HPC and attributes sought in leasing partners? - Management noted that demand is escalating, with interest from trillion-dollar balance sheet companies for long-term leases [34] Question: How does owning additional land at Sandersville impact conversations with potential tenants? - Management confirmed that owning the land allows for a more orderly process in progressing the AI data center project and enhances the specificity of the compute and power ramp [66] Question: What milestones should be expected in the HPC tenant discussions? - Management indicated that there are multiple potential offtake tenants, with a specific front-runner in discussions for the Sandersville site [79] Question: How does the recent downturn in Bitcoin prices affect the HODL approach? - Management stated that the strategy remains intact, with no plans to dip into the HODL despite current market conditions [55] Question: What is the expected timeline for power availability at the new Texas sites? - The Sealy project is expected to have power available in the first half of 2027, while the Brazoria project is anticipated to energize around Q4 2027 to Q1 2028 [82]

Financial Data and Key Metrics Changes - For Q1 2026, revenue grew year-over-year by approximately $19 million, an increase of almost 12% [17] - Bitcoin production was relatively flat, with revenues of almost $100,000 per Bitcoin compared to $84,000 in the same quarter last year [17] - Gross margins declined from approximately 57% a year ago to 47% this quarter, primarily due to increased network difficulty [17] - The company recognized a net loss of approximately $379 million compared to net income of approximately $247 million a year ago, driven by mark-to-market adjustments [18] - Adjusted EBITDA was negative $295 million, compared to positive $322 million a year ago, also influenced by mark-to-market adjustments [18][20] - Cash balance increased over $400 million compared to Q4, attributed to a $1.15 billion convertible transaction [21] Business Line Data and Key Metrics Changes - The AI data center business is expected to provide stable cash flows and high margins, which will help the company navigate the volatility of Bitcoin mining economics [20] - Digital Asset Management (DAM) generated over $13 million in premiums and cash, representing about 24% of normalized adjusted EBITDA [15] Market Data and Key Metrics Changes - Power prices increased marginally to $0.056 per kWh, up from $0.049 per kWh a year ago [17] - The company has over 13,000 Bitcoin, with a value of approximately $1.5 billion as of September 30 [24][21] Company Strategy and Development Direction - The company is evolving into a digital infrastructure and data center development company, leveraging its Bitcoin mining operations to support multiple revenue streams [5] - The strategy includes a focus on securing scarce power and land, tenant-driven technical alignment, and structured long-term monetization [5][10] - The company aims to build a capital stack that minimizes dilution while expanding into AI data centers [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for AI infrastructure, citing significant investments from major players like Amazon [34] - The company is focused on disciplined capital deployment and optimizing for durability rather than speed in its expansion efforts [12] - Management believes that the current market conditions present opportunities for growth, particularly in AI and data center sectors [20] Other Important Information - The company completed a $1.15 billion convertible offering, part of which was used to repurchase $460 million worth of shares, totaling over $600 million in share repurchases since December 2024 [9] - The company has established a Houston-area infrastructure hub with almost 900 MW of aggregate potential utility capacity to support AI campus deployments [10] Q&A Session Summary Question: Can you discuss the demand environment for HPC and attributes sought in leasing partners? - Management noted that demand is escalating, with interest from trillion-dollar balance sheet companies for long-term leases [34] Question: How does the demand compare across the three sites? - The highest demand is currently at Sandersville due to its energized status and existing infrastructure [36] Question: Is rising demand for AI data centers indicative of broader sector trends? - Management confirmed that demand is rapidly increasing across the sector, with ongoing inquiries from hyperscalers [40] Question: How confident is the company in signing contracts soon? - Management expressed high confidence in securing quality leases sooner than initially expected, emphasizing a disciplined approach [41] Question: How does the recent downturn in Bitcoin prices affect the HODL strategy? - The company plans to maintain its HODL strategy, focusing on selling nearly 100% of monthly operating production while expanding into AI data centers [55] Question: What milestones should be expected in the HPC business? - Management indicated that they are working on a basis of design and are focused on ensuring delivery timelines to avoid risks [51] Question: How does owning additional land at Sandersville impact negotiations? - Owning the land allows for more specific design alignment and eases the complexity of project timelines [66] Question: What is the status of the energization timeline for the Sealy and Brazoria sites? - The Sealy project is expected to have power available in the first half of 2027, while the Brazoria project timeline is less certain but targeted for late 2027 to early 2028 [82]

Financial Data and Key Metrics Changes - For Q1 2026, CleanSpark reported revenue of over $180 million, a year-over-year increase of approximately $19 million or nearly 12% [15][17] - Bitcoin production remained relatively flat, with revenue per Bitcoin rising to almost $100,000 compared to $84,000 in the same quarter last year [15][16] - Gross margins declined from approximately 57% a year ago to 47% this quarter, primarily due to increased network difficulty and slightly higher power prices [16][18] - The company recognized a net loss of approximately $379 million compared to a net income of approximately $247 million a year ago, driven by mark-to-market adjustments [17][20] - Adjusted EBITDA was negative $295 million, compared to positive $322 million a year ago, also influenced by mark-to-market adjustments [17][19] Business Line Data and Key Metrics Changes - CleanSpark's Bitcoin mining operations continue to generate strong cash flows, with a hashing capacity of over 50 exahash per second [5][6] - The Digital Asset Management (DAM) strategy generated over $13 million in premiums and cash, representing about 24% of normalized adjusted EBITDA [13][22] - The DAM strategy achieved an annualized return of 4.2% on the average HODL balance, surpassing the target of 4% [23] Market Data and Key Metrics Changes - Power prices increased marginally to $0.056 per kWh from $0.049 per kWh a year ago [16] - The company has seen improving economics per megawatt in the AI market, driven by scale and power quality [5][10] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure and data center development company, expanding beyond Bitcoin mining to include AI monetization and digital asset management [4][5] - The company is focused on securing scarce power and land, with a strategy that includes tenant-driven technical and commercial alignment [5][10] - CleanSpark aims to build a diversified infrastructure platform with multiple independently valuable earning streams, anchored by utility-grade power [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for AI infrastructure, citing significant investments from major companies like Amazon [33][39] - The company is strategically positioned to capitalize on the demand for larger sites and is in advanced discussions with potential tenants [10][41] - Management emphasized a disciplined approach to capital deployment and the importance of maintaining flexibility in a volatile market [11][19] Other Important Information - CleanSpark completed a $1.15 billion convertible offering, using part of the proceeds to repurchase $460 million worth of shares, totaling over $600 million since December 2024 [6][7] - The company has a cash balance of over $400 million, with approximately $1.15 billion in Bitcoin value as of the end of Q1 [20][21] Q&A Session Summary Question: Demand environment for HPC and attributes sought in leasing partners - Management noted that demand is escalating, with interest from trillion-dollar balance sheet companies for long-term leases [31][33] Question: Demand for specific sites (Sealy, Sandersville, Brazoria) - Sandersville currently has the highest demand due to its energized status and existing infrastructure [35] Question: Rising demand for AI data centers and sector-wide implications - Management confirmed that demand is rapidly increasing, with ongoing inquiries from hyperscalers [39] Question: Confidence in signing contracts with tenants - Management expressed high confidence in securing quality leases within a shorter timeframe than initially expected [40] Question: Impact of owning land on negotiations - Owning additional land at Sandersville enhances the company's position in negotiations and project timelines [63] Question: ERCOT's proposed large load batch study process - Management indicated that their projects are in favorable positions relative to ERCOT's new processes, with significant progress already made [67][70] Question: Long-term power market attractiveness - CleanSpark is evaluating opportunities in various power markets, maintaining a diverse portfolio [74] Question: Status of potential HPC tenants - There are multiple potential tenants, with one clear front-runner in discussions for the Sandersville site [78]

IREN, CleanSpark shares continue selloff after missing revenue estimates https://t.co/xWz0Soj1OQ ...