Shares of major Bitcoin miners IREN and CleanSpark plunged after both companies reported quarterly earnings that missed revenue estimates. IREN’s stock fell 11% while CleanSpark’s dropped around 19% on the session. The disappointing results coincided with a sharp drop in Bitcoin’s price, which fell more than 11%, amplifying pressure on the sector. Both companies reported significant net losses driven by non-cash items, including unrealized losses on financial instruments and asset impairments.
Publicly traded Bitcoin miners IREN and CleanSpark saw their share prices drop sharply as disappointing quarterly results landed during a broad cryptocurrency market selloff. CleanSpark shares fell around 19% while IREN shares fell 11%, highlighting ongoing financial volatility for miners.
IREN reported $184.7 million in revenue for its fiscal second quarter, down from $240.3 million in the prior quarter. The company posted a net loss of $155.4 million, driven by $219.2 million in unrealized losses and $31.8 million in mining hardware impairments.
The company said the quarter reflected a transition as it shifts from Bitcoin mining toward AI cloud infrastructure. IREN co-founder and co-CEO Daniel Roberts stated on X, “Last quarter marked meaningful progress across capacity expansion, customer engagement, and capital formation.”
CleanSpark reported $181.2 million in revenue for the quarter and a net loss of $378.7 million. The loss was attributed largely to non-cash items tied to Bitcoin price movements and asset revaluations.
As of quarter-end, CleanSpark reported $458 million in cash and $1 billion in Bitcoin holdings alongside $1.8 billion in long-term debt. The earnings reports increased investor scrutiny of balance-sheet exposure during the market downturn.
Despite the sell-off, CleanSpark President and CFO Gary A. Vecchiarelli wrote on X trying to paint an optimistic picture. “Bitcoin mining generates the cash flow, AI infrastructure monetizes the assets over the long term,” he stated.
