CleanSpark (CLSK) Q2 FY26 earnings call: guidance and Q&A

Which other assets beyond Sandersville and Brazoria could be converted for HPC, and what is their expansion potential?

Matt Schultz identified Washington (86 MW, significant expansion possibility), Jackson, TN (60 MW, promising for AI), and Cheyenne, WY (110 MW, fence-line neighbors with a hyperscaler, potential to convert interruptible load to firm load) as high-probability conversion sites.

“Washington probably is the next highest probability in the pecking order. It's got 86 megawatts energized capacity right now but we're in the process of completing a line study with significant expansion possibility.”

asked by Nick Giles · answered by Matthew Schultz

How much capital has been deployed at Sandersville to date, and what is the threshold for capital deployment before lease signing?

Gary Vecchiarelli stated that a couple of hundred million dollars, including miners, have been deployed at Sandersville. He clarified that current investment for site preparation (clearing, dirt work) is minimal (millions, not tens of millions) as they await a signed lease before deploying significant capital.

“we're talking millions, not tens of millions of dollars that we're doing because we want to make sure that we have a lease sign before we deploy significant amounts of capital.”

asked by Nick Giles · answered by Gary Vecchiarelli

Can you elaborate on the multi-site deployment conversations with potential tenants, including the target range of power and how this impacts the first deployment?

Matt Schultz explained that tenants are engaging on a portfolio basis, seeking capacity across diverse geographies. This is facilitated by relationships with vendors who build 60-70% of data centers off-site, reducing time to market. He noted this approach doesn't change the timing of the first lease signing but offers more 'frosting on the cake' for portfolio-wide deals.

“what we found is that there are single tenants that require many of those characteristics. So while it's still early, I can tell you those conversations have been very fruitful.”

asked by Gregory Lewis · answered by Unknown Executive

Would CleanSpark consider co-locating Bitcoin mining with AI, or will sites be bifurcated?

Gary Vecchiarelli stated they are innovators in pairing AI with Bitcoin mining, which allows them to monetize energy near 100% of base load and secure new land/power opportunities. Matt Schultz added that Bitcoin mining can utilize spare capacity (e.g., 93% of the year at Sandersville) to ensure minimum utilization thresholds for utilities and potentially subsidize power costs for hyperscale tenants.

“The challenge then becomes for the utility to have that power available to meet the [ Five9 ] requirement for a hyperscale tenant, what do they do with those non-monetized megawatts. So the conversations that we've had contemplate utilizing Bitcoin mining to make sure they meet the minimum utilization thresholds to ensure the pricing that's so important for the hyperscale tenants but also having the ability to mine Bitcoin profitably.”

asked by Brett Knoblauch · answered by Unknown Executive

How is the review process for Brazoria's additional 300 megawatts progressing, and what does it indicate about future power acquisition?

An executive explained that the approval process for Brazoria's additional 300 MW is progressing well due to early diligence, strong relationships with utilities (CenterPoint, ERCOT), and understanding of the Houston market. This reflects their track record of entering a market and rapidly expanding, which is being replicated in ERCOT.

“It's why we were able to strike such a constructive deal there. It's also why we were able to close on the 300 at the full approval status with the second 300 in a deeply progressed posture.”

asked by Paul Golding · answered by Unknown Executive

How is CleanSpark managing talent acquisition for engineering and labor, particularly for the next phase of data center build-out?

An executive acknowledged labor bottlenecks (e.g., plumbers, electricians) but explained that their factory-based construction approach (building 70% off-site) significantly reduces on-site labor needs (e.g., 400 full-time employees instead of 4,000-6,000 for a large building). They also focus on hiring locally, finding talent that prefers to work near home.

“our conversations with our development partners take about 70% of that out of the way. So as an example, Sandersville, there will be a 494,000 square foot building, and it would be 400 full-time employees on the construction team rather than 4,000 to 6,000.”

asked by James McIlree · answered by Unknown Executive