CleanSpark signs 20-year Sandersville data center lease as Q3 revenue misses

CleanSpark said a 20-year triple-net lease signed on July 14 at its Sandersville, Georgia campus with an undisclosed investment-grade global technology company is expected to generate about $6.6 billion in contracted revenue from 175 MW of critical IT load beginning in the fourth quarter of 2027, with potential total value rising to $11.6 billion if two five-year extension options are exercised. The company reported fiscal third-quarter 2026 revenue of $138.01 million, down 30.5% year over year and below the $142.2 million analysts' consensus estimate compiled by Yahoo Finance, alongside a net loss of $239.8 million versus net income of $257.4 million a year earlier and adjusted EBITDA of negative $113 million compared with positive $377.7 million in the prior-year period. New quarterly details show the earnings reversal was driven heavily by Bitcoin valuation swings, as a $268.7 million fair-value gain a year earlier became a $116.3 million loss and a $31.4 million gain on Bitcoin collateral turned into a $16.5 million loss, together representing a $432.8 million shift. For the first nine months of the fiscal year, operating cash use reached $409.3 million, including roughly $112.3 million in the fiscal third quarter, while the company ended June with $202.6 million in cash, $920.8 million of current assets, $155.8 million of current liabilities and $1.78 billion in long-term debt. CleanSpark said the project's anticipated equity portion is fully funded, but its quarterly filing said substantial additional capital and significant added indebtedness may still be required before phased Sandersville deliveries begin in the fourth quarter of 2027.