CleanSpark, Inc. (CLSK) shares experienced a significant pre-market plunge of 5.02% on Friday, extending losses from the previous trading session.
The sharp decline follows the company's disappointing first-quarter fiscal 2026 earnings report released after the bell on Thursday. CleanSpark reported a loss of $1.35 per share, dramatically missing analyst estimates, while revenue of $181.18 million also fell short of expectations. The company's adjusted EBITDA swung to a significant loss compared to positive results a year ago.
Compounding the negative sentiment, a broad selloff in cryptocurrency markets saw Bitcoin plummet below the $60,000 threshold. As a Bitcoin mining company, CleanSpark's stock is particularly sensitive to such market movements, with the downturn triggering widespread instability and selling pressure across crypto-related equities.