Plug Power jumps after Q1 revenues surprise to the upside

Shares of CleanSpark are down in postmarket trading after the bitcoin miner and data center developer reported its second-quarter earnings on Monday, missing Wall Street estimates on the top and bottom lines.

CleanSpark reported:

• $136.4 million in revenue (compared to analysts’ consensus estimate of $139.4 million). 

• An adjusted loss per share of $1.52 (estimate: a $0.66 loss).

Those numbers show revenue down 24.9% year over year.

Like TeraWulf, which reported earnings on Friday, and many, many others, CleanSpark is transitioning from a solely bitcoin mining company to a broader AI infrastructure provider. The company is up 53% over the past year. 

In its press release Monday, the company said it roughly doubled its megawatts under contract year over year. Per Matt Schultz, CEO and chairman of CleanSpark:

“Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently to power CleanSpark’s transformation.”

According to exchange data, CleanSpark is among the Russell 3000 companies that traders love to hate, with roughly 35% of its float sold short as of mid-April. That’s one reason, besides the bitcoin/AI crossover, that the name is on the dashboard of many retail traders.

Bitcoin miner and data center operator MARA Holdings released its Q1 earnings report Monday afternoon, missing analysts’ expectations on revenue and earnings per share. Shares dropped in after-hours trading, giving back gains built on Monday’s session.

The company reported:

• Revenue of $174.6 million, below the FactSet analyst consensus estimate of $181.9 million and an 18% decline from $213.9 million in the same period last year.

• A net loss of $1.3 billion, or a $3.31 loss per diluted share, compared to the $1.55 loss per share in Q1 2025.

The jump in the company’s net loss was “primarily driven by a $520.4 million increase in operating loss, largely due to unfavorable bitcoin mark-to-market adjustments of ($1.0 billion) and restructuring costs of $45.9 million during the quarter,” MARA CFO Salman Khan said in the firm’s Q1 2026 shareholder letter.

MARA Holdings has the fourth-largest bitcoin treasury and, similar to other mining companies, has made a push to develop infrastructure to capitalize on the artificial intelligence boom. Last month, the company announced acquiring Long Ridge Energy & Power LLC for $1.5 billion to add over 1 gigawatt of total potential power capacity.

“We expect Long Ridge will continue to supply power to the grid and generate cash flow and positive EBITDA upon closing,” MARA Chairman and CEO Fred Thiel said in a statement. “Our intention is to develop incremental capacity at the site and build a higher value digital infrastructure asset.”

Air taxi maker Archer Aviation reported its first-quarter earnings after markets closed on Monday afternoon. The company’s shares climbed over 4% in after-hours trading.

For its first quarter, Archer reported:

• An adjusted operating loss of $172.5 million, in line with Wall Street estimates of a $173 million loss. Archer had forecast a loss of between $160 million and $180 million for the quarter.

• A loss of $0.28 per share, compared to the $0.31 loss per share analysts polled by FactSet had predicted.

• $1.78 billion in cash, cash equivalents, and short-term investments, down about 10% from Q4 2025. Archer’s rival, Joby Aviation, ended Q1 with $2.5 billion.

For the second quarter, Archer guided for a loss of between $170 million and $200 million, with a midpoint deeper than Wall Street’s $177.7 million loss estimate.

Earlier this month, Archer announced it had secured an “established pathway for Archer to begin limited commercial operations” in the UAE, though it didn’t give a timeline. Archer shares are down more than 13% year to date and more than 50% from a high last October.

“Archer expects Midnight operations in American cities to begin this year through the White House’s eVTOL Integration Pilot Program (eIPP) and as part of its preparation to serve as the Official Air Taxi Provider of the LA28 Olympic Games, in coordination with the US Department of Transportation and FAA,” read the company’s shareholder letter.