MARA Holdings shares fell after the Bitcoin miner reported weaker first-quarter results and a wider loss.
Summary
- MARA posted $174.6 million in Q1 revenue, missing estimates as Bitcoin mining margins stayed pressured.
- The $1.3 billion loss came mainly from Bitcoin mark-to-market pressure in Q1 ending March 2026.
- MARA keeps Bitcoin mining as its base while AI data centers shape the next pivot.
Revenue for the quarter ended March 31 dropped 18% year over year to $174.6 million, down from $213.9 million in Q1 2025. Wall Street had expected about $192.7 million.
The stock had closed Monday up 3.48% at $13.39, before falling 3.44% after hours to $12.93. The move erased the day’s gain and put focus back on MARA’s cost base, Bitcoin exposure, and effort to build AI-linked data center revenue.
Bitcoin losses weigh on results
MARA reported a net loss of $1.3 billion, or $3.31 per diluted share, compared with a $533.4 million loss, or $1.55 per share, a year earlier. The company said the quarter included a $1.0 billion loss tied to the fair value of digital assets.
Bitcoin fell 22% from Dec. 31, 2025, to March 31, 2026, which hurt the value of MARA’s holdings. Production also slipped slightly from a year earlier. The company mined 2,247 BTC in Q1 2026, compared with 2,286 BTC in Q1 2025.
Energy costs also stayed high. MARA said purchased energy costs reached $44.7 million, up from $43.5 million a year earlier. Its cost per Bitcoin at owned and operated sites rose to $40,047, mainly due to higher network difficulty and weather events.
MARA keeps mining as its base
MARA said Bitcoin mining remains central to its business, even as it builds a wider digital infrastructure platform. The company said, “Bitcoin mining is not a legacy business we are moving away from. It is the operational foundation on which we are building.”
The miner acquired 2.4 EH of used next-generation ASIC machines during the quarter to improve fleet efficiency. However, MARA said it does not expect to pursue large-scale ASIC purchases, calling its future approach selective and tied to clear returns.
MARA also cut its workforce by 15% during the quarter. The company said the move should bring about $12 million in annualized savings as it reshapes its team for AI and digital infrastructure work.
AI pivot faces a proof test
MARA is pushing further into AI and high-performance computing through power assets and site conversions. Its Starwood partnership is moving from announcement to active development, with about 90% of non-hosted capacity being reviewed for digital infrastructure conversion.
The company is also buying Long Ridge Energy & Power, a site it says could support 600 gross megawatts of AI and critical IT load over time. The asset includes powered land, generation, and grid links around its existing Hannibal mining operation.
Separate coverage shows other miners, including Core Scientific, are also shifting mining power toward AI data centers as the sector seeks steadier revenue streams. For MARA, the near-term focus is now tenant demand, contracted power, and proof that its AI buildout can reduce reliance on Bitcoin cycles.
