BTC mining company quarterly reports: MARA revenue -18%, CleanSpark loss of $224 million

Two publicly listed Bitcoin miners in the US, MARA Holdings (NASDAQ: MARA) and CleanSpark (NASDAQ: CLSK), both released their latest quarterly financial reports on May 11. Both cited large unrealized losses recognized due to a drop in Bitcoin prices in Q1. According to The Block, MARA’s Q1 revenue fell 18% year over year, while CleanSpark recognized a $224 million loss on its BTC holdings in Q2.

MARA: Q1 revenue $174.6 million, net loss $1.26 billion

MARA’s first-quarter revenue was $174.6 million, down from $213.9 million in the same period last year, a decline of 18%. Net loss attributable to common shareholders was $1.26 billion (diluted loss per share of $3.31), significantly widening versus the $533.2 million net loss in the prior-year period.

Loss breakdown:

Unrealized loss from fair value changes on crypto currency holdings: $714.7 million

Unrealized loss from fair value changes on crypto currency accounts receivable: $303.9 million

Total non-cash mark-to-market losses of approximately $1.02 billion

Operationally: In Q1, MARA mined 2,247 Bitcoin (vs. 2,286 in the prior-year quarter), and its energy chemical hashing rate increased 33% year over year. Notably, MARA sold 20,880 Bitcoins in Q1, with an average selling price of $70,137, totaling about $1.5 billion in proceeds—of which roughly $1 billion was used to repurchase the principal of convertible notes due in 2030 and 2031. In its press release, MARA emphasized that “Bitcoin mining remains the operational foundation,” suggesting that part of the realized proceeds was strategic rather than passive.

CleanSpark: Q2 revenue $136.4 million, net loss $378 million

CleanSpark’s second-quarter revenue was $136.4 million, down 24.9% year over year, with a net loss of $378 million. The main driver of the loss was GAAP mark-to-market adjustments on its BTC holdings, with about $263 million of non-cash expenses, including losses on Bitcoin itself of about $224.1 million.

Operations and assets:

BTC mined this quarter: 1,799 BTC

BTC holdings market value: $925.2 million

Cash: $260.3 million

Total liquidity (cash + BTC + available credit facilities): nearly $1.2 billion

Contracted power capacity: about doubled year over year, with 585 MW already approved by ERCOT (Texas grid operator)

In external remarks, CleanSpark said that the main reason for the Q2 revenue decline was that the BTC quarterly average price fell from $100,000 to $76,000 (down 24% year over year), putting more pressure on the revenue side.

This media outlet’s observation: Two contrasting paths for Bitcoin miners

The Q1/Q2 reports from MARA and CleanSpark both show:

First, the common driver behind both companies’ revenue declines is the drop in BTC’s quarterly average price. Both companies are also required by accounting standards to recognize their BTC holdings at fair value in the income statement, which greatly amplifies the book net losses. However, these mark-to-market losses are non-cash in nature and do not affect actual operating cash flows.

Second, the two companies have different response strategies: MARA chose to monetize 20,880 BTC within Q1, use the funds to repurchase convertible notes, and reduce leverage costs; CleanSpark, meanwhile, maintained its BTC holdings and directed resources toward expanding MW capacity (including 585 MW approved by ERCOT) while setting up a transition in AI/HPC hosting/managed services. These two paths reflect two choices miners make in a bear market—deleveraging versus expanding production capacity.

Compared with a pure treasury model that holds 818,000 BTC with a market value of $66 billion, MARA and CleanSpark still play the role of “generating cash flow through mining and absorbing price volatility through BTC holdings.” Under an environment where BTC has fallen 30% from its peak, this business model faces far more pressure than pure-treasury companies.

Events to watch next include: whether BTC’s Q2 price moves will reverse mark-to-market losses; whether AI/HPC hosting/managed services revenue will become a new revenue pillar; and whether the expansion pace of the two companies’ energy chemical hashing rates can sustain competitive strength during the halving cycle.

This article’s Bitcoin miner quarterly reports: MARA revenue -18%, CleanSpark loss $224 million first appeared on ChainNews ABMedia.