MARA Holdings posted a Q1 net loss of $1.3 billion, and its stock fell 3.44% after hours

According to MARA Holdings’ first-quarter earnings report released on May 12, the company’s quarterly revenue for the period ended March 31 fell 18% year over year to $174.6 million, below analysts’ expectation of $192.7 million; net loss was $1.3 billion. MARA stock traded down 3.44% after Monday’s close to $12.93, erasing the 3.48% gain during the regular trading session.

Q1 2026 Key Core Financial Data

Per MARA Holdings’ official earnings report, the main financial indicators for the first quarter of 2026 are as follows:

Quarterly revenue: $174.6 million (down 18% year over year, below analysts’ expectation of $192.7 million)

Net loss: $1.3 billion (Q1 2025 was $533.4 million)

Loss per share (EPS): $3.31 (market expectation was $2.20)

Primary driver of the loss: An unrealized loss from holding 38,689 bitcoins, as BTC fell 23% in the first quarter

Sold in the last week of March: More than 15,100 bitcoins, raising about $1.1 billion in cash

Based on public data, MARA shares have fallen 16% over the past 12 months, and the company’s market capitalization ranking has dropped from the highest position among Bitcoin miners to seventh in the industry.

Bitcoin Market Environment

Based on public data, as of the time of reporting, the price of Bitcoin is down more than 35% from its all-time high of $126,080, significantly reducing miners’ revenue per block; mining difficulty has risen nearly 30% over the past year. In its earnings report, MARA said that Bitcoin mining remains the company’s “operational foundation,” but it is also actively expanding into AI and high-performance computing (HPC) to develop new revenue sources.

AI Transformation Strategy: Long Ridge Acquisition and Partnership with Starwood

According to MARA’s earnings report and official statements, the core of the company’s AI transformation strategy includes: partnering with Starwood Capital to convert Bitcoin mining facilities into AI and HPC data centers; and acquiring the Long Ridge Energy & Power gas power generation plant and data center for $1.5 billion in late April 2026, after which it can ultimately support 600 MW of AI computing capacity.

In its earnings statement, MARA said: “The core of our strategy is to concentrate the new infrastructure with our existing Bitcoin mining business operations. Today, we can earn revenue through Bitcoin mining, while retaining the option to reallocate power to AI and critical IT workloads.” MARA added that about 90% of its non-custodial mining capacity can be redeployed for AI and IT computing, and there are currently no plans to buy additional Bitcoin mining hardware.

FAQ

What are the core financial data points in MARA Holdings’ Q1 2026 earnings report?

Per MARA Holdings’ official earnings report released on May 12, 2026, first-quarter revenue was $174.6 million (down 18% year over year, below expectations of $192.7 million), net loss was $1.3 billion, and loss per share was $3.31 (higher than the expected $2.20); the after-hours stock price fell 3.44% to $12.93.

What is the main reason for MARA’s $1.3 billion net loss in Q1 2026?

According to the MARA earnings report, the main reason was an unrealized loss from holding 38,689 bitcoins, as BTC fell 23% in the first quarter; the company also sold more than 15,100 bitcoins in the last week of March, raising about $1.1 billion in cash.

What are MARA’s primary strategic targets for acquiring Long Ridge Energy & Power?

According to MARA’s official statement, the company plans to acquire Long Ridge Energy & Power for $1.5 billion in April 2026, targeting eventual support for 600 MW of AI computing capacity, and to redeploy about 90% of its non-custodial mining capacity for AI and IT computing.