MARA shares fall after Q1 revenue miss, $1.3B loss

MARA Holdings reported a $1.3 billion net loss for the quarter ended March 31 and missed analyst revenue estimates, sending its shares lower in after-hours trading. Revenue for the quarter was $174.6 million, down 18% from a year earlier and below the consensus estimate of $192.7 million.

The loss widened from $533.4 million in the year-ago quarter. Adjusted loss per share came to $3.31, compared with analyst expectations for a $2.20 loss. Shares fell about 3.4% after the bell to $12.93, erasing intraday gains that had taken the stock to $13.39. The stock is down roughly 16% over the past 12 months.

MARA attributed the bulk of the quarterly loss to unrealized markdowns on its Bitcoin holdings. The company held 38,689 BTC at quarter end and said the cryptocurrency declined roughly 23% during the period. In the final week of March MARA sold more than 15,100 Bitcoin for about $1.1 billion, reducing its on‑balance‑sheet holdings and increasing cash on hand.

The company reiterated that mining remains its operational foundation: “Bitcoin mining remains the company’s operational foundation,” it stated. MARA is shifting part of its business toward high‑performance computing and AI data centers as an additional revenue source.

MARA is pursuing a partnership to convert mining sites into data centers and completed the acquisition of Long Ridge Energy & Power, a gas‑fired plant and data center, for $1.5 billion in late April. The company said Long Ridge could support up to 600 megawatts of AI computing capacity and that about 90% of its non‑hosted mining capacity could be repurposed for AI and IT workloads.

The company also said it does not plan to purchase additional Bitcoin mining hardware in the near term. It described a strategy of co‑locating new infrastructure with existing mining operations so it can continue mining while retaining the option to allocate power to AI and other compute tasks as demand evolves.

Across the sector, Bitcoin trades more than 35% below its all‑time high of $126,080 and network mining difficulty has risen nearly 30% over the past year. Those conditions have reduced miner revenue per block and contributed to losses at several U.S.-based miners. MARA has fallen in market‑cap ranking among public miners as some peers have expanded more aggressively into AI and data center businesses.