MARA dips after missing earnings expectations

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.”