MARA Q1 Revenue Miss Sends Shares Lower as Bitcoin Miner Reports $1.3 Billion Loss

MARA Holdings reported weaker-than-expected first-quarter earnings, sending its shares lower in after-hours trading. The Bitcoin mining company posted revenue of $174.6 million for the quarter ending March 31, an 18% decline compared to the same period last year. The figure also fell short of Wall Street expectations of $192.7 million.

The company recorded a net loss of $1.3 billion, significantly higher than the $533.4 million loss reported a year earlier. Earnings per share came in at a loss of $3.31, missing analyst estimates of a $2.20 loss.

Following the earnings release, MARA shares dropped 3.44% in after-hours trading to $13.63 after finishing the regular trading session higher.

Bitcoin Price Drop Pressures Mining Business

MARA said much of the quarterly loss came from unrealized losses linked to its Bitcoin treasury holdings of 38,689 BTC. During the quarter, Bitcoin declined around 23%, putting pressure on mining profitability. The company also sold more than 15,100 BTC worth roughly $1.1 billion in late March.

MARA Expands Into AI Infrastructure

Despite weaker mining conditions, MARA said Bitcoin mining remains its core business while the company expands into artificial intelligence and high-performance computing. Through partnerships and recent acquisitions, MARA plans to convert mining facilities into AI-focused data centers to create additional revenue opportunities.