Overview
- Following Monday’s earnings release, MARA shares slipped in after-hours trading and extended losses on Tuesday as investors weighed weaker results and the scale of its strategy shift.
- MARA posted Q1 revenue of $174.6 million and a net loss of about $1.26–$1.3 billion, driven mainly by mark-to-market declines on its bitcoin holdings after prices fell during the quarter.
- The company sold 20,880 BTC for roughly $1.5 billion in Q1, using about $1.1 billion late in the quarter to repurchase convertible notes, which cut leverage and moved MARA to the fourth-largest public bitcoin treasury holder.
- MARA agreed to buy Long Ridge Energy & Power for about $1.5 billion, adding a 505 MW Ohio gas plant and 1,600+ acres that it says could support roughly 600 MW of future AI and critical IT load, with closing targeted in the second half of 2026.
- Executives halted large-scale ASIC purchases, cut about 15% of staff, and said up to around 90% of non-hosted mining capacity could be converted to AI and IT work, reflecting a broader shift by bitcoin miners toward steadier AI and high-performance computing revenue.