MARA Holdings Q1 2026 Revenue $174.6M — Misses Wall Street Estimates
MARA Holdings posted Q1 2026 revenue of $174.6M, down 18% year-over-year and below the $181.9M Wall Street consensus. Net loss widened to $1.3B, with EPS deteriorating to -$3.31 from -$1.55 a year ago.
- MARA posted Q1 revenue of $174.6M, missing the $181.9M Wall Street estimate and falling 18% YoY
- Net loss ballooned to $1.3B, driven by unrealized Bitcoin valuation losses
MARA Holdings (MARA) reported Q1 2026 revenue of $174.6M in an SEC 8-K filing on May 11, falling short of the Wall Street consensus estimate of $181.9M.
📊 Price at Time of Publication (May 12, 2026, 09:00 KST)
$13.39 ▲ +3.48%
Approx. ₩19,750 (KRW/USD: 1475)
Results at a Glance
Revenue declined 18% from $213.9M in Q1 2025. Net loss widened to $1.3B, more than double the $533.2M loss recorded in the same period last year. The primary driver of the expanded loss was unrealized mark-to-market losses on digital asset holdings — reflecting price fluctuations in Bitcoin rather than actual asset sales.
- Revenue: $174.6M, -18% year-over-year
- EPS (Net loss per share): -$3.31, deteriorated from -$1.55 in Q1 2025 / Wall Street estimate not disclosed
- Net loss: $1.3B, vs. -$533.2M in Q1 2025
- Adjusted EBITDA: -$1.0B, vs. -$483.6M in Q1 2025
- Bitcoin mined: 2,247 BTC (Q1)
- Bitcoin holdings: 35,303 BTC (approx. $2.4B), -26% year-over-year
- Energized hash rate: 72.2 EH/s, +33% year-over-year
- Energy cost per BTC (self-operated sites): $40,047
Market Reaction
MARA shares sold off immediately following the earnings release. Seeking Alpha, Investing.com, and other financial outlets noted that digital asset impairment charges weighed heavily on results. As of 09:00 KST on May 12, the stock was trading at $13.39, up 3.48% from the prior close.
Key Business Developments
MARA Holdings advanced several strategic initiatives during the quarter. The company moved its partnership with Starwood into the execution phase, acquired a majority stake in French cloud infrastructure firm Exaion, and repaid approximately 30% of its outstanding convertible notes early. After the quarter closed, the company also announced a definitive agreement to acquire U.S. power generation company Long Ridge Energy & Power.
MARA did not purchase additional Bitcoin during the quarter. Of its current BTC holdings, 9,995 BTC have been pledged as collateral or lent out.
This article was auto-generated based on the SEC 8-K filing and wire reports, with the primary goal of delivering key data points promptly after the announcement. Readers are encouraged to review the company's official filings before making any investment decisions. Prices reflect the time of publication and may differ from current market levels.
MARAFrequently Asked Questions
What does MARA Holdings do?
MARA Holdings (MARA) is a Nasdaq-listed energy and digital infrastructure company. Its core business is operating large-scale computing facilities to mine Bitcoin, and it is increasingly expanding into AI infrastructure and energy generation.
What is a 'mark-to-market loss'? Did the company actually lose money?
A mark-to-market loss is not the result of selling an asset. Under accounting rules, if the value of Bitcoin holdings declines, the difference must be recorded as a loss on the books — even if no coins were sold. Conversely, if prices rise, those losses can reverse into gains.
Why did hash rate increase if revenue declined?
Hash rate — the speed at which MARA processes mining computations — rose 33% YoY due to expanded infrastructure. However, revenue depends on Bitcoin's market price and network mining difficulty. More hardware does not guarantee higher revenue if BTC prices are lower or competition intensifies.
What companies is MARA acquiring?
Exaion is a France-based cloud and blockchain infrastructure provider, of which MARA acquired a majority stake during Q1. Long Ridge Energy & Power is a U.S. power generation company whose acquisition agreement was announced after the quarter ended. Both deals reflect MARA's strategy to diversify beyond Bitcoin mining.
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