The loss more than doubled from the previous year. Revenue fell 18%, missing Wall Street expectations.
Mining company MARA Holdings has published its first-quarter financial results. Net loss grew to $1.3B, compared to $533M a year earlier.
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Revenue fell 18% to $174.6M, missing Wall Street expectations of $192.7M.
What Went Wrong for MARA?
The main factor was large unrealized losses from the revaluation of bitcoin (BTC) reserves as BTC▼$62,358.00’s price fell more than 20% during the quarter.
The company also sold a significant amount of bitcoin, approximately $1.5B, including 1.1B to repay debt. As a result, its bitcoin holdings decreased by 26% to 35,303 BTC.
Read more: MARA Holdings Launches Non-Profit MARA Foundation to Support Bitcoin
Strategic Pivot
Despite weak results, MARA emphasized that Bitcoin mining remains the “operational foundation” of the business. At the same time, the company is actively shifting focus toward AI and high-performance computing. No major purchases of ASIC equipment are planned in the near term.
“Our strategy is based on placing new infrastructure adjacent to existing mining sites. This provides flexibility: we can generate revenue today by mining bitcoin while retaining the ability to redirect capacity to AI and IT tasks,” the company stated.
MARA’s hashrate rose 33% to 72.2 EH/s. The company mined 2,247 BTC during the quarter.
MARA shares fell approximately 4% in pre-market trading.
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