MARA Holdings shares moved lower after the company posted weaker first-quarter results for the period ended March 31, 2026. Revenue came in at $174.6 million, down 18% from $213.9 million a year earlier and below Wall Street expectations of about $192.7 million. The stock had closed Monday up 3.48% at $13.39, then dropped 3.44% in after-hours trading to $12.93, wiping out the earlier gain.
Bitcoin mark-to-market losses hit quarterly results
The company reported a $1.3 billion net loss, or $3.31 per diluted share, compared with a $533.4 million loss, or $1.55 per share, in the same quarter last year. MARA said the quarter included a $1.0 billion loss tied to the fair value of digital assets. Bitcoin fell 22% between Dec. 31, 2025, and March 31, 2026, cutting into the value of the company’s holdings. The effect was large and immediate.
Mining output also slipped slightly. MARA mined 2,247 BTC in the first quarter of 2026, compared with 2,286 BTC in the first quarter of 2025. Energy expenses stayed elevated, with purchased energy costs rising to $44.7 million from $43.5 million a year earlier. Its cost per Bitcoin at owned and operated sites climbed to $40,047, which the company attributed mainly to higher network difficulty and weather-related disruptions.
Mining remains the core business
MARA said Bitcoin mining is still central to its model even as it builds a broader digital infrastructure platform. The company stated that mining is not a legacy business it is moving away from, but the operating foundation for what comes next. That leaves the message fairly clear: AI is an expansion effort, not a replacement.
During the quarter, MARA acquired 2.4 EH of used next-generation ASIC machines to improve fleet efficiency. At the same time, it said it does not expect to pursue large-scale ASIC buying, describing its future approach as selective and tied to clear returns. The company also reduced its workforce by 15%, a move it expects will deliver about $12 million in annualized savings as it reshapes its team around AI and digital infrastructure work.
AI buildout moves from announcement to execution
MARA is pushing deeper into AI and high-performance computing through power assets and site conversions. The company said its Starwood partnership has moved into active development, with about 90% of non-hosted capacity under review for potential conversion to digital infrastructure use.
MARA is also acquiring Long Ridge Energy & Power, a site it says could support 600 gross megawatts of AI and critical IT load over time. The asset includes powered land, generation capacity, and grid connections near its existing Hannibal mining operation. Other miners have also been redirecting power toward AI data centers in search of steadier revenue. For MARA, the near-term test now centers on tenant demand, contracted power, and whether the AI buildout can reduce its dependence on Bitcoin market cycles.