MARA Holdings Reports $1.26 Billion Net Loss for Q1 2026

MARA (NASDAQ: MARA) Holdings, Inc. reported its financial and operational results for the first quarter ended March 31, 2026, detailing a fundamental shift from a pure play Bitcoin miner to a vertically integrated digital infrastructure company. The company is currently prioritizing the acquisition and conversion of "connected power" assets to support high density workloads across AI, high performance computing (HPC), and Bitcoin mining.

For the first quarter of 2026, MARA reported total revenue of $174.6 million, an 18% decrease from the $213.9 million generated in the same period last year. Management attributed this decline primarily to an 18% drop in the average price of Bitcoin during the quarter.

Other financial highlights included:

Net Loss: Reported at $1.3 billion for the quarter, compared to a net loss of $533.4 million in Q1 2025. The loss was driven largely by a $1.0 billion non cash unfavorable mark to market adjustment on the company's Bitcoin holdings.

Adjusted EBITDA: Reported at ($1.0 billion), down from ($483.6 million) in the prior year period.

Liquidity: Ended the quarter with approximately $2.9 billion in liquid assets, consisting of $513.7 million in cash and 35,303 BTC valued at approximately $2.4 billion.

Following the end of the quarter, MARA announced a definitive agreement to acquire Long Ridge Energy & Power from FTAI Infrastructure Inc.. The company views the site not as a utility investment but as a strategic data center campus. The 1,600 acre site in the PJM Interconnection features:

Generation: A 485 MW combined cycle gas turbine plant, which is expected to increase to 505 MW in the second half of 2026.

Capacity: Potential to scale to 600 gross MW of AI and critical IT load through on site generation and grid expansion.

Integration: Vertical integration that provides owned generation and fuel supply at an estimated all in cost of less than $0.015/kWh.

MARA is currently advancing its joint venture with Starwood to develop and operate next generation infrastructure. Approximately 90% of the company’s non hosted capacity is currently being considered for site conversion to support AI and critical IT compute. The company is also integrating its majority interest in Exaion to address the sovereign and private cloud AI markets in Europe and Canada. This international strategy includes active discussions with energy partners in France, Brazil, and Saudi Arabia to develop data center campuses in energy rich regions.

While pivoting toward AI, MARA’s mining foundation reached record levels during the quarter.

Energized Hashrate: Increased 33% year over year to 72.2 EH/s.

Production: Mined 2,247 BTC during the quarter.

Efficiency: Captured a 3% improvement in cost per petahash per day, dropping to $27.6.

To fund its strategic growth and de lever the balance sheet, MARA sold approximately 15,133 Bitcoin earlier in the quarter, generating roughly $1.1 billion. These proceeds were used to retire approximately 30% of the company's outstanding convertible debt at a 9% discount to par.