MARA Reports $1.3 Billion Quarterly Loss

Bitcoin mining company MARA released its first-quarter earnings report. For the January–March period, the company’s net loss increased to $1.3 billion, compared to $533 million during the same period last year.

Source: MARA.

The company’s revenue declined by 18% year-over-year to $174.6 million, missing Wall Street expectations of $192.7 million.

MARA’s total hash rate increased by 33%, rising from 53.3 EH/s to 72.2 EH/s.

During the quarter, the miner produced 2,247 $BTC without purchasing any additional coins. At the same time, the company’s total Bitcoin reserves declined by 26% to 35,303 $BTC.

MARA Sold 15,133 $BTC Worth $1.1 Billion

Reasons Behind the Weak Results

According to the report, the negative financial performance was primarily driven by losses related to treasury reserves, as Bitcoin declined by more than 20% over the three-month period.

MARA representatives stated that Bitcoin mining remains the “core foundation” of the company’s business despite expansion into artificial intelligence and high-performance computing to develop additional revenue streams.

“Our strategy is based on deploying new infrastructure alongside our existing mining facilities. This approach provides flexibility: we can generate revenue today through Bitcoin mining while retaining the ability to redirect resources toward AI and mission-critical IT workloads as those sectors evolve on the same sites,” the company stated.

However, MARA also emphasized that it does not plan to purchase new mining equipment in the near future.

The release of the quarterly results put pressure on the company’s stock price. Since the report was published after market close, MARA shares fell by 4% in pre-market trading.

Source: Yahoo Finance.

It is worth noting that in April, mining company Bitdeer surpassed MARA in total Bitcoin mining capacity.

See also: "NVIDIA and IREN Sign $3.4 Billion Deal for 5 GW AI Infrastructure"

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