Why did MARA Holdings (NASDAQ:MARA) stock fall after earnings?

MARA Holdings shares fell after the company reported weaker-than-expected first-quarter revenue and a much larger net loss. Investors reacted negatively to the revenue miss, widening losses and continued pressure on Bitcoin mining profitability.

How big was MARA Holdings’ first-quarter loss?

MARA reported a net loss of $1.3 billion for the quarter ended March 31, compared with a $533.4 million loss a year earlier. The company said much of the decline came from unrealised losses tied to its large Bitcoin treasury as Bitcoin prices fell during the quarter.

Did MARA Holdings miss Wall Street expectations?

Yes, MARA missed analyst expectations on both revenue and earnings. Revenue came in at $174.6 million versus estimates of $192.7 million, while earnings per share showed a loss of $3.31 compared with expectations for a $2.20 loss.

Why is Bitcoin mining becoming harder for companies like MARA?

Bitcoin mining profitability has weakened because Bitcoin prices remain below all-time highs while mining difficulty keeps rising. Higher competition and energy costs mean miners earn less revenue per mined block, putting pressure on margins across the sector.

How much Bitcoin does MARA Holdings own?

MARA said it held 38,689 Bitcoin during the quarter, making it one of the larger corporate Bitcoin holders among mining companies. The value of those holdings can significantly impact quarterly earnings because accounting rules require unrealised gains and losses to be recognised.

Why did MARA sell more than 15,000 Bitcoin?

The company disclosed it sold more than 15,100 Bitcoin worth about $1.1 billion in late March. The move likely helped strengthen liquidity and manage operational costs during a period of weaker mining economics and falling Bitcoin prices.

Is MARA Holdings moving into AI infrastructure?

Yes, MARA is expanding into artificial intelligence and high-performance computing infrastructure alongside its core Bitcoin mining business. The company believes AI data centres could become an additional long-term revenue stream using its existing energy and mining sites.

What is MARA Holdings’ AI strategy?

MARA’s strategy focuses on converting or co-locating Bitcoin mining infrastructure for AI and computing workloads. The company highlighted partnerships with Starwood Capital and the recently acquired Long Ridge Energy & Power facility as key parts of that plan.

MARA posts $1.3B loss as revenue misses

Written by Heidi Cuthbert Published May. 12 2026

MARA Holdings shares fell in after-hours trading after the Bitcoin miner reported first-quarter revenue below analyst expectations and a wider quarterly loss driven by declines in its Bitcoin holdings.

The company posted revenue of $174.6 million for the quarter ended March 31, down 18% from a year earlier and below Wall Street estimates of $192.7 million, while net losses widened to $1.3 billion from $533.4 million.

“Our strategy centers on co-locating new infrastructure with existing Bitcoin mining operations,”

MARA said, adding:

“This approach creates flexibility: we can generate revenue today through Bitcoin mining while preserving the option to redirect power toward AI and critical IT loads as those opportunities mature on the same sites.”

MARA reported earnings per share losses of $3.31 compared with analyst estimates for a $2.20 loss, while the company attributed much of the quarterly decline to unrealised losses tied to its 38,689 Bitcoin treasury as Bitcoin dropped 23% during the quarter.

The miner also disclosed it sold more than 15,100 Bitcoin worth about $1.1 billion during the final week of March as it navigated weaker mining economics and falling revenues per mined block.

Shares in MARA fell 3.44% in after-hours trading to $12.93 after closing the regular session up 3.48% at $13.39, while the stock remains down 16% over the past year despite recent optimism around its artificial intelligence expansion plans.

MARA said Bitcoin mining remains its “operational foundation” even as it expands into AI and high-performance computing through partnerships including Starwood Capital and the recently acquired Long Ridge Energy & Power facility, which could eventually support 600 megawatts of AI computing capacity.

At the time of reporting, Bitcoin price was $81,159.49.