MARA reported an 18% revenue decline in Q1 as the Bitcoin miner expanded its push into AI infrastructure.
MARA Holdings reported first-quarter 2026 revenue of $174.6 million on May 11, down 18% from $213.9 million in the same period a year earlier. Net losses widened to $1.3 billion, driven primarily by unrealized losses on the company's Bitcoin (BTC) holdings. Shares fell more than 5% in after-hours trading following the release.
The company held 38,689 BTC on its balance sheet at the end of the quarter. MARA mined 2,247 BTC during Q1, up from 2,011 BTC in the previous quarter, and expanded its energized hash rate 33% year-over-year to 72.2 EH/s.
Despite the revenue decline, MARA reaffirmed Bitcoin mining as what it called the "operational foundation" of the company in its shareholder letter. Management described a strategy of co-locating new digital infrastructure with existing mining operations, preserving the option to redirect power capacity toward AI and high-performance computing workloads as those opportunities develop on the same sites.
The company also signaled it will pull back on large-scale mining hardware investment. "Going forward, we do not expect to pursue large-scale ASIC purchases," management wrote, adding that future hardware decisions will be selective and tied to clear economic returns.
MARA's AI strategy centers on its partnership with Starwood Capital and its planned acquisition of Long Ridge Energy and Power, a gas-fired power plant and data center campus in Ohio that the company says could eventually support more than 600 MW of AI load. Management said approximately 90% of MARA's non-hosted mining capacity could eventually be redirected toward AI and IT infrastructure.
Near the end of Q1, MARA sold roughly $1.1 billion worth of BTC to retire debt and improve liquidity, representing its largest single reduction in Bitcoin holdings. The sale moved MARA from the second-largest to the fourth-largest public Bitcoin treasury company by holdings.
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