Tech · The Block
MARA Q1 revenue drops 18%, confirms bitcoin mining remains ‘operational foundation’
Compiled by KHAO Editorial — aggregated from 1 outlet. See llms.txt for citation guidance.
★ Tier-1 Source
MARA shares fell more than 5% tin after-hours trading on Monday after the firm reported weaker first-quarter revenue while sharing more insight on its expansion into AI and digital infrastructure without abandoning bitcoin mining.
Key facts
- Revenue fell 18% year-over-year to $174.6 million in the first quarter, down from $213.9 million a year earlier, while net losses widened to $1.3 billion
- MARA expanded its energized hashrate 33% year over year to 72.2 EH/s and mined 2,247 BTC during the quarter, up from 2,011 BTC in the previous quarter
- Much of the company’s AI strategy centers around its Starwood Capital partnership and acquisition of Long Ridge Energy & Power, a gas-fired power plant and data center campus in Ohio that MARA says
- Management said that around 90% of MARA's non-hosted mining capacity could be diverted into AI and IT infrastructure sites
Summary
Revenue fell 18% year-over-year to $174.6 million in the first quarter, down from $213.9 million a year earlier, while net losses widened to $1.3 billion. While several of its bitcoin (BTC) miner peers have begun to pivot away from mining, MARA (MARA) emphasized that it still sees bitcoin mining as the "operational foundation" of the company, at least for the time being. "Our strategy centers on co-locating new infrastructure with existing Bitcoin mining operations," management wrote in its shareholder letter. The letter concluded with language similar to previous quarters, describing MARA as a "digital infrastructure company" focused on owning and monetizing power assets across AI, high-performance computing, and bitcoin mining.