MARA Holdings (MARA (MARA)) shares took a hit Tuesday after the Bitcoin miner reported first-quarter results that fell short of revenue expectations. The culprit? Weaker Bitcoin prices that dragged down the top line and widened losses.
Revenue dropped 18% year over year to $174.6 million, missing the analyst consensus of $179.15 million. The decline was largely driven by an 18% fall in average Bitcoin prices, which shaved about $33.1 million off revenue. Lower production added another $2.5 million decline, while a $3.7 million drop in other revenue reflected reduced digital asset and hosting income compared to last year.
During the quarter, MARA produced 2,247 Bitcoin at an average price of $76,288 and sold 20,880 Bitcoin at $70,137. Total blocks won slipped slightly to 653. On the operational side, the company reported a record energized hashrate of 72.2 EH/s as of March 31, up 33% year over year.
Profitability took a hit too. MARA reported an adjusted EBITDA loss of $1.0 billion, compared with a loss of $483.6 million in the prior-year period. The wider loss was primarily due to the decline in Bitcoin prices, which led to a significant negative mark-to-market impact on the fair value of the company's digital asset holdings.
But there was a silver lining: MARA reported an adjusted loss of $0.61 per share, beating analyst estimates for a loss of $2.15 per share. The company ended the quarter with 35,303 Bitcoin in total holdings and $2.9 billion in combined unrestricted cash and Bitcoin holdings (including pledged assets).
MARA also highlighted its Long Ridge site as a key development. The site spans 1,600 acres with sub-$0.015/kWh power costs, supported by PJM interconnection and owned generation assets. It includes a 200 MW Bitcoin mining operation generating cash flow and a 505 MW gas plant (485 MW currently saleable, rising to 505 MW in the second half of 2026) that is already EBITDA-positive. Overall, the platform offers over 1 GW of potential capacity, with plans to scale up to about 600 MW of AI and critical IT load over time.
MARA shares were down 8.55% at $12.24 at the time of publication on Tuesday.
