MARA Holdings fell in after-hours trading on Monday after reporting a $1.3 billion quarterly loss and revenues below the Street’s pencilled-in range. The Bitcoin miner’s first-quarter print widened the loss from the $533.4 million hole posted in the year-ago quarter. Revenue came in at $174.6 million, down 18% year-on-year and short of the $192.7 million consensus.
The stock dropped 3.44% to $12.93 after the bell, erasing the session’s 3.48% gain. MARA Holdings shares are down 16% over 12 months, though the stock has steadied this year as the company pivots toward artificial intelligence data centres.
MARA shares sink on unrealised Bitcoin losses
Most of the quarterly loss came from unrealised declines in MARA’s 38,689 Bitcoin treasury. The cryptocurrency fell 23% during the quarter. The company sold more than 15,100 Bitcoin in late March for $1.1 billion, booking the proceeds before quarter-end. Bitcoin is currently trading more than 35% below its all-time high of $126,080, cutting miner revenues per block.
| Metric | Q1 2025 | Q1 2024 | Change |
|---|---|---|---|
| Revenue | $174.6m | $213.2m | -18% |
| Net loss | $1.3bn | $533.4m | -144% |
| EPS (loss) | $3.31 | n/a | n/a |
| Bitcoin sold | 15,100 | n/a | n/a |
MARA said Bitcoin mining remains the company’s “operational foundation” even as it expands into AI and high-performance computing. The shift tracks what several US-based Bitcoin miners have done as mining conditions deteriorated. Mining difficulty has risen nearly 30% over the past year whilst Bitcoin’s price retreat has hammered per-block economics.
AI pivot underway as mining hardware purchases stop
MARA has slipped from the largest Bitcoin miner by market cap to seventh place. Rivals moved faster into AI. The company’s current AI strategy centres on a partnership with Starwood Capital to convert Bitcoin mining sites into AI and HPC data centres. In late April, MARA acquired Long Ridge Energy & Power, a gas-fired power plant and data centre, for $1.5 billion.
The company said it is co-locating new infrastructure with existing Bitcoin mining operations. “This approach creates flexibility: we can generate revenue today through Bitcoin mining whilst preserving the option to redirect power toward AI and critical IT loads as those opportunities mature on the same sites,” the statement said. Long Ridge could eventually support 600 megawatts of AI computing capacity. Around 90% of MARA’s non-hosted mining capacity could be redeployed for AI and IT compute.
MARA said it has no plans to purchase additional Bitcoin mining hardware. The sector’s margin compression has forced a rethink across the miner community. The question is whether the AI pivot rescues profitability before the balance sheet feels further strain. The stock’s after-hours move suggests investors remain unconvinced.
Next catalyst: the company’s operational update on mining capacity redeployment, likely within the next quarter. That’s the print that shows whether the pivot is landing or just talk.
This article is for information purposes only and does not constitute investment advice. Readers should not act on any information contained here without first consulting an authorised financial adviser. Past performance is not a reliable indicator of future results.
