MARA Set to Post Q1 Loss as AI Strategy Gains Focus

TLDR

• MARA is expected to report a first-quarter loss on revenue of $184.21 million and earnings per share of $2.34.
• Bitcoin prices fell about 25% during the quarter, which pressured MARA’s digital asset holdings and earnings.
• The company sold 15,133 BTC for about $1.1 billion to strengthen liquidity and repurchase $1.0 billion in convertible notes.
• MARA agreed to acquire Long Ridge Energy from FTAI Infrastructure in a $1.5 billion transaction.
• The company partnered with Starwood to develop data centers targeting one gigawatt of computing capacity

MARA will report first-quarter earnings after the market closes on May 11, and analysts expect a loss on both revenue and earnings. Wall Street forecasts revenue of $184.21 million and a loss per share of $2.34, reflecting the weaker Bitcoin price during the quarter. However, the company continues to advance its infrastructure strategy as it shifts toward artificial intelligence and high-performance computing services.

MARA Prepares for Earnings Release as Bitcoin Weighs on Results

Analysts expect MARA to reflect lower bitcoin prices in its first quarter results, as BTC fell about 25% from $87,000 to $67,000. That decline created mark-to-market losses on the company’s digital asset holdings, which pressured reported earnings. As a result, forecasts point to weaker revenue compared with prior quarters.

In the fourth quarter, MARA reported revenue of $206 million, down 6% from $214 million a year earlier. The company also confirmed plans to diversify operations beyond bitcoin mining. Executives stated that the strategy aims to secure steadier revenue streams tied to data center and computing contracts.

During the first quarter, MARA sold 15,133 BTC valued at about $1.1 billion. The company used $1.0 billion of the proceeds to repurchase convertible notes and improve liquidity. Management said the move supports its long-term infrastructure expansion plans.

MARA Expands AI Infrastructure Through Energy and Data Center Deals

MARA advanced its transition strategy through a $1.5 billion agreement with FTAI Infrastructure. Under the deal, FTAI agreed to sell Long Ridge Energy to MARA, providing long-term power generation capacity. The transaction aims to secure a stable cash flow linked to computing and data center operations.

The company also announced a partnership with Starwood to develop data centers delivering about one gigawatt of computing capacity. MARA said the initiative will support growing demand for high-performance computing workloads. The company continues to allocate capital toward these projects as part of its strategic shift.

Other miners have taken similar steps toward computing services. IREN expanded its transition through a $3.4 billion cloud agreement with NVIDIA. The company also recorded a $140.4 million non-cash impairment tied to the sale of ASIC mining hardware.

HIVE Digital Technologies reported further investment in computing infrastructure. The company committed $3.1 million to install high-speed fiber supporting a planned 50MW computing facility. These developments show ongoing capital deployment across the sector.

MARA shares rose 1% to $13 in pre-market trading ahead of the earnings release. The company will publish its financial results after the closing bell on May 11.

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