#MARAReports1.3BQ1NetLoss

MARA Holdings reported a substantial financial loss for the first quarter of 2026 on **May 11 2026**. The company recorded a net loss of **1300000000 USD**, or **3.31 USD** per diluted share, which was significantly wider than the analyst consensus of a **1.41 USD** loss.
### Financial and Asset Impairment Breakdown
The **1.3 billion USD** net loss was driven largely by a **1000000000 USD** non-cash impairment charge. This charge reflected a **22 percent** decline in the fair value of its digital assets as the price of Bitcoin fell between December 31 2025 and March 31 2026.
* **Revenue Decline:** Total revenue reached **174600000 USD**, an **18 percent** decrease from **213900000 USD** in the same quarter last year.
* **Adjusted EBITDA:** The figure was negative **1040000000 USD**, compared to negative **483600000 USD** in the prior-year period.
* **Production Volume:** MARA produced **2247 Bitcoin** during the quarter, averaging about **25 Bitcoin** per day. This was a slight decrease from **2286 Bitcoin** in the first quarter of 2025, as rising network difficulty offset a higher hashrate.
### Infrastructure Growth and Strategic Pivot
Despite the financial losses, the company achieved record levels of operational scale and is transitioning toward becoming a diversified digital infrastructure and AI data center provider.
* **Hashrate Expansion:** Energized hashrate surged **33 percent** year-over-year to **72.2 EH/s**, up from **54.3 EH/s**.
* **AI Infrastructure:** Management announced a definitive agreement to acquire **Long Ridge Energy and Power**, a **505 MW** flexible compute campus. This move is part of a broader goal to control power assets to support High-Performance Computing (HPC) and AI workloads.
* **Energy Efficiency:** The daily cost per petahash improved to **27.6 USD**, a **42 percent** reduction over the last eleven quarters.
### Balance Sheet De-risking
MARA executed a major balance sheet restructuring to reduce debt and improve financial flexibility.
* **Debt Reduction:** The company retired approximately **30 percent** of its outstanding convertible debt, redeeming over **1000000000 USD** in face value of its 2030 and 2031 notes at a discount.
* **Bitcoin Treasury:** To fund these repurchases and support operations, MARA sold **20880 Bitcoin** during the quarter at an average price of **70137 USD**.
* **Current Holdings:** As of March 31 2026, the company held **35303 Bitcoin** worth approximately **2400000000 USD**. Its combined cash and Bitcoin balance stood at **2900000000 USD**.
While the reported net loss was substantial, investors reacted with relative stability. The stock showed a slight increase in aftermarket trading on May 11 2026, closing near **12.96 USD**. This suggests that market participants are placing higher value on the company’s expanding energy portfolio and AI infrastructure pivot than on the volatility-driven fair value adjustments of its Bitcoin holdings.