MARA (MARA) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked a transformative quarter with major strategic moves, including the Starwood JV, Exaion and Meerkat acquisitions, and a definitive agreement to acquire Long Ridge Energy & Power, adding significant power and land assets.

• Realigned organization and reduced workforce by 15% to support the shift toward AI and digital infrastructure, incurring $45.9M in restructuring costs.

• Strategy centers on controlling and monetizing power for AI and digital infrastructure, leveraging both large-scale and sovereign/enterprise opportunities.

• Preliminary, unaudited Q1 2026 results released, with details available in a shareholder letter and to be discussed in a webcast and conference call.

Financial highlights

• Q1 2026 revenue was $174.6M, down 18% year-over-year, mainly due to an 18% drop in Bitcoin price and a 2% decrease in production.

• Net loss of $1.3B ($3.31/share) vs. $533.4M loss ($1.55/share) in Q1 2025, with ~$1B of loss from unrealized mark-to-market adjustment on digital assets.

• Adjusted EBITDA was -$1.04B, compared to -$484M in the prior year, driven by Bitcoin price decline.

• Cash and cash equivalents at quarter-end were $513.7M; total liquidity including bitcoin holdings was $2.9B.

• Sold 20,880 bitcoin for $1.5B to fund operations and debt repurchases.

Outlook and guidance

• Expect to sign multiple tenant leases by year-end, with contracted megawatts to be disclosed as pipeline converts.

• Initial 200 MW AI build-out at Long Ridge to begin construction in H1 2027, with capacity online by mid-2028.

• Long Ridge acquisition expected to close in H2 2026, adding 505MW of power capacity and supporting AI/HPC expansion.

• Anticipate continued growth in both hyperscaler and enterprise AI demand, with hyperscalers dominating near-term tenant mix.

• Management expects continued volatility in bitcoin prices and energy costs, with liquidity sufficient for near-term obligations.