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- Going Concern (new) — The shareholder letter contains 'going concern' language, indicating potential substantial doubt about the company's ability to continue operating.
MARA reports Q1 revenue down 18% to $174.6M, $1.3B loss on bitcoin mark-to-market
Filed May 11, 2026 · Period ending May 11, 2026 · ~2 min read
Key Changes
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high
Q1 2026 revenue fell 18% YoY to $174.6M; net loss widened to $1.3B from $533M, driven by $1B unfavorable mark-to-market on bitcoin as price declined 22% during quarter. Adjusted EBITDA negative $1B.
Exhibit 99.1 view on EDGAR → -
high
Company retired ~30% of convertible debt at 9% discount, repurchasing $1B+ face value of 2030/2031 notes by selling ~$1.5B bitcoin; reduced credit line $200M and refinanced $150M at 7% vs. 10.5%.
Exhibit 99.1 view on EDGAR → -
high
Announced acquisition of Long Ridge Energy: 505 MW flexible compute campus on 1,600 acres adjacent to Hannibal operations, with ~76% hedged capacity generating immediate cash flow and potential for 600 MW AI data center development.
Exhibit 99.1 view on EDGAR → -
medium
Starwood partnership advanced to execution; ~90% of non-hosted capacity under consideration for AI/critical IT conversion, with active hyperscaler discussions and expectation to sign tenant leases by year-end.
Exhibit 99.1 view on EDGAR → -
medium
Completed Exaion majority acquisition for private cloud expansion; restructured operations with 15% workforce reduction for $12M annualized savings.
Exhibit 99.1 view on EDGAR →
Summary
MARA Holdings reported a challenging first quarter with revenue declining 18% to $174.6 million and net loss ballooning to $1.3 billion, primarily due to a $1 billion unfavorable mark-to-market adjustment as bitcoin prices fell 22% during the period. The presence of going concern language in the shareholder letter raises questions about the company's financial stability and ability to continue operations under current conditions, particularly given the widening losses and negative $1 billion adjusted EBITDA. The company took aggressive balance sheet action during the quarter, selling approximately $1.5 billion in bitcoin to retire over $1 billion face value of convertible debt at a discount and reduce its credit line by $200 million.
While this deleveraging reduces future dilution risk and interest expense (refinancing $150 million at 7% versus 10.5%), it also depletes the company's primary liquid asset during a period of operational losses. The announced Long Ridge acquisition adds 505 MW of power capacity and 1,600 acres for potential AI data center development, but introduces execution risk and capital requirements as MARA pivots from bitcoin mining to digital infrastructure. Investors should monitor whether the Starwood partnership and hyperscaler discussions translate into signed leases and cash flow sufficient to address the going concern issue, and whether the 15% workforce reduction and $12 million in annualized savings can meaningfully offset the operational losses.
Section-by-Section Diff
Event · Exhibit 99.2
MARA announced preliminary Q1 2026 financial results via shareholder letter and scheduled earnings call for May 11, 2026.
Added in current filing · view on EDGAR →
MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a leading digital infrastructure company, today announced its preliminary, unaudited first quarter 2026 financial results in a letter to shareholders.
MARA disclosed preliminary, unaudited financial results for the first quarter of 2026 through a shareholder letter. The results are preliminary and unaudited, meaning final figures may differ when the full 10-Q is filed. The company will discuss these results in an earnings call scheduled for 5:00 p.m. Eastern Time on May 11, 2026.
Added in current filing · view on EDGAR →
Investors are invited to access the first quarter 2026 shareholder letter at MARA’s website at ir.mara.com. A copy of the letter will also be furnished to the Securities and Exchange Commission on a Form 8-K.
The detailed shareholder letter containing the Q1 2026 financial results is available on MARA's investor relations website and will be furnished to the SEC on Form 8-K. This letter presumably contains the actual financial metrics, operational updates, and management commentary that investors need to evaluate the quarter's performance.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Revenues decreased | 18% to $174.6 million | IN Q1 2026 | from $213.9 million in Q1 2025. | Net loss | decreased to ($1.3 billion) | IN Q1 2026 | from ($533.2 million) in Q1 2025. | Adjusted EBITDA | decreased to ($1.0 billion) | IN Q1 2026 | compared to ($483.6 million) in Q1 2025.
MARA reported Q1 2026 revenues of $174.6 million, down 18% year-over-year, primarily due to an 18% decrease in average bitcoin price. Net loss widened to $1.3 billion from $533.2 million in Q1 2025, driven by a $1.0 billion unfavorable mark-to-market adjustment on bitcoin holdings as bitcoin price declined 22% during the quarter. Adjusted EBITDA was negative $1.0 billion versus negative $483.6 million in the prior year period.
Added in current filing · view on EDGAR →
Our strategic partnership with Starwood to jointly develop, finance, and operate next generation
digital infrastructure made meaningful progress during the quarter as we moved from announcement
to execution. We are advancing permitting and site preparations across our portfolio and are engaged
in active discussions with multiple potential tenants, including major hyperscalers. Currently,
approximately 90% of our non-hosted capacity is being considered for site conversion for AI and
critical IT compute.
MARA's strategic partnership with Starwood Capital advanced from announcement to execution during Q1 2026, with approximately 90% of non-hosted capacity under consideration for conversion to AI and critical IT compute infrastructure. The company is advancing permitting and site preparations and is in active discussions with multiple potential tenants including major hyperscalers. The partnership is designed to unlock value from MARA's power and land portfolio in a capital-efficient manner, with the company expecting to sign one or more tenant leases by year-end.
Event · Item 2.02 — Results of Operations and Financial Condition
MARA Holdings announced Q1 2026 financial results via shareholder letter and scheduled an earnings call for May 11, 2026.
Added in current filing · verify on EDGAR →
On May 11, 2026, MARA Holdings, Inc. (the “Company”) issued a shareholder letter announcing its financial results for the fiscal quarter ended March 31, 2026. The Company also issued a press release announcing its earnings webcast and conference call to be held on May 11, 2026.
MARA Holdings disclosed its financial results for the quarter ended March 31, 2026 through a shareholder letter and announced an earnings webcast and conference call scheduled for the same day. The 8-K references the full shareholder letter and press release as attached exhibits but does not provide specific financial metrics or performance details in the body of the filing.
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