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Get filing alertsRisk Profile Improvements
- 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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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 verify on EDGAR → -
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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 verify on EDGAR → -
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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 verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · Jul 1, 2026 12:40 AM