MARA (NASDAQ: MARA) reported its first-quarter 2026 report on Monday, reporting revenue of $174.6 million, down 18% from $213.9 million a year earlier.
Net loss attributable to common stockholders widened to $1.26 billion, or $3.31 per diluted share, from $533.2 million, or $1.55 per diluted share, in the prior-year period
The wider loss reflected a roughly $1.0 billion negative fair-value change on MARA’s cryptocurrency holdings and related receivables. The filing showed a $714.7 million loss from fair-value changes on holdings and a $303.9 million loss on cryptocurrency receivables as the price of bitcoin fell 22% during the quarter. Mining output was little changed, despite growth in overall hashrate given increases in Bitcoin’s mining difficulty.
MARA mined 2,247 bitcoin during the quarter, down from 2,286 a year earlier, while energized hashrate rose 33% to 72.2 EH/s from 54.3 EH/s. Fleet efficiency was 17.6 J/TH, compared with 19.3 J/TH a year earlier. The average price of bitcoin mined fell 18% to $76,288, which MARA said accounted for approximately $33.1 million of the revenue decline.