MARA posts $1.26 billion Q1 loss as bitcoin fell and revenue dropped 18%

MARA reported first-quarter 2026 revenue of $174.6 million, down 18% from a year earlier, and a net loss of $1.26 billion, or $3.31 per diluted share. Adjusted EBITDA was about negative $1.04 billion, almost all from a $1.0 billion fair-value loss on its bitcoin holdings. Energized hashrate rose 33% to 72.2 EH/s, and the company ended the quarter with 35,303 BTC and $513.7 million of cash.

• Revenue $174.6 million, down 18% year over year
• Net loss $1.26 billion, or $3.31 per diluted share
• Adjusted EBITDA about negative $1.04 billion
• Energized hashrate 72.2 EH/s, up 33%
• Holdings 35,303 BTC and $513.7 million cash at March 31, 2026

SEC filing 8-K · accession 0001507605-26-000014 · sec.gov ↗