MARA Holdings is set to report first-quarter earnings after the market close on May 11, with analysts expecting weak results as bitcoin’s sharp pullback weighs on financial performance. Wall Street forecasts point to revenue of around $184.21 million and a loss per share of $2.34.
The anticipated weakness largely reflects bitcoin’s decline during the quarter, with prices falling roughly 25% from about $87,000 to $67,000. The drop is expected to have triggered significant mark-to-market losses on MARA’s digital asset holdings.
Despite this, investor attention is shifting away from near-term bitcoin volatility and toward the company’s longer-term strategy in artificial intelligence and high-performance computing infrastructure. MARA has been repositioning itself within a broader trend of mining firms leveraging their energy capacity and data center expertise to tap into more stable, recurring revenue streams tied to AI.
A key step in this transition is the planned $1.5 billion acquisition of Long Ridge Energy from FTAI Infrastructure. The deal is expected to secure long-term power generation capacity while providing exposure to steadier cash flows linked to AI and data center operations, reducing dependence on the cyclical nature of bitcoin mining revenues.
In its most recent quarter, MARA reported a 6% year-over-year decline in revenue, falling from $214 million to $206 million. At the same time, the company announced a partnership with Starwood to develop AI-focused data centers, targeting approximately one gigawatt of computing capacity in the near term.
During the first quarter, MARA sold 15,133 BTC—valued at roughly $1.1 billion—and used the proceeds to repurchase $1.0 billion in convertible notes, strengthen its balance sheet, and continue funding its AI expansion strategy.
The shift toward AI is becoming a broader theme across the bitcoin mining sector. IREN has advanced its transition through a $3.4 billion AI cloud agreement with NVIDIA, while also recording a $140.4 million non-cash impairment tied to the sale of ASIC mining hardware as it reallocates resources toward AI infrastructure.
Similarly, HIVE Digital Technologies has expanded its investment in AI and digital infrastructure, including a $3.1 million commitment to high-speed fiber deployment supporting a planned 50MW AI facility.
Shares of MARA were modestly higher in pre-market trading, rising about 1% to $13.
