Shares in MARA Holdings fell in after-hours trading Monday after the Bitcoin miner reported a first-quarter revenue miss and a $1.3 billion loss.
Revenue dropped 18% year-over-year to $174.6 million, below Wall Street's $192.7 million estimate. The net loss of $1.3 billion widened sharply from $533.4 million a year ago, with an earnings per share loss of $3.31, worse than the expected $2.20 loss.
MARA stock fell 3.44% in after-hours trading to $12.93, erasing the day's gains. The company attributed the loss primarily to unrealized losses on its 38,689 Bitcoin treasury as Bitcoin fell 23% during the quarter. MARA also sold more than 15,100 Bitcoin worth $1.1 billion in late March.
Despite the downturn, MARA is pivoting toward AI data centers. It has partnered with Starwood Capital and acquired Long Ridge Energy & Power for $1.5 billion to convert mining sites into AI and high-performance computing facilities. The company says 90% of its non-hosted mining capacity could be redeployed for AI compute, with Long Ridge eventually supporting 600 megawatts of AI capacity.
MARA noted it has no plans to purchase additional Bitcoin mining hardware.