MARA Holdings (MARA) Stock: Climbs After Posting $214M in Q1 Revenue

TLDR

Revenue up 30%, but $533M net loss due to bitcoin valuation drop. Missed estimates: Reported $213.9M revenue vs. $221.6M expected. Bitcoin holdings jumped 174% to 47,531 BTC, worth $3.9B. Mining capacity nearly doubled, with improved efficiency. Investing in AI and data centers to diversify beyond crypto.

MARA Holdings, Inc. (NASDAQ: MARA) shares rose 7.20% to $14.29 during early trading on May 8, 2025, after the company reported strong BTC holdings in first-quarter results.

MARA Holdings, Inc. (MARA)

MARA  reported its first-quarter financial results for fiscal year 2025, posting a 30% year-over-year increase in revenue. The company generated $213.9 million during the quarter, compared to $165.2 million in the same period in 2024. Despite this revenue growth, the company reported a net loss of $533.4 million for the quarter.

The net loss was primarily attributed to a $510.2 million fair value adjustment related to MARA’s bitcoin holdings. While the company ended the quarter with bitcoin priced at $82,534, the current bitcoin price of approximately $100,000 could imply significant unrealized gains if prices hold. MARA also missed analyst expectations, which had projected revenue of $221.64 million and a loss of $0.04 per share. Instead, the company posted a loss of $1.55 per share.

Bitcoin Holdings and Mining Operations

During the quarter, MARA mined 2,286 bitcoin and purchased an additional 340, bringing its total holdings to 47,531 BTC. This marks a 174% increase compared to the 17,320 BTC it held at the end of Q1 2024. As of March 31, 2025, the valuation of these holdings stood at approximately $3.9 billion.

MARA’s Q1 2025 Shareholder Letter is here. Read the full report: https://t.co/HnwoPcA36r pic.twitter.com/x0HdL5EVUh

— MARA (@MARAHoldings) May 8, 2025

The company also achieved notable progress in its mining capacity. MARA’s energized hashrate rose by 95% year-over-year, from 27.8 EH/s in Q1 2024 to 54.3 EH/s in Q1 2025. The company’s operational efficiency also improved, with its cost per petahash per day declining by 25% to $28.5. The total number of bitcoin blocks won rose by 81% to 666 during the quarter.

Energy Strategy and Infrastructure Investments

MARA continued to advance its energy strategy by acquiring a 114-megawatt wind farm in Texas, which offers low fixed energy costs of approximately $10 per megawatt-hour. Additionally, the company expanded its gas-to-power initiatives in North Dakota and Texas, resulting in emissions reductions equivalent to those produced by 14,200 gasoline-powered vehicles.

The company also expanded its Ohio data center operations by adding 50 megawatts of power capacity and 12,000 new miners. These developments align with MARA’s broader strategy to access low-cost energy while improving mining economics and supporting scalable infrastructure.

Diversification Toward AI and Advanced Infrastructure

Beyond cryptocurrency mining, MARA is positioning itself to support the growing demand for compute infrastructure, particularly in AI inference workloads. The company highlighted its investment in immersion cooling systems and its stake in chipmaker Auradine, which is working on next-generation ASICs.

MARA is also pursuing modular, immersion-cooled data centers to support high-performance computing needs. According to the company, these facilities are designed to handle geographically distributed, latency-sensitive workloads, making them suitable for AI and other compute-intensive applications. Discussions with compute original equipment manufacturers (OEMs) are ongoing, with pilot deployments planned later in 2025.

Outlook and Strategic Focus

The company reiterated its strategic focus on optimizing capital deployment and leveraging low-cost energy to improve margins. While short-term earnings were affected by bitcoin price volatility, MARA believes its infrastructure investments and diversified approach position it for long-term growth.

MARA’s management hosted its quarterly earnings call on May 8, 2025, to discuss financial results and provide further insights into operational progress and strategic initiatives.

 

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