MARA · Marathon Digital Holdings, Inc.

MARA Holdings, Inc. disclosed preliminary unaudited Q1 2026 results showing revenues of $174.6 million, down 18% from $213.9 million in Q1 2025, amid a significantly widened net loss of $1.3 billion compared to $533.2 million last year, and Adjusted EBITDA loss of $1.0 billion versus $483.6 million prior year. Despite revenue pressure, operational efficiencies emerged with cost per petahash per day down 3% and energized hashrate up 33% to 72.2 EH/s from 54.3 EH/s. The company mined 2,247 BTC at a purchased energy cost of $40,047 per BTC and $0.04 per kWh for owned sites, holding 35,303 BTC (approx. $2.4B) as of March 31, 2026, including 9,995 BTC loaned or pledged. Bitcoin mining remains core, with total blocks won at 653, down 2% from 666. Management emphasized a strategic pivot to digital infrastructure, executing the Starwood partnership for AI/HPC development—converting ~90% of non-hosted capacity—and closing a majority interest acquisition in Exaion for private cloud AI. Post-quarter, MARA announced a definitive agreement for Long Ridge Energy & Power, adding 1,600 acres, 485 MW (expanding to 505 MW) efficient gas turbine power plant with ~76% hedged capacity, and potential for 600 MW AI/IT loads in PJM. This vertical integration controls low-cost power (<$0.015/kWh all-in) for dynamic allocation across Bitcoin mining, AI, and critical IT, positioning MARA as a power-advantaged platform with immediate cash flow and scalable growth, while retaining Hannibal Bitcoin operations.