MARA shares sink on first-quarter revenue miss, $1.3B loss

MARA Holdings says Bitcoin mining remains the company’s “operational foundation” while it moves to expand into AI.

Shares in MARA Holdings fell after the bell on Monday as the Bitcoin miner’s first-quarter losses deepened from a year ago and its revenues missed analyst estimates.

MARA’s earnings released on Monday reported its revenues for the quarter ending March 31 dropped 18% year-on-year to to $174.6 million, missing Wall Street expectations of $192.7 million.

The company reported a loss of $1.3 billion for the quarter, widening from its $533.4 million loss from the year-ago quarter. Its earnings per share were a loss of $3.31, compared to estimates of a loss of $2.20.

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