MARA Holdings Revenue Down 27% Amid Shift to AI Focus

MARA Holdings reported second-quarter revenue of $174.88 million, down 27% year-over-year.

The company missed a Street estimate of $203.67 million and reported an adjusted loss of $1.60 per share, missing the estimated profit of 26 cents per share.

MARA Holdings mined 2,422 Bitcoin in the quarter with no additional Bitcoin purchased, ending the period with 35,577 Bitcoin, down 29% year-over-year.

The company's focus has shifted towards artificial intelligence, with power-ready sites being scarce and infrastructure in place to support the 'next generation of compute'.

MARA Holdings believes that controlling power will define the next generation of AI infrastructure.