Mara Holdings Sees Revenue Decline Amid Lower Bitcoin Prices

Mara Holdings, Inc., a digital infrastructure company that owns and operates power-ready assets to meet growing demand from the AI infrastructure market, reported its second quarter fiscal year 2026 earnings. The company's revenue decreased by 27% to $174.9 million due to a 28% decrease in the average price of Bitcoin.

Net loss was $611.3 million, or $1.60 per diluted share, primarily driven by an unrealized mark-to-market loss on digital assets of $343 million. Non-GAAP Adjusted EBITDA was negative $360.9 million compared to $1.2 billion in the previous quarter.

The company's energized hashrate increased 22% to 70.3 exahash per second, and Bitcoin production rose 8% to 2,422 Bitcoins. Mara owns approximately 35,577 Bitcoins valued at around $2.1 billion at a spot price of $58,524.

The company's financial results are sensitive to Bitcoin price volatility, with every $10,000 change in the price resulting in an approximate $350 million impact on the fair value of digital assets. Mara's liquidity remains strong, with $1.21 billion in cash and cash equivalents, and combined cash and Bitcoin totaling $2.5 billion.