MARA Holdings is poised to release its first-quarter earnings after the close on May 11, with analysts expecting a weak showing as the drop in bitcoin prices weighs on the company’s performance. Current estimates call for revenue of around $184.21 million and a loss per share of $2.34.
The anticipated losses come as bitcoin declined roughly 25% over the quarter, falling from about $87,000 to $67,000. That move is expected to have led to notable mark-to-market losses on MARA’s crypto holdings, putting pressure on both earnings and overall balance sheet strength.
Despite the near-term headwinds, investor attention is increasingly shifting toward MARA’s longer-term strategy centered on artificial intelligence and high-performance computing. The company is part of a growing trend among bitcoin miners that are repurposing their energy resources and data center capabilities to generate more stable, recurring revenue tied to AI infrastructure.
A major step in this direction is MARA’s planned $1.5 billion acquisition of Long Ridge Energy from FTAI Infrastructure. The transaction is expected to provide reliable power generation and support the company’s expansion into AI-focused data centers, helping reduce its dependence on the highly cyclical bitcoin mining business.
In the fourth quarter, MARA reported a 6% year-over-year decline in revenue, dropping from $214 million to $206 million. At the same time, it announced a partnership with Starwood to develop AI data centers, targeting close to one gigawatt of computing capacity in the near term.
During the first quarter, MARA sold 15,133 BTC—valued at approximately $1.1 billion—and used the proceeds to repurchase $1.0 billion in convertible notes, strengthen liquidity, and continue funding its push into AI infrastructure.
The broader mining industry is undergoing a similar transformation. IREN recently advanced its AI strategy through a $3.4 billion cloud agreement with NVIDIA, while also taking a $140.4 million non-cash impairment tied to the sale of ASIC mining hardware as it reallocates resources toward AI services.
Meanwhile, HIVE Digital Technologies has stepped up its investments in AI and digital infrastructure, including a $3.1 million allocation toward high-speed fiber to support a planned 50MW AI facility.
MARA shares edged higher in pre-market trading, rising about 1% to $13, as investors look beyond short-term volatility and focus on the company’s evolving growth strategy.
