MARA earnings analysis
What we found in MARA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
MARA reported Q1 2026 revenues of $174.6 million, down 18% YoY and missing estimates. The company faced substantial losses with EPS of -$3.31, significantly below estimated -$0.45. Expectations remain ambiguous with no numeric forward guidance, but focus on expansions and restructuring plans signal potential for future improvement.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Down 18% YoY
- Q1 2026 revenue was $174.6 million, compared to $213.9 million in Q1 2025.
- Significant Net Loss
- Net loss of $1.3 billion resulted in an EPS of -$3.31.
- Restructuring Costs
- Management initiated restructuring with costs around $45.9 million to improve operational efficiency.
- Increased Hashrate
- The energized hashrate grew to 72.2 EH/s, up from 54.3 EH/s a year ago.
- Cash and Liquidity Strengthened
- Cash balance at $525.7 million, with an additional $1.5 billion total value from bitcoin holdings.
- Expanded Bitcoin Production Strategy
- Mined 2,247 bitcoin during the quarter, despite a 2% decline from last year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Net Loss Impact
- The net loss of $1.3 billion poses significant risk to shareholder equity.
- Declining Bitcoin Holdings
- Bitcoin holdings decreased to 35,303, valued at $2.4 billion, down from $4.7 billion a year earlier.
- Failure of Long Ridge Acquisition
- Pending acquisition could lead to a $75 million termination fee if not closed by November 30, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-3.31
What they said about what is next.
No numeric forward guidance provided.
The filing reads worse than the one before it.
What came before.
- 10-K · March 2, 2026
- MARA describes a strategic pivot from an asset-light bitcoin miner to an energy and digital infrastructure company, increasing owned capacity to ~70% while expanding into AI inference and HPC via acquisitions (majority…
- 10-Q · May 8, 2025
- MARA reported revenue of $213.9M for the quarter (up from $165.2M a year ago) but swung to a large consolidated net loss of $533.4M (loss per diluted share $1.55) driven primarily by large non‑cash digital asset fair…
- 10-K · March 3, 2025
- MARA repositioned in 2024 from an asset-light operator to an asset-heavy bitcoin miner, growing energized hashrate to approximately 53.2 EH/s and operating ~400,000 rigs as of December 31, 2024. The company adopted a…
- 10-Q · August 1, 2024
- Marathon reported revenues of $145,139 (in thousands) for the quarter ended June 30, 2024, up versus prior-year Q2 $81,759 but down sequentially from Q1 $165,198. Results were driven by higher revenue and non-cash items…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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