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AI brief of an SEC Form 8-K · MARA Holdings (MARA)

MARA Holdings Q1 revenue falls 18% to $174.6 million; net loss widens to $1.3 billion

Negative Impact 4 of 5 earnings Written later

MARA Holdings reported first-quarter 2026 revenue of $174.6 million, down 18% from $213.9 million a year earlier, and a net loss of $1.3 billion ($3.31 per diluted share), compared with a $533.4 million loss ($1.55 per share) in Q1 2025. The company said the loss was driven largely by a $1.0 billion unfavorable bitcoin fair value change, so the results weigh on shareholders even as the company announced a definitive agreement to acquire Long Ridge Energy & Power.

Key points

  • Revenue fell 18% to $174.6 million from $213.9 million; the lower average bitcoin price accounted for about $33.1 million of the decline.
  • Net loss was $1.3 billion, or $3.31 per diluted share, versus $533.4 million, or $1.55 per diluted share, in Q1 2025.
  • Adjusted EBITDA was a loss of $1.0 billion, compared with a loss of $483.6 million in Q1 2025.
  • After quarter end, MARA agreed to acquire Long Ridge from FTAI Infrastructure; closing is expected in the second half of 2026, subject to regulatory approvals.

The filing

CompanyMARA Holdings (MARA)
Form8-K, current report
Filed with the SECMay 11, 2026, 4:04 PM ET
Accession number0001507605-26-000014

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 6:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 11, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.