Svmuu reports that MARA's first-quarter revenue was $174.6 million, down 18% year-over-year, with a net loss of $1.3 billion, primarily due to unrealized losses on 38,689 Bitcoin held on its balance sheet. MARA sold approximately $1.1 billion worth of Bitcoin during the quarter to repay debt and improve liquidity.
The company stated that Bitcoin mining remains its operational cornerstone, but it is shifting its business towards AI and digital infrastructure, and it does not anticipate large-scale ASIC miner purchases in the future. Its hashrate has now expanded to 72.2 EH/s, and it mined a total of 2,247 Bitcoin during the quarter.