MARA posts $611M Q2 loss as Bitcoin price falls 28%

MARA Holdings posted a $611.3 million Q2 2026 net loss, swinging from $808.2 million in income a year earlier as Bitcoin prices fell 28%.

"The question is no longer who can fund the next wave of compute, it is who has the power," CEO Fred Thiel said, describing the company's shift from pure Bitcoin mining toward AI and digital infrastructure.

Revenue declined 27% to $174.9 million from $238.5 million, missing the $208.37 million consensus estimate. Adjusted EBITDA swung to negative $360.9 million from positive $1.2 billion, driven largely by a $343 million unrealized mark-to-market loss on digital assets.

Metric	Actual	Consensus	Beat/Miss
Revenue	$174.9M	$208.37M	-16.1%
EPS	-$1.60	not disclosed	—

Operationally, energized hashrate rose 22% year over year to 70.3 EH/s, and Bitcoin production increased 3% to 2,422 BTC. Cost per petahash per day improved 4% to $27.70. The company held 35,577 BTC at quarter end, valued at approximately $2.1 billion, with 26% loaned or pledged as collateral. Its digital asset management strategy generated $4.3 million in interest income. The portfolio spans 19 data centers across four continents, with Exaion operating in Europe on sovereign AI infrastructure.

MARA sold 2,213 BTC during the quarter at an average price of $73,078. After quarter end, the company pledged an additional 18,750 BTC as initial collateral for two Bitcoin-backed credit facilities providing $600 million of incremental borrowing capacity at a 7.56% weighted average cost. Total assets declined from $7.3 billion to $4.3 billion between December 31, 2025, and June 30, 2026.

The company is advancing its digital infrastructure strategy through the pending $1.5 billion Long Ridge acquisition, expected to close after FERC approval, and a 2 GW Matagorda County, Texas site. Combined, these would expand total power capacity to approximately 4.8 GW. Management expects to sign at least two AI/HPC leases before year-end through its Starwood partnership. More than 90 percent of owned capacity is under evaluation for AI applications.

Shares fell 5.25% to $10.65 in regular trading. The loss marks the third consecutive quarterly deficit for the miner, following a $1.7 billion loss in Q4 2025 and $1.3 billion in Q1 2026. Management did not provide quantitative guidance for Q3 or full-year 2026. Peer miners face similar pressure, with Galaxy Digital reporting an $85 million Q2 net loss this week.

The results show the cost of MARA's transition from a pure Bitcoin miner to a diversified infrastructure platform. Investors will watch for FERC approval on Long Ridge and lease announcements before year-end as key milestones.

This article is for informational purposes only and does not constitute investment advice.