MARA Holdings (MARA) is scheduled to release its first quarter results after the market closes on May 11th, with Wall Street analysts expecting the company to post a loss in revenue of $184.21 million and EPS of $2.34.
The results are expected to reflect the sharp decline in Bitcoin prices in the first quarter. $BTC MARA’s digital asset holdings suffered significant mark-to-market losses, falling approximately 25% from approximately $87,000 to $67,000 during the period.
However, investors’ attention is likely to be less on short-term Bitcoin price fluctuations and more on the company’s strategic shift towards artificial intelligence and high-performance computing infrastructure. MARA increasingly positions itself as part of a broader industry shift where Bitcoin miners leverage existing energy assets and data center expertise to secure more stable, long-term AI-related revenue streams.
The AI transition includes FTAI Infrastructure agreeing to sell Longridge Energy to MARA in a $1.5 billion deal. The transaction provides MARA with the opportunity for long-term power generation capacity and stable cash flow associated with AI and data center contracts, and is expected to reduce its dependence on the highly cyclical Bitcoin mining business, where revenues fluctuate based on Bitcoin price, network difficulty, and transaction fees.
In the fourth quarter, MARA reported a 6% year-over-year decline in revenue from $214 million to $206 million, but also announced a partnership with Starwood to develop an AI data center that will provide approximately 1 gigawatt of computing power in the near future.
During the first quarter, MARA sold 15,133 units $BTCis valued at approximately $1.1 billion, and the proceeds will be used to repurchase $1 billion of convertible notes, strengthen liquidity, and continue to fund its AI expansion strategy.
The broader Bitcoin mining sector is set to follow a similar path. IREN (IREN) recently expanded its AI transition through a $3.4 billion AI cloud agreement with NVIDIA (NVDA), while also recording a $140.4 million non-cash impairment charge related to the sale of ASIC mining hardware as it reallocated its infrastructure to AI cloud services.
Additionally, HIVE Digital Technologies (HIVE) announced additional investments in AI and digital infrastructure, including $3.1 million to install high-speed fiber infrastructure to support a planned 50MW AI factory.
MARA stock rose 1% to $13 in premarket trading.
