MARA Digital Inc (NASDAQ:MARA) shares are trading lower after the company reported worse-than-expected first-quarter sales results.

Earnings Snapshot

Revenue fell 18% year over year (Y/Y) to $174.6 million, missing analyst estimates of $179.15 million, according to Benzinga Pro.

The decline was mainly driven by an 18% drop in average Bitcoin prices, which reduced revenue by about $33.1 million. Lower production contributed another $2.5 million decline, while a $3.7 million decrease in other revenue reflected reduced digital asset and hosting income compared to the prior year.

The company produced 2,247 BTC at an average price of $76,288 and sold 20,880 BTC at $70,137. Total blocks won declined slightly to 653.

The company reported a record energized hashrate of 72.2 EH/s, up 33% Y/Y, as of March 31, 2026.

Profitability

Marathon Digital Holdings reported adjusted EBITDA loss of $1.0 billion, compared with a loss of $483.6 million in the prior year period.

The wider loss was primarily due to a decline in bitcoin prices, which led to a significant negative mark-to-market impact on the fair value of the company's digital asset holdings.

The Bitcoin (CRYPTO: BTC) mining company reported an adjusted loss of 61 cents per share, beating analyst estimates for a loss of $2.15 per share.

Marathon ended the quarter with 35,303 in total Bitcoin holdings, and $2.9 billion in combined unrestricted cash and Bitcoin holdings (including pledged assets).

Key Development

Marathon Digital highlighted its Long Ridge site as a vertically integrated platform combining multiple value streams across power, compute, and infrastructure.

The site spans 1,600 acres with sub-$0.015/kWh power costs, supported by PJM interconnection and owned generation assets.

It includes a 200 MW Bitcoin mining operation generating cash flow and a 505 MW gas plant (485 MW currently saleable, rising to 505 MW in H2 2026) that is already EBITDA-positive.

Overall, the platform offers over 1 GW of potential capacity, with plans to scale up to ~600 MW of AI and critical IT load over time.

MARA Price Action: MARA Holdings shares were down 8.55% at $12.24 at the time of publication on Tuesday, according to Benzinga Pro data.

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