The mining company MARA released its report for the first quarter. As of January-March, the company’s net loss increased to $1.3 billion (compared to $533 million a year earlier).
The firm’s revenue decreased by 18% compared to the same period last year — to $174.6 million, falling short of Wall Street’s expectations of $192.7 million.
MARA’s total hash rate increased by 33% — from 53.3 EH/s to 72.2 EH/s.
During the past quarter, the miner produced 2247 BTC without purchasing any coins. However, the company’s total reserves of digital gold decreased by 26% — to 35,303 BTC.
Reasons for Weak Performance
According to the report, the negative financial results were mainly due to losses in treasury reserves, as Bitcoin fell by more than 20% over three months.
Representatives of MARA stated that mining digital gold remains the “core activity” of the company, despite expansion into artificial intelligence and high-performance computing to seek additional revenue sources.
“Our strategy is based on placing new infrastructure next to existing mining facilities. This approach provides flexibility: we can generate revenue today through Bitcoin mining while maintaining the ability to redirect resources to AI and critical IT tasks as these areas develop at the same sites,” MARA noted.
However, the company emphasized that it does not plan to purchase new mining equipment in the near future.
The publication of the quarterly results put pressure on the company’s shares. Since the report was released after the market closed, MARA’s stock fell by 4% in pre-market trading.
In April, miner Bitdeer surpassed MARA in terms of Bitcoin mining capacity.