reported a $1.3 billion net loss or $3.31 per diluted share, compared to a loss of $533.4 million, or $1.78 per diluted share, last year. The company said a significant portion of the loss came from fair-value adjustments tied to its Bitcoin holdings.
The quarterly revenue declined 18% from a year earlier to $174.6 million, missing analyst estimates of $181.86 million.
The company produced 2,247 Bitcoin at average production costs of $76,288 per BTC, and sold 20,880 Bitcoin at an average price of $70,137 per BTC during the quarter. MARA held 35,303 BTC worth approximately $2.4 billion at the end of the quarter.
“The next phase of digital infrastructure value creation will be shaped by control of power: where it is located, when it is available, and how it can be best monetized,” said Chairman and CEO Fred Thiel.
The firm also announced its infrastructure initiatives, such as its majority stake in Exaion and definitive agreement to acquire Long Ridge Energy & Power.