MARA Holdings (MARA) is expected to report its first quarter results after the market close on May 11, with Wall Street analysts expecting the company to report revenue and earnings (EPS) losses of $184.21 million and $2.34 respectively.
The results are expected to reflect the sharp drop in Bitcoin prices during the first quarter, with BTC falling approximately 25% over the period, from around $87,000 to $67,000, creating significant market value losses on MARA’s digital asset holdings.
However, investors’ attention will likely be less focused on the near-term volatility of Bitcoin’s price and more on the company’s strategic shift toward artificial intelligence and high-performance computing infrastructure. MARA is increasingly positioning itself as part of a broader industry shift in which Bitcoin miners leverage their existing energy assets and data center expertise to secure more stable, long-term AI-driven revenue streams.
The transition to AI includes FTAI Infrastructure agreeing to sell Long Ridge Energy to MARA in a $1.5 billion transaction. The deal is expected to provide MARA with long-term power generation capacity and exposure to more stable cash flow opportunities related to AI and data center contracts, reducing reliance on the highly cyclical Bitcoin mining business, where revenues fluctuate based on Bitcoin prices, network difficulties and transaction fees.
In the fourth quarter, MARA reported a 6% year-over-year decline in revenue, from $214 million to $206 million, although it also announced a partnership with Starwood to develop AI data centers providing about a gigawatt of computing capacity in the near term.
During the first quarter, MARA sold 15,133 BTC, valued at approximately $1.1 billion, using the proceeds to repurchase $1.0 billion of convertible notes, bolster its liquidity, and continue to fund its AI expansion strategy.
The Bitcoin mining industry as a whole is increasingly following a similar path. IREN (IREN) recently expanded its AI journey through a $3.4 billion AI cloud deal with NVIDIA (NVDA), while also recording a $140.4 million non-cash impairment charge related to the sale of ASIC mining hardware as part of the repurposing of infrastructure toward 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 optic infrastructure supporting a planned 50 MW AI factory.
MARA shares rose 1% to $13 in premarket trading.
