Q1 2026 MARA Holdings Inc Earnings Call Transcript
Key Points
- MARA Holdings Inc (MARA) executed a strategic acquisition of Long Ridge Energy & Power, enhancing its power capacity and positioning it as a premier AI HPC data center campus.
- The company successfully retired about 30% of its outstanding convertible debt, reducing potential dilution and increasing financial flexibility.
- MARA Holdings Inc (MARA) has established a strategic partnership with Starwood, providing a capital-efficient path to monetize its powered land portfolio.
- The company reported a record energized hashrate of 72.2 exahash per second, reflecting continued fleet optimization and deployment of new generation ASIC miners.
- MARA Holdings Inc (MARA) is actively engaged with multiple top-tier potential tenants, accelerating conversations since announcing the Long Ridge transaction.
- The company reported a net loss of $1.3 billion for the quarter, primarily driven by unrealized mark-to-market fair value adjustments for digital assets.
- Revenues declined to $174.6 million from $213.9 million in the prior year period, mainly due to an 18% decrease in Bitcoin's average price.
- General and administrative expenses increased significantly, reflecting scaling operations and higher personnel costs, despite a 15% workforce reduction.
- Adjusted EBITDA for the quarter was negative $1 billion, dominated by the Bitcoin mark-to-market change.
- The company faced challenges with Bitcoin mining economics due to higher network difficulty and macroeconomic uncertainties.
Greetings, and welcome to the MARA first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce Robert Samuels, Vice President of Investor Relations. Thank you. You may begin.
Thank you, operator. Good afternoon, everyone, and welcome to MARA's first quarter fiscal year 2026 earnings call. Thanks for joining us today. With me on today's call are our Chairman and Chief Executive Officer, Fred Thiel; and our Chief Financial Officer, Salman Khan. Today's call includes forward-looking statements, including those about our growth plans, liquidity and financial performance.
These involve risks and uncertainties, and actual results may differ materially. We disclaim any obligation to update these stastements, except as required by law. For more details, see the Risk Factors section of our latest 10-K and other SEC filings. We'll also reference non-GAAP financial measures like adjusted
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