AI Takeaway
MARA Holdings reported a sharp Q1 2026 deterioration, with revenue falling 18.4% YoY to $174.6M, operating losses nearly doubling to -$1.06B, and EPS worsening to -$3.31, driven by Bitcoin market volatility and elevated operational costs.
Revenue
$174.61M
-18.36% YoY
EPS (Basic)
$-3.31
-113.55% YoY
Operating Income
$-1.06B
-96.19% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Revenue fell 18.4% YoY from $213.9M to $174.6M in Q1 2026, reflecting lower Bitcoin prices and/or reduced mining output compared to the prior-year period, underscoring MARA's high sensitivity to cryptocurrency market conditions.
Source: Source: 10-Q Income Statement Data
Operating loss widened dramatically from -$541.1M to -$1.06B YoY, with the operating margin deteriorating from -252.97% to -607.91%, indicating that cost structures significantly outpaced revenue generation during the quarter.
Source: Source: 10-Q Income Statement & Key Ratios Data
Cash and equivalents surged 161.8% YoY to $513.7M, and current assets more than doubled to $611.1M, improving the current ratio to 1.84x, suggesting MARA raised liquidity through asset sales or financing activities even as operations consumed cash.
Source: Source: 10-Q Balance Sheet Data
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Upgrade to unlockMARA's revenue and profitability are almost entirely dependent on Bitcoin prices. A sustained decline in Bitcoin's market value directly reduces mining revenue and the value of MARA's Bitcoin holdings, as evidenced by the 18.4% revenue drop and -$1.06B operating loss in Q1 2026. This concentration risk makes earnings highly unpredictable.
Source: Source: 10-Q Income Statement & Balance Sheet Data
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Upgrade to unlockReported EPS of $-3.31 versus the $-2.20 analyst consensus — a -50.7% miss for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $174.61M | $213.88M | -18.36% |
Operating Income | $-1.06B | $-541.06M | -96.19% |
EPS (Basic) | $-3.31 | $-1.55 | -113.55% |
EPS (Diluted) | $-3.31 | $-1.55 | -113.55% |
R&D Expense | $8.25M | $9.3M | -11.29% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $4.95B | $6.44B | -23.20% |
Current Assets | $611.11M | $291.83M | +109.41% |
Current Liabilities | $331.47M | $368.37M | -10.02% |
Stockholders' Equity | $2.23B | $3.72B | -40.08% |
Cash & Equivalents | $513.65M | $196.22M | +161.78% |
Long-Term Debt | $2.42B | $2.3B | +5.12% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-247.49M | $-215.49M | -14.85% |
Investing Cash Flow | $1.19B | $-209.85M | +667.22% |
Financing Cash Flow | $-1.11B | $229.78M | -582.33% |
Share Buybacks | $7.46M | $20.36M | -63.39% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | -607.9% | -253.0% | -354.94% |
Current Ratio | $1.844 | — | — |
MARA reported Q1 2026 revenue of $174.6M, down 18.4% YoY, with an operating loss of -$1.06B and EPS of -$3.31. The results highlight the company's deep sensitivity to Bitcoin price movements and its inability to cover costs from mining revenues alone. On the positive side, cash balances surged to $513.7M, improving near-term liquidity.
MARA's revenue declined 18.4% YoY from $213.9M in Q1 2025 to $174.6M in Q1 2026, reflecting weaker Bitcoin market conditions. This revenue drop, combined with a largely fixed cost structure, contributed to the dramatic widening of operating losses during the quarter.
MARA faces significant financial stress, with operating losses of -$1.06B, negative operating cash flow of -$247.5M, and long-term debt of $2.42B as of Q1 2026. However, the company holds $513.7M in cash and a current ratio of 1.84x, providing a near-term liquidity buffer. The sustainability of operations depends heavily on Bitcoin price recovery and cost management.
MARA's operating loss nearly doubled YoY from -$541.1M to -$1.06B, driven by an 18.4% revenue decline while operating costs remained elevated, pushing the operating margin to -607.9%. The company's cost structure — including energy, equipment depreciation, and overhead — did not scale down proportionally with the revenue decline.
MARA ended Q1 2026 with $513.7M in cash (up 161.8% YoY) and a current ratio of 1.84x, indicating solid short-term liquidity. However, with operating cash burn of -$247.5M per quarter and $2.42B in long-term debt, the company's medium-term financial health remains contingent on Bitcoin price trends and its ability to manage or refinance its debt obligations.