Crypto Miners & TreasuryEarnings — Latest Quarter & What's Coming

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.

CleanSpark (CLSK) reported a net loss of $757.1M in Q1 2026, a dramatic reversal from $108.0M net income a year ago, driven by a massive surge in long-term debt (+178.6% YoY to $1.79B) and accelerating operating cash burn of $297.0M, while cash on hand more than doubled to $260.3M.

WULF reported a dramatic deterioration in Q1 FY2026, with net loss widening to -$427.6M (vs. -$61.4M prior year) and negative stockholders' equity of -$78.8M, driven by massive balance sheet expansion and surging liabilities, even as gross margin improved sharply to 60.1%.

Coinbase reported a net loss of $394.1M in Q1 FY2026, a sharp reversal from the prior year's $65.6M profit, as revenue fell 30.5% YoY to $1.41B amid declining crypto market activity and surging operating costs including a 47.9% jump in R&D spending.

MicroStrategy (MSTR) reported a massive Q1 FY2026 net loss of $12.54B driven by a $14.47B operating loss, primarily reflecting unrealized losses on its Bitcoin holdings, while core software revenue grew a modest 11.9% YoY to $124.3M.

CORZ reported Q1 FY2026 revenue of $115.2M (+44.9% YoY) with improved gross margins, but posted a net loss of $347.2M and a deeply negative stockholders' equity of -$1.31B, driven by a massive surge in current liabilities and operating losses.

CIFR reported a sharp revenue decline of 28.8% YoY to $34.8M in Q1 2026, while net losses widened dramatically to -$114.3M, though the company's balance sheet expanded nearly 6x to $6.4B in total assets—likely reflecting a major acquisition or capital raise—and operating cash flow turned positive at $91.5M.

RIOT reported a modest 3.6% revenue increase to $167.2M in Q1 FY2026, but operating losses deepened sharply to -$499.9M (down 113.7% YoY), driven by surging costs and impairments, resulting in a net loss of -$500.5M and EPS of -$1.44.

Robinhood Markets (HOOD) delivered strong Q1 2026 results with revenue surging 15.1% YoY to $1.07B and net income of $350M, while operating cash flow tripled to $2.04B, reflecting robust platform growth.