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MARA Holdings, Inc. (NASDAQ: MARA) has announced first quarter 2025 results, revealing $213.9 million in revenue—a 30% rise from Q1 2024—as the firm continues its evolution into a digital energy and infrastructure leader.
“Sales rose 30% to $213.9 million in Q1 2025 from $165.2 million in Q1 2024,” the company detailed in its letter to shareholders. MARA’s bitcoin reserves jumped by 174% year-over-year, increasing from 17,320 BTC to 47,531 BTC, now valued around $3.9 billion as of March 31, 2025. 
In spite of the revenue surge, MARA recorded a net loss of $533.4 million, largely due to a $510.2 million decline in the fair value of bitcoin as it concluded the quarter at $82,534. “Although we experienced a loss in Q1… the current bitcoin price of about $100,000 would suggest a significant fair value gain,” the company remarked.
MARA extracted 2,286 BTC and acquired 340 more during Q1. Its operational hashrate almost doubled from 27.8 EH/s in Q1 2024 to 54.3 EH/s, while costs per petahash per day decreased 25% to $28.5.
The corporation is advancing on its two main strategic objectives: “(1) strategically expanding by transitioning our model to low-cost energy with more effective capital allocation, and (2) delivering a complete suite of solutions for data centers and edge inference—including energy oversight, load balancing, and sophisticated cooling.”
Key takeaways from the quarter encompass:
- Acquisition of a 114 MW wind power plant in Texas with low fixed energy expenses (~$10/MWh).
- Implementation of gas-to-power operations in North Dakota and Texas, decreasing emissions by the equivalent of 14,200 gasoline-driven vehicles.
- Growth of its Ohio data center, adding 50 MW and 12,000 new miners.
- Ongoing development of proprietary immersion cooling systems (2PIC) and next-gen ASICs via its investment in chip manufacturer Auradine.
MARA will conduct a webcast and earnings call at 5:00 p.m. ET on May 8, 2025. Shareholders can sign up through this link.
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