AcquisitionsMay 11, 2026, 04:08 PM
MARA to Acquire Long Ridge; Q1 Revenue $174.6M, Net Loss $1.3B
AI Summary
MARA Holdings announced its Q1 2026 financial results, reporting an 18% decrease in revenue to $174.6 million and a net loss of $1.3 billion, primarily due to a $1.0 billion loss from the fair value of digital assets. Strategically, the company is transforming into a digital infrastructure firm, highlighted by the definitive agreement to acquire Long Ridge Energy & Power, a 505 MW flexible compute campus, and the completion of its majority interest acquisition in Exaion. MARA also progressed its Starwood strategic partnership, retired 30% of its convertible debt, and reduced its workforce by 15% for $12 million in annualized savings.
Key Highlights
- Definitive agreement to acquire Long Ridge Energy & Power, a 505 MW flexible compute campus.
- Completed acquisition of a majority interest in Exaion to expand private cloud capabilities.
- Revenues decreased 18% to $174.6 million in Q1 2026 from $213.9 million in Q1 2025.
- Net loss was ($1.3 billion) in Q1 2026, compared to ($533.4 million) in Q1 2025.
- Adjusted EBITDA decreased to ($1.0 billion) in Q1 2026 from ($483.6 million) in Q1 2025.
- Energized hashrate increased 33% to 72.2 EH/s in Q1 2026.
- Retired approximately 30% of outstanding convertible debt at a 9% discount.
- Reduced workforce by 15%, providing $12 million in annualized savings.