The mining company MARA released its Q1 report. For the January-March period, the company's net loss increased to $1.3 billion, up from $533 million a year earlier.
Source: MARA.The firm's revenue fell by 18% compared to the same period last year, totaling $174.6 million, missing Wall Street's expectations of $192.7 million.
MARA's total hash rate grew by 33%, from 53.3 EH/s to 72.2 EH/s.
During the past quarter, the miner produced 2,247 BTC without purchasing any coins. However, the company's total digital gold reserves decreased by 26% to 35,303 BTC.
Reasons for Weak Performance
According to the report, the negative financial results were primarily due to losses in treasury reserves, as Bitcoin fell more than 20% over the three months.
MARA representatives stated that mining digital gold remains the "core activity" of the company, despite its expansion into artificial intelligence and high-performance computing to seek additional revenue sources.
"Our strategy is based on placing new infrastructure near existing mining facilities. This approach provides flexibility: we can generate income today through Bitcoin mining while retaining the ability to redirect resources to AI and critical IT tasks as these areas develop on the same sites," MARA noted.
However, the company emphasized that it does not plan to purchase new mining equipment in the near future.
The release of the quarterly results put pressure on the company's stock. As the report was released after market close, MARA shares fell by 4% in pre-market trading.
Source: Yahoo Finance.Recall that in April, the miner Bitdeer surpassed MARA in Bitcoin mining capacity.