MARA Q1 $1.3B Loss, Revenue Miss Spur Share Drop

MARA Holdings Inc. shares fell in after-hours trading Monday after the Bitcoin mining company reported a first-quarter net loss of $1.3 billion and revenue of $174.6 million that missed Wall Street estimates.

The results, for the quarter ended March 31, showed revenue down 18 percent from $213.9 million a year earlier, falling short of expectations around $192.7 million. Earnings per share stood at a loss of $3.31, wider than the anticipated $2.20 loss and compared with a $533.4 million loss, or $1.55 per share, in the prior-year period. The stock, which closed up 3.5 percent at $13.39, dropped 3.4 percent to $12.93 after hours. Over the past 12 months, MARA shares have declined about 16 percent.

The larger loss stemmed primarily from unrealized losses on the company's Bitcoin holdings of 38,689 BTC, as the cryptocurrency fell roughly 23 percent during the quarter. MARA also sold more than 15,100 BTC worth about $1.1 billion in late March to deleverage by repurchasing debt at a discount. Production dipped slightly to 2,247 BTC mined from 2,286 a year earlier, amid higher network difficulty up nearly 30 percent over the past year and elevated energy costs of $44.7 million, up...