MARA Holdings and CleanSpark shares dropped in after-hours trading Thursday after the two Bitcoin miners posted quarterly results that revealed sharp drops in revenue and much wider net losses, driven largely by the fair-value decline of their digital asset holdings.
MARA's $1.3B net loss
MARA reported a net loss of $1.3 billion for the quarter, more than double the $533.4 million loss it recorded a year earlier. The company said $1 billion of that came from changes in the fair value of its digital asset holdings. Revenue fell 18% year over year to $174.6 million.
The miner produced 2,247 Bitcoin at an average cost of $76,288 — and sold 20,880 BTC at an average price of $70,137, meaning it sold into a loss on production. It ended the quarter with 35,303 BTC, worth about $2.4 billion at current prices.
MARA shares closed at $13.39 on May 11, up 3.48% on the day, then slid 3.44% after the earnings came out.
CleanSpark's Bitcoin-related losses
CleanSpark recorded a net loss of $378.3 million for its fiscal second quarter ended March 31, a 173% jump from $138.8 million a year earlier. The culprit again: Bitcoin fair value declines, which accounted for $224.1 million of the loss. Revenue dropped 24.9% to $136.4 million.
On the operational side, CleanSpark increased its Bitcoin holdings by 14% and boosted its average monthly hashrate by 18% year over year. But that progress wasn't enough to offset the accounting hit from Bitcoin's price swings. CleanSpark closed at $14.3, up 0.7% during regular trading, then tumbled 9.09% after hours.
What else MARA is doing
Beyond the earnings, MARA advanced its Starwood strategic partnership, acquired a majority interest in Exaion, and retired roughly 30% of its outstanding convertible debt. After quarter-end, it also agreed to acquire Long Ridge Energy & Power — a move that could expand its energy infrastructure footprint.
Neither company provided forward guidance in their releases.
Other miners also in the red
MARA and CleanSpark aren't alone. Earlier this month, Hut 8, Core Scientific, American Bitcoin, Cipher Digital, and Riot Platforms all reported quarterly losses. The pattern is consistent: Bitcoin's price volatility is slamming balance sheets across the mining sector, even as some firms boost production and hash power.
The question now is whether the next quarter will bring relief — or another round of fair-value write-downs.
