Open the filing on EDGARSHAREHOLDER LETTER Q1 2026 3 SHAREHOLDER LETTER Q1 2026 4 SHAREHOLDER LETTER Q1 2026 5 SHAREHOLDER LETTER Q1 2026 6 SHAREHOLDER LETTER Q1 2026 7 SHAREHOLDER LETTER Q1 2026 8 SHAREHOLDER LETTER Q1 2026 9 SHAREHOLDER LETTER Q1 2026 10 SHAREHOLDER LETTER Q1 2026 11 SHAREHOLDER LETTER Q1 2026 12 SHAREHOLDER LETTER Q1 2026 13 SHAREHOLDER LETTER Q1 2026 14 SHAREHOLDER LETTER Q1 2026 15 SHAREHOLDER LETTER Q1 2026 16 SHAREHOLDER LETTER Q1 2026 17 SHAREHOLDER LETTER Q1 2026 18
Key Highlights To Our Shareholders turbines in the PJM interconnection, delivering contracted cash flows on ~76% hedged capacity. This We are engaged in active tenant discussions for Long Ridge and believe the site is well positioned for infrastructure assets. The result is a more capital-efficient path to value creation than MARA would Importantly, the Starwood model is not intended to be a one-time transaction. As we continue to We continue to believe the broader bitcoin market is supported by institutional demand, while retail First Quarter Financial and Operational Discussion REVENUE OPERATING AND MAINTENANCE COSTS BALANCE SHEET CAPITAL SOURCES Earnings Webcast and Conference Call MARA Holdings, Inc. and Subsidiaries Three Months Ended March 31,(in thousands, except share and per share data)20262025Reconciliation to Adjusted EBITDA:Net loss attributable to common stockholders$(1,259,619)$(533,199)Interest expense (income), net188(2,054)Income tax benefit(30,932)(119,172)Depreciation and amortization194,739161,002EBITDA(1,095,624)(493,423)Stock-based compensation expense30,50649,115Change in fair value of derivative instrument41,045(26,828)Restructuring costs45,885 - Acquisition and integration costs11,018 - Net gain from extinguishment of debt(70,557) - Net gain on investments - (12,429)Adjusted EBITDA (1)$(1,037,727)$(483,565) (1) Non-GAAP Financial Measures. In order to provide a more Investor Notice GENERAL AND ADMINISTRATIVE comprehensive understanding of the information used by our is not a development bet. It is a current operating asset generating stable, visible cash flow from day hyperscaler and enterprise customers whose infrastructure timelines are increasingly constrained by likely achieve by developing these assets alone. aggregate land and power assets, our goal is to place appropriate assets into this JV structure so participation remains comparatively subdued. In our view, that creates a constructive setup over time, Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully management team in financial and operational decision-making, we Our revenues decreased 18% to $174.6 million from Operating and maintenance costs during the first In the first quarter of 2026, general and administrative At quarter end, we held 35,303 bitcoin, including 9,995 In response to the more volatile bitcoin price Condensed Consolidated Statements of Operations (unaudited) one, with the opportunity to grow generation capacity over time. access to power. Subject to closing and tenant execution, we believe Long Ridge can support tenant MARA can pursue large-scale digital infrastructure value creation in a capital-efficient manner. with a bias to the upside if institutional buying continues and retail demand returns. supplement our Condensed Consolidated Financial Statements that consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most $213.9 million in the first quarter of 2025. This decrease quarter of 2026 totaled $30.6 million compared to $19.8 ("G&A") expenses, excluding stock-based compensation, bitcoin loaned or pledged as collateral. During Q1 2026, environment, we have elected not to use our ATM since Hypothetical 200 MW site example Highlights have been prepared in accordance with generally accepted Q1 2026 was a redefining quarter for MARA. recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange commitments soon after closing, which we expect to occur in the second half of the year, subject to was primarily driven by an 18% decrease in the average million in the prior year period, an increase of $10.8 were $57.7 million, compared to $36.9 million in the prior we mined 2,247 BTC. As of March 31, 2026, our BTC the end of Q3 2025 and instead funded operations Three Months Ended March 31,(in thousands, except share and per share data)20262025Revenues$174,614$213,884Costs and operating expensePurchased energy costs44,73243,481Operating and maintenance costs30,63219,794Third-party hosting and other energy costs70,04868,183General and administrative86,85785,865Depreciation and amortization191,556157,897Change in fair value of digital assets714,677394,162Change in fair value of derivative instrument41,045(26,828)Taxes other than on income2,4303,095Research and development8,2489,298Restructuring costs45,885 - Total costs and operating expense1,236,110754,947Operating loss(1,061,496)(541,063)Other lossChange in fair value of digital assets - receivable, net(303,912)(116,067)Net gain from extinguishment of debt70,557 - Interest income10,53211,995Interest expense(10,720)(9,941)Equity in net earnings of unconsolidated affiliate(2,171)(13)Other3,8812,474Total other loss(231,833)(111,552)Loss before income taxes(1,293,329)(652,615)Income tax benefit30,932119,172Net loss$(1,262,397)$(533,443)Less: net loss attributable to noncontrolling interest, including redeemable noncontrolling interest2,778244Net loss attributable to common stockholders$(1,259,619)$(533,199)Net loss per share of common stock - basic and diluted$(3.31)$(1.55)Weighted average shares of common stock - basic and diluted380,157,050344,098,009 accounting principles in the United States ("GAAP") with the non- The site sits on 1,600 acres of flat, contiguous land. The power is there. The land is there. The water is Exaion: A Private Cloud Pathway and International Growth Platform During the quarter, we acquired 2.4 EH of next-generation used ASIC miners at prices equivalent to a Commission (the "SEC"). If any of these risks were to occur, our business, financial condition or results of operations would A hypothetical example illustrates the potential economics under the strategic partnership: MARA will hold a webcast and conference call today, Revenues decreased 18% to $174.6 millionIN Q1 2026from $213.9 million in Q1 2025.Net loss decreased to ($1.3 billion)IN Q1 2026from ($533.2 million) in Q1 2025. price of bitcoin, which contributed approximately $33.1 million. The increase was primarily due to a $5.4 million year period. The increase reflects the scaling of our holdings were valued at approximately $2.4 billion based through the sale of a portion of our mined bitcoin. regulatory approvals, including clearance under the Hart-Scott-Rodino Act and Federal Energy GAAP financial measure of Adjusted EBITDA. We advanced the Starwood strategic partnership from announcement to execution, closed our there. The fuel supply is there. And the interconnection is there. Assets of this scale and quality are full replacement. This allowed us to improve fleet efficiency in a capital-disciplined manner, upgrading - As of March 31, 2026, we delivered record energized - Deployed approximately 5,000 new miners with current likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The May 11, 2026, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific million to the decrease, with the remaining $2.5 million acceleration in the amortization of spare parts used to operations, higher personnel costs associated with on a spot price of $68,222 per bitcoin. While the Starwood joint venture addresses the large-scale, hyperscale end of the AI infrastructure Regulatory Commission approval, as well as satisfaction of other customary closing conditions. hashrate of 72.2 EH/s, increasing 33% from 54.3 EH/s as fleet efficiency of 17.6 joules per terahash ("J/TH") as of The Company defines Adjusted EBITDA as GAAP net income (loss) As of March 31, 2026, we held $2.9 billion in liquid assets. •MARA contributes a 200 MW site at an agreed value, resulting in a site contribution value of acquisition of a majority interest in Exaion, retired approximately 30% of our outstanding convertible increasingly difficult to replicate given the time, cost, and complexity required to secure power, land, compute capacity without paying the full cost of new hardware. Going forward, we do not expect to risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we Time) to discuss its financial results for the quarter attributable to a decrease in bitcoin production. In repair miners, maintenance costs associated with the headcount growth from the prior year period, and of March 31, 2025. March 31, 2026. attributable to common stockholders plus adjustments to add back the market, Exaion addresses a different but complementary segment: sovereign, enterprise, and private- UPDATE ON CONVERTIBLE DEBT $200 million. currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be debt, realigned the organization, and, after quarter end, announced a definitive agreement to acquire UPDATE ON LONG RIDGE ACQUISITION ended March 31, 2026. permitting, and interconnection in today's market. We are acquiring assets that would take up to 10 Starwood Strategic Partnership: Progress, Pipeline, and Economics pursue large-scale ASIC purchases. Our approach will remain selective, targeted, and grounded in impacts of (1) interest, (2) income taxes, (3) depreciation and addition, a $3.7 million decrease in other revenues, was expansion of our mining fleet and increased labor costs administrative fees in support of our expanded global - Revenues decreased 18% to $174.6 million in Q1 2026 - Loaned 5,742 BTC under our digital asset management cloud AI compute. Together, they give MARA two pathways into AI, both grounded in the same amortization and (4) adjustments for non-cash and/or non-recurring a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See Long Ridge Energy & Power ("Long Ridge") from FTAI Infrastructure Inc. (NASDAQ: FIP). primarily reflecting revenue from other digital assets and to support a larger operational footprint. footprint through acquisition and integration costs. from $213.9 million in Q1 2025. strategy, generating approximately $6.4 million of years to assemble on our own. clear economic return. We took meaningful action during the quarter to
- The project incurs pre-construction and site-readiness costs, such as power deposits, land- items, which currently include (i) stock-based compensation expense, Regarding the pro forma capital structure we expect to Our strategic partnership with Starwood to jointly develop, finance, and operate next generation foundation of energy-backed infrastructure and both serving real and growing demand. ContentsTo Our Shareholders3Financial and Operational Discussion9Earnings Webcast and Conference Call14Statements of Operations15Investor Notice18Forward-Looking Statements18 "Forward-Looking Statements" below. interest income for the quarter ended March 31, 2026. hosting services in the prior year period. Included in our G&A in the first quarter of 2026 was strengthen our balance sheet by retiring approximately - At March 31, 2026, we held 35,303 BTC (including digital (ii) change in fair value of derivative instrument, (iii) impairment of THIRD-PARTY HOSTING AND OTHER related costs, fiber upgrades, and other investments needed to make the site leasable for a have in place at Long Ridge upon closing, the $400 To register to participate in the conference call or to Our existing Bitcoin mining operations at Hannibal continue without interruption as we work through Looking Ahead digital infrastructure made meaningful progress during the quarter as we moved from announcement acquisition and integration costs of $11.0 million. assets - receivable, net). During Q1 2026, we produced - Realigned business operations and reduced workforce goodwill and other assets, (iv) restructuring costs, (v) acquisition and 30% of our outstanding convertible debt at a discount. Governments and enterprises are increasingly prioritizing local control over compute, data residency, ENERGY COSTS About MARA million term loan is expected to be repaid at closing. We tenant. listen to the live audio webcast, please use this link. The 2,247 BTC at an average price of $76,288 and sold by 15%, providing combined annualized savings of integration costs, (vi) net gain from extinguishment of debt, (vii) net the process of securing investment-grade, or shadow investment-grade, tenants, several of whom to execution. We are advancing permitting and site preparations across our portfolio and are engaged This reduced leverage, lowered potential future dilution, During the quarter, we realigned our business operations security, and trusted AI infrastructure, particularly across Europe and Canada. This is not a niche The actions we have taken so far this year were purposeful and interconnected. The Starwood joint 20,880 BTC at an average price of $70,137. $12 million. are also currently conducting a consent solicitation to Forward-Looking Statements gain (loss) on investments and (viii) early termination expenses. webcast will also be broadcast live and available for Together, these actions accelerate MARA's evolution into a leading digital infrastructure company *including BTC loaned, actively managed and pledged as collateral Third-party hosting and other energy costs consist of co- have already expressed inbound interest. We do not need to choose between our businesses. Taken and improved our ability to allocate capital toward in active discussions with multiple potential tenants, including major hyperscalers. Currently, and reduced workforce by 15%, providing combined •Because MARA's site contribution is recognized upfront as equity, MARA's cash requirements waive the change-of-control provision in Long Ridge's requirement. As AI policy evolves and data sovereignty standards tighten, more AI workloads will venture creates a capital-efficient path to convert our power portfolio into AI infrastructure ownership. MARA is a digital infrastructure company built to convert replay via the investor relations section of our website. - Total blocks won decreased 2% in Q1 2026 to 653 from - No at-the-market offering program ("ATM") usage since Adjusted EBITDA decreased to ($1.0 billion)IN Q1 2026compared to ($483.6 million) in Q1 2025.Cost/petahash per day decreased by 3%IN Q1 2026from Q1 2025. PURCHASED ENERGY COSTS Management uses Adjusted EBITDA, together with the supplemental location services related to third-party hosted sites and built to convert energy into high-value compute across AI, HPC, and critical IT loads, and Bitcoin higher-return strategic opportunities. together, we believe Long Ridge will give MARA a scaled, power-advantaged platform, immediate approximately 90% of our non-hosted capacity is being considered for site conversion for AI and annualized savings of $12 million. This was a difficult 666 in Q1 2025. September 2025. are deferred until its site contribution has been fully credited against the project's capital $600 million secured notes, which would allow the notes energy into high-value compute workloads. We primarily information provided herein, to understand, manage and evaluate require infrastructure that is jurisdictionally controlled, compliance-ready, and independent of We expect Long Ridge will add a differentiated land and power platform for an AI and critical IT energy expenses related to mining digital assets other mining. We believe the next phase of digital infrastructure value creation will be shaped by control of DIGITAL ASSET MANAGEMENT decision, but a deliberate one. The organization required and durable cash flow upon closing, and a clear path to build one of the leading digital infrastructure business performance and to inform operating decision-making. The We funded a portion of this debt reduction by to remain in place. The $115 million Can-Am facility is critical IT compute. Our focus is on developing infrastructure capable of generating durable, We define purchased energy costs as the amount paid leverage Bitcoin mining as our core business. Building on needs. From there, MARA's ownership stake is proportional to its total contribution relative to - Our cost per kWh was $0.04 for our owned sites in 2026. - Strengthened balance sheet by retiring ~30% of This shareholder letter contains forward-looking statements within the meaning of the federal securities laws. All than bitcoin. Third-party hosting and other energy costs Earnings Webcast and Conference Call Details hyperscale-only platforms. We believe Exaion is positioned to serve that demand. compute campus that builds around our existing Hannibal operations. Exaion gives us a second AI Company relies primarily on its Condensed Consolidated Financial to scale a Bitcoin mining platform is not the same Purchased energy cost per bitcoin was $40,047 in Q1 outstanding convertible debt at a discount of 9% to par power: where it is located, when it is available, and how it can be best monetized. monetizing our bitcoin, which reflects how we think similarly expected to remain in place. As a result, total to power providers for power consumed related to our this foundation, we have begun pursuing opportunities campuses in the market. statements, other than statements of historical fact, included in this shareholder letter are forward-looking statements. contracted revenue from scarce, high-value energy assets. the project's capital requirements. In the illustrative 200 MW project, MARA could achieve 50% in the first quarter of 2026 were $70.0 million, compared As of March 31, 2026, we held a total of 35,303 bitcoin, Statements to evaluate financial performance and uses non-GAAP 2026, up from $35,728 in Q1 2025. value. pathway into sovereign and private cloud enterprise markets. Balance sheet actions reduced potential organization required to build a digital infrastructure about bitcoin within our broader capital allocation pro forma debt at Long Ridge is expected to be owned Bitcoin mining operations. Our purchased energy to expand our infrastructure capacity into adjacent high- Exaion also gives MARA a platform to develop capacity internationally as market demand grows. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or financial measures only supplementally. to $68.2 million in the prior year period, an increase of including 9,995 bitcoin that were loaned or pledged as Date: Monday, May 11, 2026 ownership with up to $50-100 million of net annualized stabilized cash flow (based on a range AI adoption is accelerating faster than power can be brought on to meet demand. As a result, we We expect Long Ridge will continue to supply power to the grid and generate cash flow and positive company, and as we expand into AI and digital We are also actively pursuing a pipeline of powered land and infrastructure opportunities that can fit dilution and increased financial flexibility. And Bitcoin mining continues to be our foundation, - Cost per petahash per day improved 3% from $28.5 in Q1 - Announced a definitive agreement to acquire Long framework and it remains an important reserve asset. approximately $900 million, down from $1.1 billion costs in the first quarter of 2026 were $44.7 million, value workloads, including AI, HPC and critical IT. As our variations or negatives of these words are intended to identify forward-looking statements, although not all forward- While we are still early in this effort and expect to provide more detailed pipeline and roadmap $1.9 million. The increase was primarily driven by higher collateral. As such, approximately 28% of our total We believe that Adjusted EBITDA is useful to us and to our investors 2025 to $27.6 in Q1 2026. Ridge, a 505 MW nameplate flexible compute campus of 9-15% yield on cost) for little to no incremental equity exposure beyond its site contribution. believe available connected energy is the constraint to AI compute growth and availability. The ability infrastructure monetization, we need sharper focus and a Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific EBITDA upon closing. Our intention is to develop incremental capacity at the site and build a higher- previously, with approximately $185 million of tack-on compared to $43.5 million in the prior year period. The into the same model. Our expectation is to sign one or more tenant leases by year-end, and we intend providing the operational basis for the broader platform. expansion progresses, we intend to allocate capacity looking statements contain these identifying words. Such forward-looking statements include, among other things, with immediate cash flow expected upon closing. because it excludes certain financial, capital structure and/or non-cash power consumption and utilization at certain third-party During the quarter, we sold approximately $1.5 billion of holdings were activated through our digital asset information in the future, Exaion is directly aligned with our broader vision. talent base aligned with where MARA is going. We are - Net loss was ($1.3 billion), or ($3.31) per diluted share, in Time) to source, control, and dynamically allocate connected power is a strategic advantage, and MARA is secured notes expected to be issued. increase was primarily driven by the expansion of our across workloads based on economics and demand to value digital infrastructure asset. The low-cost power plant is not the end product. It is the enabler items that we do not believe directly reflect our core operations or may statements relating to our strategic joint venture with Starwood, including the structure, timing and expected benefits of to disclose the number of megawatts under contract as the pipeline converts into signed hosted sites, partially offset by downtime due to winter bitcoin. These funds were used to repurchase, at a management strategy. Under our lending arrangements, •As projects become larger, MARA’s contribution value is fixed and therefore the capital Q1 2026 compared to net loss of ($533.4 million), or - Completed our acquisition of a majority interest in Exaion We recognize that MARA's evolution requires disciplined execution, thoughtful capital allocation, and grateful to the colleagues who helped build this not be indicative of our recurring operations. These items may vary owned mining sites and a 33% increase in our total optimize asset utilization. The Starwood joint venture and Exaion are different expressions of the same thesis. The JV pursues positioned to meet the demand. the partnership; plans to develop, finance and operate digital infrastructure projects; our ability to fund, scale and allocate ($1.55) per diluted share, in Q1 2025. Net loss during the and are actively advancing its integration to expand our Energized hashrate ("EH/s") increased 33%TO 72.2 EH/S IN Q1 2026from 54.3 EH/s in Q1 2025.Bitcoin holdings decreased 26%TO 35,303 BTC (C. $2.4B)Including 9,995 BTC loaned or pledged as collateral as of March 31, 2026. Registration link: LINK that makes the campus more reliable, more differentiated, and more valuable. This is the essence of storms at other third-party hosted sites during the discount, over $1 billion of the face value of our 2030 and commitments. a total of 5,742 bitcoin were loaned to counterparties, exposure for the growth is more proportional between each counterparty. This would reflect significantly over time and across companies within our industry company, and we believe these changes position us well continued investor engagement as the company moves beyond how the market has historically quarter includes $1.0 billion loss related to the fair value private cloud capabilities. hashrate to 72.2 EH/s. capital to joint venture projects; expected demand from enterprise, hyperscale and AI customers; expansion into artificial large-scale colocation and digital infrastructure for hyperscalers. Exaion pursues private cloud, quarter. 2031 notes, and reduce our line of credit by $200 million. generating approximately $6.4 million of interest income our vertical integration strategy: controlling low-cost power and infrastructure so we can compete independent of core operating performance. We believe that excluding of digital assets more traditional data center build capital requirements, which also utilize ~80% LTV Long Ridge: Building A Premier Data Center Campus for the next chapter. Following this restructuring, we The partnership is designed to unlock the value embedded in MARA's power and land portfolio while understood it. We also recognize that the market is increasingly focused on demonstrated progress in intelligence, inference and high-performance compute; anticipated benefits of our investment in Exaion; and potential - Progressed Starwood strategic partnership from these items allows for more meaningful period-over-period In addition, we refinanced $150 million of our line of during the year. Bitcoin is an important reserve asset. sovereign AI, and enterprise deployments in regulated markets. Both depend on MARA's core more effectively as cost per token becomes an increasingly important factor for AI workloads. COST PER PETAHASH expect our quarterly G&A run-rate, excluding stock- construction financing. - Adjusted EBITDA was ($1.0 billion) in Q1 2026, compared announcement to active development, with ~90% of comparisons and improved comparability relative to other companies. domestic and international expansion opportunities. Such forward-looking statements are based on management's If you have any difficulty connecting with the conference limiting the incremental capital required from our balance sheet. tenant leasing and contracted megawatts. We intend to communicate clearly as our pipeline credit at a 7% interest rate, versus 10.5% that we were We produced an average of 25.0 BTC each day during After quarter end, we announced a definitive agreement to acquire Long Ridge. We view Long Ridge capability: controlling and monetizing energy-backed infrastructure. Together, they expand our to ($483.6 billion) in Q1 2025, primarily due to a decrease non-hosted capacity under consideration for digital based compensation and acquisition and integration MARA's BTC HoldingsAs of March 31, 2026QuantityBitcoin, unrestricted25,308Bitcoin - ReceivableBitcoin - Loaned5,742Bitcoin - Pledged as Collateral4,2539,995Total35,303 current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause call, please contact MARA's investor relations team at Long Ridge brings together several sources of value: previously paying. Adjusted EBITDA is not a recognized financial measure under GAAP. in the fair value of our bitcoin holdings. infrastructure site conversion. the first quarter of 2026, compared to 25.4 BTC each day advances. Our cost per petahash per day improved 3% from $28.5 The chart below illustrates the relative value of powered site acquisitions on a $/gross kW basis, as a strategic extension of our existing Hannibal operations - adding land and power that provides all costs, to trend below the Q1 level as these savings are In contrast to a traditional lease, the JV structure gives MARA several built-in advantages: addressable opportunity across two large and growing segments of the AI infrastructure market. *Price of BTC as of last day of quarter our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent Investors should consider Adjusted EBITDA in addition to, but not as a ir@mara.com during the prior year period, which resulted in 39 less in the first quarter of 2025 to $27.6 per petahash per day - Combined unrestricted cash and cash equivalents and - Improved mining fleet efficiency through acquisition of For more information, visit www.mara.com, or follow us realized over time. the key ingredients for a premier data center campus - and not as a utility investment. Long Ridge MARA Chief Financial Officer substitute for, the most directly comparable financial results calculated •1,600 contiguous acres of powered land and premier AI campus potential: This MARA is redefining itself as a digital infrastructure company designed to control and monetize high- events and developments, including actual results or changes in our assumptions, may cause our views to change. We do BTC (including bitcoin loaned or pledged as collateral) of 2.4 EH of next-generation used ASIC miners at favorable BTC mined in the first quarter of 2026 compared to the 1.Starwood as a trusted counterparty: Starwood brings more than 30 years of global Exaion is part of our broader international strategy to position MARA as a power-advantaged digital in the first quarter of 2026. Over the past 11 quarters, our on: and presented in accordance with GAAP. Because our calculation of wraps around our existing operations and combines powered land, owned generation, NET LOSS $2.9 billion as of March 31, 2026. pricing. not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are vertically-integrated operational site combines owned generation, fuel integration, existing DEPRECIATION AND AMORTIZATION value energy assets across multiple compute markets. This transition is already underway and Q1 prior year period. In Q1 2026, we produced 2,247 BTC cost per petahash has improved by 42%. Adjusted EBITDA may differ from that of other companies, our investment expertise and a dedicated data center development platform, with experience infrastructure platform beyond the United States. Building on our proven success in the UAE, Finland cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included X@MARALinkedInMARAHoldingsFacebookMARAHoldingsInstagram@MARAHoldingsInc interconnection, and near-term cash flow in a way that can unlock meaningful AI and critical IT load presentation of Adjusted EBITDA may not be comparable to similarly PJM interconnection, and operates at less than $0.015/kWh all-in, a low-cost position that few Total blocks won decreased 2% to 653IN Q1 2026from 666 in Q1 2025.Purchased energy cost per BTC $40,047 IN Q1 2026for our owned sites. compared to 2,286 in Q1 2025. Furthermore, we saw a 2026 was an important step forward. The work ahead is to execute with discipline, convert strategy We reported net loss of ($1.3 billion), or ($3.31) per across more than 7 GW of data center capacity worldwide. and our recent launch in Oman, we are continuing discussions with international partners to develop Depreciation and amortization in the first quarter of 2026 First Quarter Production Highlights herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ titled measures of other companies. 2% decrease in the number of blocks won in the quarter capacity over time. As part of the transaction, we plan to retain Long Ridge's existing team, can match. These attributes are scarce and difficult to replicate. into signed contracts and contracted megawatts, and ultimately create measurable shareholder diluted share, in the first quarter of 2026, compared to was $191.6 million, a $33.7 million increase compared to data center campuses outside of the United States, including with major energy companies in France, Prior Quarter ComparisonMetricQ1 2026Q4 2025% ΔNumber of Blocks Won65359510%BTC Produced2,2472,01112%Average BTC Produced per Day25.021.914%Share of Available Miners Rewards (1)5.5%4.8%N/AEnergized Hashrate (EH/s) (2)72.266.49% materially from those included in these forward-looking statements as a result of various factors, including, but not limited compared to the first quarter of last year. 2.Captive EPC partner: Starwood leads design, development, construction, and facility supplementing our expertise and providing a scalable operating platform for future growth. net loss of ($533.4 million), or ($1.55) per diluted share, in value. the prior year period. The 21% increase was primarily to, the factors set forth under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other •Co-located Bitcoin mining: MARA's existing 200 MW Bitcoin mining operation sits on the Brazil, and Saudi Arabia, across energy-rich regions where access to reliable, scalable power supports operations, giving MARA a proven and experienced development partner without needing to the first quarter of 2025. driven by the $20.1 million of accelerated depreciation of periodic reports that we may file with the SEC. At the core of our strategy is a simple idea: power is the most important input, and we want to deploy same site, generates cash flow, and provides workload optionality as we develop the broader long-term infrastructure development. source or manage third-party contractors. certain mining rigs, as well as the deployment of The $729.0 million increase in net loss was primarily Sincerely, it across the highest-value applications. That includes AI and high-performance computing, critical IT campus. Historically, we held the bitcoin we produced as a long- MARA Company Contacts: additional mining rigs and expansion of our business. Bitcoin Mining: Core Business Update driven by a $520.4 million increase in operating loss, 3.Capital efficient for MARA: When MARA contributes a site to a joint venture, that infrastructure, and flexible compute, including Bitcoin mining. Power is at the core of that model - term investment and in 2025, we began selling bitcoin to largely due to unfavorable bitcoin mark-to-market •Power generation with existing cash flow: The combined-cycle gas turbine plant has a 505 ADJUSTED EBITDA contribution is valued using pre-agreed, site-specific economics tied to the site's power, land, fund operations. As 2026 progresses, we expect to Bitcoin mining is not a legacy business we are moving away from. It is the operational foundation on owned, operated, behind-the-meter and grid-connected - and our objective is to dynamically allocate Telephone: 1.800.804.1690 Our cost per kWh was $0.04 for our owned sites in Q1 adjustments of ($1.0 billion) and restructuring costs of MW nameplate capacity, with 485 MW currently authorized for sale and an expected increase Cost per kWh: $0.04FOR Q1 2026.Mined 2,247 BTCIN Q1 2026.No BTC was purchased in Q1 2026 continue to monetize bitcoin opportunistically to interconnection, and development attributes. That value gives MARA equity credit in the which we are building. Our strategy centers on co-locating new infrastructure with existing Bitcoin that power to maximize returns over time. 2026. Purchased energy cost per bitcoin for our owned Adjusted EBITDA in the first quarter of 2026 was ($1.0 Email: ir@mara.com $45.9 million during the quarter. to the full 505 MW in 2H 2026. The plant operates at a high-capacity factor, has produced enhance our financial flexibility, including to provide and operated sites was $40,047 in Q1 2026, compared to billion), compared to ($483.6 million) in the prior year 1.Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by project before new cash is required. mining operations, allowing us to monetize power assets immediately while leveraging the operational MARA Chairman & CEO the Bitcoin network during the period. *including BTC loaned, actively managed or pledged as collateral We believe Long Ridge will unlock what we have been building toward. Upon closing, it will establish The price of BTC declined 22% from December 31, 2025 liquidity or to fund capital projects and other initiatives MARA Media Contact: positive EBITDA and maintains contracted cash flow. This is the economic power of the strategic partnership. MARA can convert the embedded value of its $35,728 in Q1 2025. The increase was primarily due to period. While first quarter 2026 revenue declined discipline and infrastructure expertise that mining provides. This approach creates flexibility: we can 2.Defined as the amount of hashrate that could theoretically be generated if all miners that have been energized are currently in operation including miners that may be temporarily offline. to March 31, 2026, resulting in net loss being negatively In addition to capital, Starwood contributes its development capabilities, including hyperscaler leasing that we believe enhance long-term shareholder value, a leading AI data center campus in the PJM Interconnection, one of the most active data center and Cash and cash equivalents totaled $513.7 million as of higher global network difficulty, which outpaced our compared to the prior year period, the decrease in power portfolio into ownership in scaled AI infrastructure assets without bearing the full development Hashrates are estimates based on the manufacturers’ specifications. All figures are rounded. Email: mara-jf@joelefrank.com
- Scalable platform: The site gives us over 1 GW of total potential capacity and the ability to generate revenue today through Bitcoin mining while preserving the option to redirect power toward impacted by a change in fair value of digital assets subject to market conditions and our capital allocation experience, in-house EPC expertise, construction oversight, and institutional discipline around tenant March 31, 2026, down from $547.1 million as of hashrate growth and reduced bitcoin mined per unit of bitcoin price led to a significant negative mark-to-market power markets in North America, anchored by our existing footprint at Hannibal. And on top of that, cost, construction burden, or execution risk on its own. 3.Currently authorized to sell 485 MW; expected to increase to full 505 MW nameplate in 2H 2026. scale to 600 gross MW of AI and critical IT load over time, supported by a combination of grid (including digital assets - receivable, net) of ($1.0 billion) priorities. AI and critical IT loads as those opportunities mature on the same sites. December 31, 2025. Combined, our balance of cash and energy. The increase in power costs was largely driven change in the fair value of digital assets. and project risk. This structure allows MARA to retain meaningful ownership in large-scale AI we are acquiring a power plant. The 485 MW nameplate (expected to increase to 505 MW nameplate during the first quarter of 2026. expansions and on-site power generation. BTC (including bitcoin loaned or pledged as collateral) by adverse weather events. infrastructure projects while partnering with an experienced developer of complex real estate and capacity in H2 2026) combined-cycle gas turbine is one of the most efficient combined-cycle gas was approximately $2.9 billion at quarter end.
Open the filing on EDGARMARA Announces First Quarter 2026 Results
Miami, FL - May 11, 2026 - MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a leading digital infrastructure company, today announced its preliminary, unaudited first quarter 2026 financial results in a letter to shareholders.
Investors are invited to access the first quarter 2026 shareholder letter at MARA’s website at ir.mara.com. A copy of the letter will also be furnished to the Securities and Exchange Commission on a Form 8-K.
MARA will hold a webcast and conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss these financial results. To register to participate in the conference call, please use the link below.
Earnings Webcast and Conference Call Details
Date: Monday, May 11, 2026
Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time)
Registration link: LINK
The webcast will also be available for replay at MARA’s website at ir.mara.com. If you have any difficulty connecting to the conference call, please contact MARA’s investor relations team at ir@mara.com.
About MARA
MARA (NASDAQ: MARA) is an energy and digital infrastructure company that deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge.
For more information, visit www.mara.com, or follow us on:
X: @MARA
LinkedIn: www.linkedin.com/company/MARAHoldings
Facebook: www.facebook.com/MARAHoldings
Instagram: @MARAHoldingsInc
MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com
MARA Media Contact:
Email: mara-jf@joelefrank.com