MARA Holdings, Inc. (NASDAQ: MARA) has reported first quarter 2025 earnings, saying $213.9 million in income—a 30% enhance from Q1 2024—as the corporate continues its transformation right into a digital vitality and infrastructure powerhouse.
“Revenues elevated 30% to $213.9 million in Q1 2025 from $165.2 million in Q1 2024,” the corporate shared in its shareholder letter. MARA’s bitcoin holdings surged by 174% year-over-year, rising from 17,320 BTC to 47,531 BTC, now valued round $3.9 billion as of March 31, 2025. 
Regardless of the income enhance, MARA posted a web lack of $533.4 million, primarily as a result of a $510.2 million loss within the truthful worth of bitcoin because it ended the quarter at $82,534. “Though we acknowledged a loss in Q1… the present bitcoin worth of roughly $100,000 would suggest a considerable truthful worth achieve,” the corporate famous.
MARA mined 2,286 BTC and bought 340 extra in Q1. Its energized hashrate almost doubled from 27.8 EH/s in Q1 2024 to 54.3 EH/s, whereas price per petahash per day improved 25% to $28.5.
The corporate is pushing ahead on its two strategic priorities: “(1) strategically rising by shifting our mannequin towards low-cost vitality with extra environment friendly capital deployment, and (2) bringing to market a full suite of options for knowledge facilities and edge inference—together with vitality administration, load balancing, and superior cooling.”
Highlights from the quarter embrace:
Acquisition of a 114 MW wind farm in Texas with low fastened vitality prices (~$10/MWh). Deployment of gas-to-power operations in North Dakota and Texas, lowering emissions by the equal of 14,200 gasoline-powered autos. Growth of its Ohio knowledge middle, including 50 MW and 12,000 new miners. Continued growth of proprietary immersion cooling methods (2PIC) and next-gen ASICs by its stake in chipmaker Auradine.
MARA will host a webcast and earnings name at 5:00 p.m. ET on Might 8, 2025. Shareholders can register by way of this hyperlink.
