MARA, CleanSpark Post Double-Digit Revenue Drops as Losses Widen
MARA sits 61% above its 52-week low of $6.66.
Summary
MARA Holdings reported Q2 revenue of $174.9M, down 27% year-over-year, while CleanSpark's fiscal Q3 revenue fell 30.5% to $138.0M. Both companies swung to substantial net losses—MARA's loss widened to $611.3M ($1.60/share) and CleanSpark's to $239.8M ($0.89/share)—driven by fair-value losses on bitcoin holdings and challenging mining economics. MARA mined 2,422 BTC at an average cost of $71,325 and sold 2,213 BTC at $73,078, with energized hashrate up 22% to 70.3 EH/s. CleanSpark holds $202.6M in cash and $814.9M in bitcoin, with $1.8B in long-term debt. Both firms continue pivoting to AI infrastructure: MARA is advancing its Long Ridge acquisition and added 2 GW in Texas, pushing its power portfolio toward 4.8 GW, while CleanSpark highlighted a 20-year $6.6B lease at Sandersville. Shares of MARA fell over 5% to $10.67 and CleanSpark over 6% to $12.69 in after-hours trading. This follows MARA's Q1 net loss of $1.26B and recent Texas land acquisition, underscoring the ongoing transition from pure-play mining to diversified digital infrastructure.
At the time of this announcement, MARA was trading at $10.75 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $6.66 to $23.45. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: The Block.