Mara reports $214 million in first quarter revenues, increasing Bitcoin Holding to 47,531 BTC

Mara Holdings, Inc. (NASDAQ: MARA) reported revenue for the first quarter of 2025 and announced revenue of $213.9 million (an increase of 30% from the first quarter of 2024).

“Revenue for the first quarter of 2025 increased 30% to $213.9 million from $165.2 million in the first quarter of 2025,” the company shared in a letter from its shareholders. Mara’s Bitcoin Holdings increased 174% year-on-year to 47,531 BTC from 17,320 BTC, representing approximately $3.9 billion as of March 31, 2025.

Despite the increase in revenue, Mara posted a net loss of $533.4 million. This is mainly due to the fair value of Bitcoin ending at $82,534, resulting in a loss of $510 million in fair value of Bitcoin. “We were aware of our first quarter losses, but this means that our current Bitcoin price is around $100,000.

Mara mined 2,286 BTC and bought another 340 in the first quarter. Its energyized hash rate almost doubled to 54.3 EH/s from 27.8 EH/s in the first quarter of 2024, but the cost per petahash per day has improved to 25% to $28.5.

The company is driving two strategic priorities. “(1) to grow strategically by shifting models towards lower cost energy with more efficient capital deployments, and (2) to market a complete solution for data centers and edge inference, including energy management, load balancing and advanced cooling.”

Here are the highlights of the quarter:

• The acquisition of a 114 MW wind farm in Texas has a low fixed energy cost (~$10/mwh).
• The deployment of gas-to-gas operations in North Dakota and Texas reduces emissions equivalent to 14,200 gas-powered vehicles.
• The Ohio Data Center will be expanded to include 50 MW and 12,000 new miners.
• Continuing development of our own immersion cooling system (2 picks) and next-generation ASICs through investment from Chipmaker Auradine.

Mara will hold a webcast and revenue call on May 8, 2025 at 5pm. Shareholders can register via this link.