Bitcoin (CRYPTO:BTC) mining company MARA Holdings (NASDAQ:MARA) reported second-quarter financial results Thursday after market close.
• MARA Holdings stock is showing downward pressure. What’s ahead for MARA stock?
Here are the key highlights.
MARA Holdings Q2 Earnings
MARA Holdings reported second-quarter revenue of $174.88 million, down 27% year-over-year. The revenue total missed a Street estimate of $203.67 million, according to data from Benzinga Pro.
The company reported an adjusted loss of $1.60 per share, missing a Street consensus estimate of a profit of 26 cents per share.
MARA Holdings mined 2,422 Bitcoin in the quarter with no additional Bitcoin purchased.
The company ended the quarter with 35,577 Bitcoin, down 29% year-over-year.
What’s Next for MARA Holdings
The company’s shareholder letter focused heavily on a transitioned focus on artificial intelligence, with power-ready sites being scarce and the company having infrastructure in place to help power the “next generation of compute.”
“This is the business MARA is building,” the company said.
MARA Holdings has 19 data centers across four continents.
The company’s portfolio is growing with the recently acquired rights to a 2 GW powered land site in Texas.
“Ultimately, we do not view Bitcoin mining and AI infrastructure as competing businesses. They are complementary applications of the same underlying asset: power.”
MARA Holdings said it believes the companies that control power will define the next generation of AI infrastructure.
MARA Stock Price Action
MARA Holdings stock is up 0.4% to $10.70 in after-hours trading Thursday versus a 52-week trading range of $6.66 to $23.45.
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