MARA Holdings (MARA) used its second-quarter report to make the case that its future lies in AI infrastructure even as it results showed the company's present is still very firmly tied to the unprofitable business of mining Bitcoin.
The company reported revenue of $174.9mn, down 27% from $238.5mn a year earlier and below Wall Street estimates of about $209.5mn. It posted a net loss of $611.3mn, compared with net income of $808.2mn a year earlier, while diluted loss per share was $1.60 compared with earnings of $1.84 a year earlier.
Losses related to changes in the fair value of digital assets reached $343mn, compared with a $1.2bn gain a year earlier.
With mining revenue under pressure, MARA executives highlighted AI infrastructure as the company's next growth engine. They said demand for AI data centres is growing quickly and argued that MARA's power sites could help it attract customers as technology companies expand computing capacity.
However, the company did not separately disclose AI-related revenue or identify any signed AI leases for the quarter, with projects such as its proposed Matagorda campus and Long Ridge expansion still focused on securing approvals, developing capacity and attracting tenants.
"Artificial intelligence is no longer constrained by capital alone. It is constrained by power," MARA wrote in its shareholder letter. "This is the business MARA is building."
The company said additional power capacity would help support future AI data centre projects – making it one of the largest in the industry. It also said lease discussions are progressing across multiple sites and that it expects to sign at least one lease before the end of the year.
A similar scenario
Bitcoin miners have increasingly turned to AI since the 2024 halving cut block rewards in half, making it harder to grow revenue from mining alone. Bitcoin's decline in recent months has added further pressure to an already challenging business. The cryptocurrency was down nearly 27% in 2026, trading at about $64,300 at 22:36UTC.
Some miners are augmenting their Bitcoin mining operations to help AI companies' growing demand for power and data centre capacity while others are leaving mining behind altogether. This week alone, Bitdeer said its future growth would come from AI infrastructure after signing a $4.7bn data-centre agreement, while Cipher Digital also emphasized its expansion into AI.
Investors are increasingly looking to distinguish between miners already generating AI-related revenue and those still outlining long-term plans.
Revenue declines
MARA said it mined 2,422 Bitcoin during the quarter and won 700 blocks, up from 694 a year earlier. The company ended the quarter holding 35,577 Bitcoin, down 29% from a year earlier.
While it makes the transition to AI, MARA said it may keep selling Bitcoin to fund operations and capital projects. "As 2026 progresses, we expect to continue to monetize bitcoin opportunistically to enhance our financial flexibility, including to provide liquidity or to fund capital projects," it said.
Shares of MARA closed 5.3% lower at $10.65 before the earnings release.
