PANews reported on May 12th that, according to The Block, Bitcoin mining company MARA released its first-quarter financial report, showing a 18% year-over-year decrease in revenue to $174.6 million and a widening net loss to $1.3 billion, primarily due to unrealized losses on 38,689 bitcoins on its balance sheet. The company stated that Bitcoin mining remains its "operational foundation" and plans to co-locate new infrastructure with existing mining operations, retaining the option to shift electricity towards AI and high-performance computing while generating revenue from mining.

MARA stated that it does not plan to purchase ASIC mining machines on a large scale in the future, maintaining a selective and goal-oriented approach. The company mined 2,247 bitcoins in the first quarter, with its hashrate increasing by 33% year-over-year to 72.2 EH/s. Near the end of the quarter, the company sold approximately $1.1 billion worth of bitcoins to pay off debt and enhance financial flexibility , dropping it from the second-largest publicly traded Bitcoin treasury company to fourth place. Following the earnings release, MARA's stock price fell more than 5% in after-hours trading.