The net loss of the mining company MARA in the first quarter reached $1.3 billion. By comparison, it stood at 533 million during the same period last year. Revenue fell by 18% to $174.6 million, after falling short of the Wall Street forecast of $192.7 million.

The main reason for the negative trend is the collapse of Bitcoin by more than 20% during the quarter, which has hit treasury reserves. At the same time, the company’s hash rate soared by 33%, reaching 72.2 EH/s. During the reporting period, MARA produced 2,247 Bitcoin without buying a single coin. As a result, the firm’s bitcoin reserves fell by 26% - to 35,303 BTC.

The company confirmed that mining remains their core business, despite the parallel development of AI. No plans to purchase new equipment anytime soon. After the release of the report, MARA shares on the pre-market lost 4%.