PANews reported on May 12 that bitcoin mining company MARA released its first-quarter financial report, showing that revenue fell 18% year-on-year to $174.6 million, and net loss widened to $1.3 billion, mainly due to unrealized losses from its 38,689 bitcoin on the balance sheet.

Bitcoin mining remains the company’s “operational foundation,” and it plans to colocate new infrastructure with its existing mining business, maintaining the option to redirect power toward AI and high-performance computing while generating mining income. MARA stated it does not intend to make large-scale purchases of ASIC miners in the future and will remain selective and targeted. In Q1, the company mined 2,247 Bitcoins, and its hash rate grew by 33% year-on-year to 72.2 EH/s. Near the end of the quarter, the company sold about $1.1 billion worth of Bitcoin to repay debt and increase financial flexibility, dropping its exchange ranking to fourth place. After the financial report was released, MARA’s stock price fell by more than 5% in after-hours trading.