Shares of MARA Holdings (MARA) and CleanSpark, Inc. (CLSK) fell sharply in after-hours trading following the release of their latest quarterly financial reports by the two Bitcoin (BTC) mining companies.
Both companies recorded declining revenue and increasing net losses during this period, primarily related to their Bitcoin holdings.
The drop in Bitcoin price has caused Miners ' assets to plummet.
According to data from Google Finance, MARA closed on May 11th at $13.39, up 3.48% for the day, before falling further by 3.44% in after-hours trading. Meanwhile, CLSK continued its sharp decline of 9.09% in after-hours trading, after closing the regular trading session at $14.3, up slightly by 0.7%.
Follow us on X for the latest news updates.
Stock performance of MARA and CLSK. Source: Google FinanceMARA reported a net loss of $1.3 billion, equivalent to $3.31 per diluted share, compared to a loss of $533.4 million in the same period last year. This quarter's results were significantly impacted by a $1 billion loss stemming from the revaluation of the digital assets the company holds.
Additionally, MARA reported an 18% year-on-year decrease in revenue to $174.6 million. During the quarter, the company mined 2,247 Bitcoin at an Medium cost of $76,288 per coin and sold 20,880 BTC at an Medium price of $70,137. At the end of the quarter, MARA still held 35,303 BTC, with a total value of approximately $2.4 billion.
“We have advanced our strategic partnership with Starwood from announcement to execution, completing the acquisition of a majority stake in Exaion, eliminating approximately 30% of outstanding convertible debt, restructuring the organization, and immediately following the last quarter, signed an agreement to acquire Longing Ridge Energy & Power (“Longing Ridge”) from FTAI Infrastructure Inc,” according to the shareholder announcement.
Meanwhile, CleanSpark reported a net loss of $378.3 million in the second fiscal quarter ending March 31, 2026. This loss represents a 173% increase from the $138.8 million loss in the same period of the previous year.
The company said that $224.1 million of this quarter's loss came from the devaluation of its Bitcoin holdings, which were valued at $925.2 million at the end of the quarter.
CleanSpark's revenue also declined by 24.9% year-on-year, to $136.4 million, lower than the $181.7 million recorded in the same quarter of the previous year.
Despite unfavorable financial results, CleanSpark increased its Bitcoin holdings by 14% and boosted its average monthly hashrate performance by 18% year-on-year.
This result extends a trend of industry-wide difficulties. Companies such as Hut 8 (HUT), Core Scientific (CORZ), American Bitcoin (ABTC), Cipher Digital (CIFR), and Riot Platforms (RIOT) all reported losses this quarter when they released their results earlier this month.
Subscribe to our YouTube channel to follow expert analysis and commentary from journalists.
