MARA likely to post a Q1 loss, with attention turning to its AI expansion plans.

MARA Holdings is set to announce its first-quarter results after markets close on May 11, with expectations tilted toward a weak print as bitcoin’s decline weighs on performance. Analysts are projecting revenue of roughly $184.21 million and a loss per share of $2.34.

The anticipated softness comes after bitcoin fell करीब 25% خلال the quarter, dropping from around $87,000 to $67,000. That move likely resulted in sizable mark-to-market losses on MARA’s crypto holdings, pressuring both earnings and balance sheet metrics.

Still, the market narrative around MARA is increasingly shifting away from short-term bitcoin price action and toward its longer-term pivot into artificial intelligence and high-performance computing. Like several peers, the company is working to repurpose its energy infrastructure and data center footprint to tap into more stable, recurring revenue streams tied to AI workloads.

A key development in this transition is MARA’s planned $1.5 billion acquisition of Long Ridge Energy from FTAI Infrastructure. The deal is expected to secure consistent power capacity and open the door to AI-focused data center operations, helping reduce reliance on the inherently volatile bitcoin mining business.

In the fourth quarter, MARA reported a 6% year-over-year drop in revenue, declining from $214 million to $206 million. At the same time, it unveiled a partnership with Starwood aimed at building AI data centers with close to one gigawatt of computing capacity in the near term.

During Q1, the company sold 15,133 BTC—worth about $1.1 billion—and used the proceeds to repurchase $1.0 billion in convertible notes, bolster liquidity, and continue funding its expansion into AI infrastructure.

The broader mining sector is following a similar trajectory. IREN recently deepened its AI push through a $3.4 billion cloud agreement with NVIDIA, while also taking a $140.4 million non-cash impairment tied to the sale of ASIC mining equipment as it reallocates toward AI services.

Meanwhile, HIVE Digital Technologies has also stepped up its AI investments, including a $3.1 million commitment to high-speed fiber infrastructure supporting a planned 50MW AI facility.

Shares of MARA edged higher in pre-market trading, rising about 1% to $13, as investors increasingly focus on the company’s evolution beyond bitcoin mining.