Mara Holdings

Marathon helps create new digital currency by running powerful computers that process Bitcoin transactions. It also builds the digital foundations needed for artificial intelligence and other heavy computing tasks. These services help secure the global network that manages digital assets.

The Business of Mining and Compute

• Bitcoin Mining: Processes transactions on the decentralized ledger to earn digital rewards; generated roughly 90% of revenue in Q1 2026.
• Mining Participation: Provides computing power to larger groups of miners called pools to share in rewards and transaction fees.
• Infrastructure Services: Offers data center space and power for tasks like artificial intelligence and high-performance computing.
• Hosting Services: Rents out facility space and electricity to other professional mining companies.

New Directions for Digital Power

• Purchased an operational data center in Nebraska from Mining of the West, LLC in January 2026 to lower costs.
• Bought a majority stake in Exaion SaS in February 2026 to expand into French cloud and artificial intelligence markets.
• Partnered with Starwood Digital Ventures LLC in February 2026 to develop new digital infrastructure at existing sites.
• Launched a restructuring plan in early 2026 to shift resources toward artificial intelligence and high-performance computing.

Global Scale and Energy Control

Marathon operates a global network of 19 data centers across four continents with 1.9 gigawatts of power capacity. The company uses specialized software to manage these large-scale computing workloads efficiently across its energy portfolio.

The Latest Financial Scorecard

• Revenue reached $174.6 million in Q1 2026, down 18.4% from $213.9 million in Q1 2025.
• Net loss worsened to $1.3 billion in Q1 2026, compared to a $533.2 million loss a year earlier.
• Free cash flow fell to negative $327 million in Q1 2026, a 28.6% drop from negative $254.3 million.
• Total bitcoin holdings reached 35,303 units as of March 31, 2026, valued at $2.4 billion.
• Operating cash flow was negative $247.5 million in Q1 2026, worsening 14.9% from $215.5 million negative.

Final Take

Marathon has transitioned from a dedicated Bitcoin miner into a broader digital infrastructure company. Its expansion into artificial intelligence and global data centers marks a shift toward more diverse computing services.