MARA and CleanSpark Revenue Slumps Trigger $850M Combined Losses Amid AI Pivot

Woofun AI reports that MARA Holdings and CleanSpark have posted double-digit revenue drops, signaling a strategic shift toward high-performance computing as traditional Bitcoin mining margins face intense pressure.

The financial deterioration for MARA was stark during the second quarter of 2026, with revenues falling to $174.9 million from $238.5 million in the prior year. This decline was exacerbated by a $343 million fair-value loss on digital assets, resulting in a net loss of $611.3 million. This stands in sharp contrast to the previous year’s same quarter, when the company recorded a net income of $808.2 million.

CleanSpark experienced similar headwinds in its third fiscal quarter ending June 30, reporting revenues of $138.0 million compared to $198.6 million previously. A $116.3 million fair-value loss on its Bitcoin holdings contributed significantly to a total net loss of $239.8 million, highlighting the volatility inherent in holding large cryptocurrency reserves.

Operationally, MARA mined 2,422 BTC at an average price of $73,078 per unit, while its energized hash rate grew 22% year-over-year to 70.3 EH/s. Efficiency improved slightly, with operating costs per petahash per day dropping 4% to $27.7, yet these gains were insufficient to offset the broader financial losses.

MARA’s holdings fell 29% to 35,577 BTC, valued at approximately $2.1 billion, keeping it as the fourth-largest corporate holder. CleanSpark ranks eleventh globally with 13,924 BTC, illustrating how both firms are managing shrinking treasury values while attempting to diversify their asset bases.

Woofun AI data shows CleanSpark holds over 1.8 gigawatts of contracted power, with $202.6 million in cash and $2.7 billion in total assets. The company is monetizing grid assets through a $6.6 billion, 20-year lease in Sandersville.

Meanwhile, MARA is acquiring the Long Ridge complex and land in Matagorda County, Texas, adding 2 gigawatts to reach 4.8 gigawatts, and integrating Exaion technology to expand its high-performance computing footprint at the Hannibal campus.

Market reaction was negative, with MARA shares dropping over 5% to $10.67 and CleanSpark falling more than 6% to $12.69. The next critical juncture for MARA will be the Federal Energy Regulatory Commission (FERC) decision on the Long Ridge site acquisition, which could validate or hinder its infrastructure expansion strategy.