Bitcoin miners MARA Holdings and CleanSpark reported sharp quarterly revenue declines exceeding 27% year-over-year, posting net losses of $611.3 million and $239.8 million respectively. To counter tough mining economics, both firms are pivoting to AI infrastructure. Bernstein analysts favored CleanSpark, maintaining an Outperform rating due to its signed $6.6 billion Georgia AI tenant lease, while keeping MARA at Market-Perform as it awaits its first commercial AI contract.
Bitcoin miner quarterly revenue decline
- ▪CleanSpark reported a 30.5% year-over-year revenue decline to $138.0 million for its third fiscal quarter ended June 30, 2026, down from $198.6 million in the prior-year period
- ▪MARA Holdings reported a 27% year-over-year revenue decline to $174.9 million for the second quarter of 2026, down from $238.5 million in the prior-year period
Challenging bitcoin mining economics
- ▪CleanSpark posted a net loss of $239.8 million for its third fiscal quarter ended June 30, 2026, which included a $116.3 million fair-value loss on its bitcoin holdings
- ▪MARA Holdings posted a net loss of $611.3 million for the second quarter of 2026, driven in part by a $343 million fair-value loss on digital assets
AI infrastructure pivot strategy
- ▪MARA Holdings is working to complete its pending 1 GW Long Ridge acquisition in Ohio, which awaits Federal Energy Regulatory Commission approval
- ▪MARA Holdings and CleanSpark are expanding high-performance computing and AI infrastructure capacity to counter challenging bitcoin mining economics
CleanSpark AI tenant execution
- ▪CleanSpark is seeking secured project financing at a 90% loan-to-cost ratio for its Sandersville project, which has an estimated project-level capex of $1.9 billion
- ▪CleanSpark secured a 20-year, $6.6 billion triple-net lease covering 175 IT MW at its Sandersville, Georgia site with a high-investment-grade global technology company
MARA AI contract pipeline
- ▪MARA Holdings is waiting for its first commercial AI contract, though management reiterated confidence in signing at least two AI leases by the end of 2026
- ▪MARA Holdings acquired a 2 GW site in Matagorda County, Texas for $600 million, with the purchase price tied to development milestones
Analyst stock ratings
- ▪Bernstein analysts favor CleanSpark over MARA Holdings due to CleanSpark's signed anchor tenant, whereas MARA is still awaiting its first commercial AI contract
- ▪Bernstein analysts kept CleanSpark at an Outperform rating with a $24 price target and MARA Holdings at Market-Perform with a $17 price target
Story comments
Loading comments…