TL;DR:
- MARA Holdings posted Q2 2026 revenue of $174.9 million, representing a 27% year-over-year decline.
- CleanSpark reported $138 million in revenue for its third fiscal quarter ended June 30, marking a 30.5% drop compared to the same period last year.
- Net losses reached $611.3 million for MARA and $239.8 million for CleanSpark, weighed down by fair-value losses on their digital assets.
Quarterly revenues fell by double digits for MARA Holdings and CleanSpark. This decrease occurs in a context marked by higher operational challenges in Bitcoin mining and an ongoing diversification process toward high-performance computing.
The slowdown in financial metrics reflects growing pressure on the operating margins of traditional mining companies. According to the reports filed by both companies, the decline in revenue coincided with significant downward accounting adjustments to the market value of the cryptocurrencies held on their balance sheets.
During the second quarter of 2026, MARA generated $174.9 million compared to $238.5 million the previous year. The company attributed much of this result to a $343 million fair-value loss on its digital assets, bringing the final net loss for the period to $611.3 million. In the same quarter of the previous year, the firm had posted a net income of $808.2 million.
For its part, CleanSpark reported revenues of $138.0 million at the close of its third fiscal quarter on June 30, down from $198.6 million in the prior comparable period. The financial statement reflected a fair-value loss on its bitcoin holdings of $116.3 million, contributing to a total net loss of $239.8 million.
Operationally, MARA mined 2,422 BTC during the quarter with an average selling price of $73,078 per unit. The firm’s energized hash rate rose 22% year-over-year to 70.3 EH/s, while its operating cost per petahash per day improved by 4% to $27.7.
According to updated data from Bitcoin Treasuries, MARA’s treasury dropped 29% to 35,577 BTC, valued at approximately $2.1 billion, maintaining its position as the fourth-largest corporate holder. CleanSpark holds the eleventh position globally with a reserve of 13,924 BTC.
Energy expansion and infrastructure contracts for artificial intelligence
Both firms are making progress in deploying physical infrastructure to support workloads related to artificial intelligence. The strategy aims to convert contracted energy capacity into recurring cash flows through long-term commercial agreements.
CleanSpark holds an asset portfolio exceeding 1.8 gigawatts of contracted power, land, and data center capacity. Data from its consolidated balance sheet as of June 30 shows cash reserves of $202.6 million, total assets of $2.7 billion, and working capital of $761 million.
Executives from CleanSpark’s leadership team note that the company seeks to monetize its grid assets through structures such as the 20-year lease agreement in Sandersville, valued at $6.6 billion with an investment-grade tenant. Corporate projections suggest these deals could mitigate the volatility inherent to the digital asset market.
On the other hand, MARA is working to finalize the acquisition of the Long Ridge complex, an operation aimed at expanding high-performance computing capacity at its Hannibal campus. Added to this transaction is the acquisition of land in Matagorda County, Texas, which adds 2 gigawatts to its portfolio and projects its total capacity toward 4.8 gigawatts.
MARA’s management indicated in its report that integrating technology initiatives like Exaion will allow participation across multiple levels of the digital infrastructure value chain. Market data reflects that following the release of the results, MARA shares traded down over 5% at $10.67, while CleanSpark shares dropped more than 6% to $12.69.
The next regulatory milestone for MARA will be the Federal Energy Regulatory Commission (FERC) decision regarding final approval of the Long Ridge site acquisition.
