MARA, CleanSpark Report 30% 58.1% Revenue Growth, Losses

MARA Holdings and CleanSpark reported significant revenue growth in the first quarter of 2025, despite substantial net losses. MARA's revenue increased by 30% year-over-year, reaching $213.9 million, driven by a 77% increase in the average Bitcoin price. However, the company's Bitcoin production decreased by 21.8 million due to the halving event. MARA's Bitcoin holdings expanded dramatically to 47,531, marking a 174% increase from the previous year. The holdings were valued at approximately $3.9 billion. The company's net loss was $533.4 million, primarily attributed to a decline in Bitcoin prices at the quarter’s end. MARA is focusing on transforming itself into a vertically integrated digital energy and infrastructure company, prioritizing strategic growth with low-cost energy solutions and efficient capital deployment, including investments in renewable energy sources like a 114 MW wind farm in Texas.

CleanSpark's revenue performance was also strong, increasing year over year from $111.8 million to $181.7 million. Bitcoin production grew to 1,957 coins, generating an average revenue per coin of $92,811. However, the company reported a net loss of $138.8 million, a stark contrast to the $126.7 million income in Q1 2024. Adjusted EBITDA dropped from $181.8 million in Q1 2024 to a loss of $57.8 million. CleanSpark's total assets amounted to $2.7 billion, with $97.0 million in cash and $979.6 million in Bitcoin. The company’s total current assets were valued at $947.5 million, with working capital at $838.2 million. CleanSpark is focused on being the only remaining pure-play, public bitcoin miner, aiming to reach its 50 EH/s target during June while growing its bitcoin treasury and strengthening its balance sheet.

In contrast, Hut 8's revenue declined by 58.1% in Q1 2025, with a reported revenue of $21.8 million, down from $51.7 million in the same period last year. The company recorded a net loss of $134.3 million, compared to a net income of $250.7 million in Q1 2024. Adjusted EBITDA declined sharply from a profit of $297.0 million last year to a loss of $117.7 million this year. Hut 8's strategic Bitcoin reserve grew to 10,264 BTC, with a market value of $847.2 million as of quarter end. The total energy capacity under management reached 1,020 megawatts, and the company upgraded its ASIC fleet, resulting in a 79% increase in hashrate and a 37% improvement in fleet efficiency. Hut 8 launched American Bitcoin, a subsidiary focused on industrial-scale Bitcoin mining and accumulation. The company believes that the returns on its investments will become increasingly visible in the quarters ahead.

The financial outcomes for Q1 2025 illustrate the dual challenges and opportunities within the Bitcoin mining sector. While MARA and CleanSpark demonstrated strong revenue growth, they also faced significant net losses. Hut 8, on the other hand, experienced a decline in revenue and net income, highlighting the volatile nature of the industry. The companies' strategies to invest in renewable energy and efficient capital deployment reflect their efforts to navigate the challenges and capitalize on the opportunities in the Bitcoin mining sector.