Bitcoin miners MARA and CleanSpark post double-digital revenue drops as AI infrastructure pivot continues

Quick Take

• • MARA Holdings saw second-quarter 2026 revenue drop 27% to $174.9 million from the year before, while CleanSpark, reporting its third fiscal quarter, saw $138.0 million in revenue, a 30.5% decline.

Despite the weaker results, both companies continued expanding high-performance computing and AI infrastructure capacity.

Bitcoin miners turned AI infrastructure providers reported softer quarterly results Thursday, with MARA Holdings posting second-quarter 2026 revenue of $174.9 million, down 27% from $238.5 million a year earlier, and CleanSpark, reporting its third fiscal quarter ended June 30, claiming $138.0 million in revenue, a 30.5% decline from $198.6 million a year prior.

Both firms have been investing in expanding their high-performance computing business lines amid growth in the AI sector and the rising difficulties of mining bitcoins.

MARA's net loss widened to $611.3 million, or $1.60 per diluted share, versus net income of $808.2 million in the year-ago period, driven in part by a $343 million fair-value loss on digital assets. Adjusted EBITDA swung to a $360.9 million loss from a $1.2 billion profit.

MARA mined 2,422 BTC during the period at an average price of about $71,325 and sold 2,213 BTC at an average of $73,078. Energized hashrate rose 22% year-over-year to 70.3 EH/s, while cost per petahash per day improved 4% to $27.7.

MARA remains the fourth-largest bitcoin holder by public companies, despite its treasury dropping 29% to 35,577 BTC, worth about $2.1 billion, according to Bitcoin Treasuries. CleanSpark, with 13,924 BTC, is ranked eleventh.

CleanSpark's net loss came in at $239.8 million, or $0.89 per basic share, compared with net income of $257.4 million, or $0.90 per share, in the prior-year period. Adjusted EBITDA turned to a $113.0 million loss from $377.7 million a year earlier, while reporting a fair value loss on its bitcoin of $116.3 million in the quarter.

As of June 30, Cleanspark held $202.6 million in cash and bitcoin valued at $814.9 million, with total assets of $2.7 billion, long-term debt of $1.8 billion, and working capital of $761 million. The company also controls more than 1.8 GW of power, land, and data-center capacity, according to its statement.

"Despite currently challenging bitcoin mining economics, we have a portfolio of scarce, grid-connected power assets and multiple pathways to commercialization. We are positioned to convert infrastructure optionality into durable cash flows and long-term shareholder value," Cleanspark President Gary Vecchiarelli said, highlighting the firm's 20-year $6.6 billion triple-net lease at Sandersville with a "high investment-grade" tenant.

MARA said it is working to complete its Long Ridge acquisition, expected to deliver immediate positive EBITDA and expand AI capacity at its Hannibal campus once Federal Energy Regulatory Commission approval. It also added 2 GW through an acquired site in Matagorda County, Texas, that could push its power portfolio toward 4.8 GW.

"Bitcoin mining provided the foundation. We believe digital Infrastructure, along with our Exaion and technology initiatives, will expand the value we create from that foundation. Together, they position MARA to participate across multiple layers of the AI infrastructure value chain while remaining disciplined in how we allocate capital," MARA Chairman and CEO Fred Thiel said.

MARA is down over 5% to $10.67, according to The Block's stock data, while Cleanspark trades down over 6% at $12.69.

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