MARA Holdings and CleanSpark Report Revenue Declines as Bitcoin Mining Profits Fall

TLDR

• MARA Holdings Q2 2026 revenue fell 27% to $174.9 million year-over-year
• CleanSpark revenue dropped 30.5% to $138 million in its third fiscal quarter
• Both companies are expanding into AI and high-performance computing infrastructure
• Investor enthusiasm for AI deal announcements has cooled, with average stock pops dropping from 24% to around 10%
• The TEM AI Infrastructure Growth Index is down roughly 28.5% from its June peak

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Bitcoin miners MARA Holdings and CleanSpark both reported weaker quarterly results as the industry continues shifting toward artificial intelligence and high-performance computing infrastructure.

MARA posted second-quarter 2026 revenue of $174.9 million, down 27% from $238.5 million in the same period last year. CleanSpark reported third fiscal quarter revenue of $138 million, a 30.5% decline from $198.6 million a year prior.

MARA, the Largest Publicly Traded Bitcoin Miner, Reports 29% YoY Decline in Bitcoin Holdings to 35,577 BTC in Q2

MARA, the largest publicly traded Bitcoin miner, reported a 29% year-over-year decline in its Bitcoin holdings to 35,577 BTC in Q2 2026. Revenue fell 27% to $175… pic.twitter.com/NTzZcFdDZS

— Wu Blockchain (@WuBlockchain) August 7, 2026

Losses Widen for Both Companies

MARA’s net loss widened to $611.3 million, compared to net income of $808.2 million in the year-ago period. A $343 million fair-value loss on digital assets was a key driver. Adjusted EBITDA swung to a $360.9 million loss from a $1.2 billion profit.

CleanSpark posted a net loss of $239.8 million versus net income of $257.4 million in the prior year. Its adjusted EBITDA turned to a $113 million loss from $377.7 million.

MARA mined 2,422 Bitcoin during the quarter at an average price of around $71,325. Energized hashrate rose 22% year-over-year to 70.3 EH/s. The company holds 35,577 Bitcoin worth about $2.1 billion, making it the fourth-largest Bitcoin holder among public companies.

CleanSpark held 13,924 Bitcoin as of June 30, ranked eleventh among public companies. It also reported $202.6 million in cash and total assets of $2.7 billion.

Investor Enthusiasm for AI Deals Has Cooled

Despite the losses, both companies are pressing ahead with AI infrastructure expansion. MARA is working to complete its Long Ridge acquisition, which it expects will add immediate positive EBITDA and expand capacity at its Hannibal campus. It also added 2 GW through a site in Matagorda County, Texas.

CleanSpark highlighted a 20-year, $6.6 billion lease at Sandersville with what it described as a high investment-grade tenant.

However, investor reactions to AI announcements have softened. Analysis from Blocksbridge Consulting reviewed 25 AI and HPC deals announced between June 2024 and August 2026. Average announcement-day stock gains fell from around 24% for early deals to about 10% for more recent ones.

Earlier deals saw outsized reactions. Core Scientific’s first CoreWeave hosting deal lifted its stock more than 40%. TeraWulf’s first Fluidstack agreement surged nearly 60%.

More recent deals drew smaller moves. TeraWulf’s 401-megawatt lease with Anthropic lifted shares about 5%. CleanSpark’s $6.6 billion AI hosting deal gained roughly 9%.

The TEM AI Infrastructure Growth Index, which tracks companies building AI data center businesses, is down about 28.5% from its June peak. The Philadelphia Semiconductor Index has also fallen nearly 17% from its July peak.

MARA CEO Fred Thiel said the company aims to participate across multiple layers of the AI infrastructure value chain while staying disciplined on capital allocation.