MARA Holdings is due to report its first-quarter earnings after the May 11 close, with expectations pointing to a challenging quarter as falling bitcoin prices weigh on results. Analysts forecast revenue of about $184.21 million and a loss per share of $2.34.

The projected weakness follows a roughly 25% decline in bitcoin خلال the quarter, with prices dropping from around $87,000 to $67,000. This move is likely to have driven significant mark-to-market losses on MARA’s digital asset holdings, pressuring overall financial performance.

Even so, investors are increasingly looking past short-term crypto volatility and focusing on MARA’s longer-term pivot toward artificial intelligence and high-performance computing. The company is aligning with a broader industry trend, where bitcoin miners are leveraging their existing infrastructure to build more predictable, AI-driven revenue streams.

Central to this strategy is MARA’s planned $1.5 billion acquisition of Long Ridge Energy from FTAI Infrastructure. The deal is expected to provide stable power capacity and support the buildout of AI-focused data center operations, helping diversify revenue away from the cyclical nature of bitcoin mining.

In the prior quarter, MARA reported a 6% year-over-year decline in revenue, slipping from $214 million to $206 million. Alongside that, the company announced a partnership with Starwood to develop AI data centers with an estimated one gigawatt of computing capacity in the near term.

During Q1, MARA sold 15,133 BTC—valued at approximately $1.1 billion—and used the proceeds to repurchase $1.0 billion in convertible notes, strengthen its balance sheet, and continue investing in its AI expansion plans.

The pivot toward AI is becoming increasingly common across the mining sector. IREN recently expanded its strategy through a $3.4 billion AI cloud agreement with NVIDIA, while also recording a $140.4 million non-cash impairment tied to the sale of ASIC mining hardware as it reallocates resources.

Meanwhile, HIVE Digital Technologies has also increased its focus on AI and digital infrastructure, including a $3.1 million investment in high-speed fiber to support a planned 50MW AI facility.

MARA shares were slightly higher in pre-market trading, rising around 1% to $13, as investors position around the company’s longer-term shift beyond bitcoin mining.