Mara

Q2 FY2026 EarningsQ2 FY26 missed consensus estimates across both top and bottom lines: revenue of $174.9M fell short of the $209.6M expected, while EPS GAAP of -$1.60 significantly missed the $0.25 mean estimate. The variance was primarily driven by a 28% YoY decline in the average price of Bitcoin mined and a $343M combined fair value loss on digital assets. Despite missing earnings, the company secured $600M in incremental Bitcoin-backed financing and is pivoting toward AI/HPC infrastructure through the $1.5B Long Ridge acquisition, signaling a major strategic shift beyond pure-play mining.