TL;DR
- MARA and CleanSpark boosted revenues in Q1 2025, reaching $214M and $182M respectively, but both ended the quarter with net losses.
- The first one posted a $533M loss and the second one lost $139M, despite Bitcoin rising above $100,000 and their solid revenue growth.
- MARA plans to sell up to $2 billion in stock to expand its Bitcoin reserves, while CleanSpark remains fully focused on mining operations.
Bitcoin mining companies MARA and CleanSpark reported significant revenue growth during the first quarter of 2025, but despite those gains, both recorded net losses.
According to the financial results released by both firms, MARA posted $214 million in revenue, a 30% increase compared to the same period last year. CleanSpark, for its part, reached $182 million, marking a 63% increase over Q1 2024.
However, the financial results weren’t entirely positive. Despite the revenue growth, both companies posted substantial losses. MARA, the largest publicly traded Bitcoin mining company, reported a net loss of $533 million, while CleanSpark ended the quarter $139 million in the red. This performance contrasts sharply with Q1 2024, when MARA also posted a loss ($337 million), but CleanSpark reported a $127 million profit in the same period.
MARA Will Focus on Expansion and Operational Profitability
Despite these losses, MARA stated it will remain disciplined in how it scales operations, aiming to maximize profitability and capitalize on opportunities emerging from the energy sector, which is increasingly recognizing the benefits of Bitcoin mining as a flexible load. The company also revealed plans to sell up to $2 billion in stock to keep expanding its Bitcoin holdings.
Meanwhile, CleanSpark reaffirmed its strategy to stay the only publicly traded pure-play Bitcoin miner, as other competitors shift business models or slow down growth.
With Bitcoin’s price recently breaking past $100,000, shares of both companies have surged, potentially improving their financial position in the short term.
