MARA, CleanSpark Post Double-Digit Revenue Declines as AI Infrastructure Pivot Accelerates

MARA Holdings and CleanSpark both posted double-digit revenue declines, underscoring how worsening Bitcoin mining economics are pressuring results as the companies push into AI infrastructure.

Crypto news outlet The Block reported on August 6 that MARA posted revenue of $174.9 million for the second quarter of 2026, down 27% from $238.5 million a year earlier. CleanSpark reported fiscal third-quarter revenue of $138 million for the period ended June 30, down 30.5% from $198.6 million a year earlier.

MARA reported a net loss of $611.3 million, compared with net income of $80.82 million a year earlier. A $343 million fair-value loss on digital assets was the main reason. Adjusted EBITDA swung to a loss of $360.9 million from a profit of $1.2 billion a year earlier. The company mined 2,422 BTC during the quarter, bought BTC at an average price of $71,325, and sold 2,213 BTC at an average price of $73,078. Its energized hashrate rose 22% from a year earlier to 70.3 EH/s.

CleanSpark posted a net loss of $239.8 million, versus net income of $257.4 million a year earlier. Adjusted EBITDA turned to a loss of $113 million from a profit of $377.7 million a year earlier. As of June 30, it held $202.6 million in cash, $814.9 million in Bitcoin and total assets of $2.7 billion.

Both companies are seeking to diversify their revenue streams by expanding their AI infrastructure businesses. MARA Chairman and Chief Executive Officer Fred Thiel said Bitcoin mining laid the foundation, while value created by its digital infrastructure, Exaion and technology initiatives would build on that base. He added that the company is positioned to participate across the AI infrastructure value chain while maintaining discipline in capital allocation.

CleanSpark President Gary Vecchiarelli said the current Bitcoin mining environment remains challenging, but the company holds a portfolio of scarce grid-connected power assets and multiple commercialization paths. He added that CleanSpark is prepared to convert those infrastructure options into stable cash flow and long-term shareholder value.

MARA shares traded down more than 5% at $10.67 on the day, while CleanSpark shares fell more than 6% to $12.69.