MARA Holdings (MARA) just posted its Q1 2026 numbers, with revenue at US$174.6 million and a basic EPS loss of US$3.31, while trailing twelve month revenue sits at US$867.8 million against a TTM EPS loss of US$5.60. Over recent quarters the company has seen revenue move from US$214.4 million in Q4 2024 to US$213.9 million in Q1 2025 and US$238.5 million in Q2 2025 before landing at US$174.6 million in the latest quarter. At the same time, EPS has swung between profit and loss, leaving investors focused on how much of each revenue dollar is being consumed by widening losses and compressed margins.

See our full analysis for MARA Holdings.

With the headline figures on the table, the next step is to set these results against the prevailing narratives about MARA Holdings to see which stories hold up and which assumptions about growth and margins may need a rethink.

Net Losses Widen To About US$2.0b Over 12 Months

• On a trailing twelve month basis to Q1 2026, MARA reported revenue of US$867.8 million against a net loss of about US$2.0b, with basic EPS over that period at a loss of US$5.60.
• Bears highlight that net losses have grown at about 10.7% per year over the past five years and see the current US$2.0b trailing loss as consistent with that trend. Yet the Q1 2026 net loss of US$1.3b is already a large portion of the full year figure, which raises questions about how easily bearish expectations of prolonged pressure on margins can be met.
  • The trailing revenue growth rate of 10.4% per year is below the 11.6% market forecast, which bears point to as evidence that growth is not strong enough to offset rising costs.
  • At the same time, Q1 2026 revenue of US$174.6 million is lower than any quarter in 2025, which fits the cautious view that the business is not yet showing a clear path toward improving profitability.

Skeptics point to the US$2.0b trailing loss as proof that the story is far from fixed, so it can be useful to see how their full argument stacks up in the wider MARA context before making any decisions 🐻 MARA Holdings Bear Case.

Mixed Revenue Trend Versus Growth Story

• Over the last five reported quarters, revenue moved between US$214.4 million in Q4 2024 and US$252.4 million in Q3 2025 before landing at US$174.6 million in Q1 2026, while trailing twelve month revenue stands at US$867.8 million alongside a reported 10.4% annual revenue growth rate.
• The bullish view leans on long term growth drivers such as AI infrastructure and global partnerships. However, this 10.4% trailing growth rate and the Q1 2026 revenue level both sit below the higher growth assumptions that bulls often reference, which means the current numbers do not strongly back the idea of a clear acceleration in top line performance.
  • Consensus narrative points to new AI and sovereign compute streams as potential ways to broaden revenue, but the latest trailing growth rate still sits below the 11.6% market forecast.
  • Bullish arguments about large addressable markets and vertical integration sit alongside a year where net income on a trailing basis is a loss of about US$2.0b, so any hoped for margin lift is not yet visible in these figures.

If you want to see how supporters of the bullish case reconcile these Q1 and trailing growth numbers with their long term expectations, it is worth reading their full narrative 🐂 MARA Holdings Bull Case.

P/S At 5.6x With Shares At US$12.72

• MARA trades on a P/S of 5.6x, compared with a US Software industry average of 3.6x and a peer group average of 7.4x, while the current share price is US$12.72 and a single allowed analyst price target for reference is US$18.32.
• Consensus narrative suggests the market is weighing modest revenue growth against persistent losses, and this shows up in valuation where the stock sits at a premium to the broader industry but at a discount to peers. This matches a picture where investors are paying up for revenue scale yet still applying a discount while the company remains unprofitable over the trailing twelve months.
  • The combination of US$867.8 million in trailing revenue and a trailing EPS loss of US$5.60 helps explain why valuation signals differ depending on whether investors focus on sales or earnings based metrics.
  • With profitability not expected within three years according to forecasts, the 5.6x P/S multiple and US$12.72 share price leave plenty of room for different views on whether the balance between growth and losses is attractive.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for MARA Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If the mix of growth hopes and widening losses feels hard to balance, do not wait for a consensus. Go through the numbers yourself and weigh up the 1 important warning sign.

See What Else Is Out There

MARA Holdings is wrestling with widening losses of about US$2.0b, a Q1 2026 revenue soft patch, and a P/S multiple that still prices in expectations.

If that mix of pressure on profitability and valuation premium feels uncomfortable, consider shifting focus toward companies that look mispriced on quality and cash flow using the 45 high quality undervalued stocks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.