MARA's Q1 losses are the sideshow — investors are betting on its AI and data center pivot!

MARA Holdings reports Q1 earnings on May 11, with analysts projecting revenue of $184.21 million and an EPS loss of $2.34 — a direct consequence of bitcoin's roughly 25% slide from $87,000 to $67,000 during the quarter, which created significant mark-to-market losses on the company's digital asset holdings.

But the headline numbers are not the story Wall Street is watching. MARA's $1.5 billion acquisition of Long Ridge Energy from FTAI Infrastructure is the structural pivot investors are pricing in — a deal that brings long-term power-generation capacity and steadier AI and data center contract revenue, reducing dependence on the highly cyclical bitcoin mining business.

The AI buildout is already moving: a Starwood partnership targeting roughly one gigawatt of computing capacity is in progress, and during Q1 MARA sold 15,133 BTC for approximately $1.1 billion, using $1.0 billion of…