Earnings report 📈 Stocks 🌍 United States

HIVE and MARA Mining Revenue Slips as Electricity Costs Rise 12-20%

HIVE and MARA saw Bitcoin production rise, but mining revenue fell as electricity costs climbed and equipment write-downs impacted bottom lines, forcing both firms to pivot toward AI and HPC infrastructure.

🕐 1 min read

2 assets impacted (Stocks). Net bias: 0 Bullish, 1 Bearish, 1 Neutral. Strongest signal: HIVE ↓ 4/10 (60% confidence).

📊 Affected Assets (2)

HIVE
Bearish 🤖 60%
📅 Short-term 🌍 US · Explicit

September-quarter revenue of $84.9 million beat the $79.4 million consensus, but the company reported a quarterly loss, a $31.2 million equipment write-down and 20% higher electricity costs as mining economics weakened. Shares slipped 1.7% to $1.78 after hours, and a planned $493 million HPC spend adds funding pressure.

Catalysts
  • ▼ Quarterly loss alongside mining revenue down 7.4% to $76 million
  • ▼ $31.2 million noncash write-down on mining equipment citing depressed mining economics
Risk Factors
  • ▲ Revenue of $84.9 million beat the $79.4 million consensus estimate
  • ▲ HPC hosting revenue rose 71% to $8.8 million, now 10.4% of total revenue
MARA
Neutral 🤖 50%
📅 Short-term 🌍 US · Explicit

Net income jumped to $634.4 million from $123.1 million on fair-value gains on digital assets, lifting diluted EPS to $1.28, but mining revenue fell 34% to $159 million, purchased energy costs rose 12% and $12 million of rigs were written off. Gains were treasury-driven rather than operational, and shares were little changed after hours.

Catalysts
  • • Net income of $634.4 million, up from $123.1 million a year earlier, on digital asset fair-value gains
  • • Bitcoin mining revenue dropped 34% to $159 million
Risk Factors
  • • Profit came mainly from fair-value gains on digital assets, not mining operations
  • • Revenue of $164.2 million was down 35% year-on-year

🧭 Full analysis of these assets

🎯 Key Takeaways

  • HIVE Bitcoin production rose 49% to 1,070 BTC, while mining revenue fell 7.4% to $76 million.
  • MARA Bitcoin production grew 5% to 2,247 BTC, but mining revenue dropped 34% to $159 million.
  • HIVE electricity costs rose 20% to $45.6 million, and MARA energy costs increased 12% to $48.1 million.
  • HIVE recorded a $31.2 million noncash equipment write-down, while MARA wrote off $12 million in mining rigs.
  • HIVE plans to spend up to $493 million over 36 months to expand high-performance computing operations.

📝 Executive Summary

HIVE Digital and MARA Holdings reported increased Bitcoin production for the September quarter, yet both firms faced declining mining revenue and rising energy costs. While MARA posted a $634.4 million net profit driven by digital asset fair-value gains, HIVE reported a quarterly loss and a $31.2 million equipment write-down, signaling ongoing pressure on mining economics.

❓ FAQ

HIVE · Why did HIVE's stock fall after the results?

It reported a quarterly loss with a $31.2 million write-down on mining equipment and 20% higher electricity costs, even though total revenue of $84.9 million beat the $79.4 million consensus; shares dropped 1.7% to $1.78 in after-hours trading.

HIVE · Is HIVE still focused on Bitcoin mining?

Yes, it continues expanding mining, including a 100-megawatt substation expansion at its Yguazú site in Paraguay targeted during 2026, while also investing up to $493 million over 36 months in AI/HPC infrastructure.

MARA · Did MARA make money this quarter?

Yes, on paper: net income attributable to common stockholders was $634.4 million, up from $123.1 million, with diluted earnings of $1.28 a share, but the profit was driven largely by fair-value gains on digital assets rather than mining, where revenue fell 34% to $159 million.

MARA · How did the market react to MARA's results?

Barely: after closing the regular session up 4.6%, shares were little changed at $6.64 in after-hours trading Monday.