MARA and CleanSpark Report Revenue Growth in Q1 but Both Record Net Losses

MARA and CleanSpark's first-quarter revenues increased by 30% and 63% year-on-year, reaching $214 million for MARA and $182 million for CleanSpark. However, both companies recorded net losses, with MARA losing $533 million and CleanSpark losing $139 million. MARA Chairman and CEO Fred Thiel stated in a letter to shareholders: "We will maintain discipline in how and where we expand to maximize profitability." CleanSpark CEO Zach Bradford said: "CleanSpark is doubling down to become the only publicly traded company still committed to a pure Bitcoin mining business."