MARA – 1Q26 Results: Flip the Switch

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MARA – 1Q26 Results: Flip the Switch

May 12, 2026

Jonathan Lee jonathan.lee@guggenheimpartners.com MARA – 1Q26 Results: Flip the Switch

212 518 5388

Johnson Ooi Key Message: MARA is repositioning as an energy-backed AI / HPC infrastructure

johnson.ooi@guggenheimpartners.com company, with execution now underway on three fronts: 1) the Starwood JV for

212 518 9962 hyperscale co-location; 2) the pending $1.5bn Long Ridge acquisition to establish an

Alexa Ong AI campus in PJM (expected close 2H26); and 3) Exaion for sovereign / enterprise AI

alexa.ong@guggenheimpartners.com internationally. The pivot is being funded by a c. 20.9k BTC sale (c. $1.5bn), used to

212 416 5842 retire 30% of convertible debt and redirect capital toward strategic growth. A 15% RIF

and $45.9mm restructuring charge underscore management's conviction in this strategic

pivot. We are encouraged by MARA's pivot toward AI infrastructure (albeit, in CEO Thiel’s

words, "late to the party"), but remain Neutral-rated as we await tangible execution.

MARA NEUTRAL

MARA Holdings, Inc. From BTC HODLer to AI infrastructure play. MARA's 1Q26 results reflect a company in

Sector: Payments & Processors full strategic transition. Management sold c. 21k BTC, generating $1.465bn in proceeds, to

retire 30% of its outstanding convertible debt and improve its ability to allocate capital toward

Earnings Release higher-return strategic opportunities, including the post-quarter $1.5bn Long Ridge Energy

Share Price $13.39 acquisition, which consolidates the Hannibal campus into a vertically integrated power-and-

Price Target NA compute platform. MARA's strategic architecture now rests on two go-to-market pathways:

1) the Starwood JV for the large-scale, hyperscaler end of the AI infrastructure market,