Bitcoin miner MARA Holdings reports third-quarter results after the US market closes on Monday, in what has become a test of whether its costly pivot towards artificial intelligence data centres can offset a painful slide in its mining business.

Wall Street expects the company to post a loss of about $0.33 per share on revenue of about $176 million, according to consensus estimates, with several analysts cutting their revenue forecasts in the run-up to the release. The figures cover the three months to September 30, a period in which bitcoin prices fell sharply from their highs.

MARA, one of the largest publicly traded bitcoin miners, has had a difficult year. Its shares closed at $6.35 on Friday, down about 29% so far in 2026 and roughly 60% over the past 12 months. The stock traded as high as $18.69 over the past year, a level that now looks distant after months of selling.

Mining costs climb as bitcoin slides

The pressure on miners is clear from MARA's last set of results. In the second quarter, the company reported a loss of $1.60 per share on revenue of $174.88 million, pressured by falling bitcoin prices and unrealised mark-to-market losses on its digital asset holdings. Mining costs reached about $59,800 per bitcoin in the quarter, while adjusted earnings before interest, tax, depreciation and amortisation showed a loss of $18 million.

To raise cash and reduce debt, MARA has sold more than 18,000 bitcoin since March. The sales underline how far the economics of mining have shifted: bitcoin has fallen to two-month lows in recent days, squeezing the revenue miners earn from each block they process.

Investors will be watching closely for how much of the third-quarter damage came from bitcoin's slide, and whether management can show that its energy costs and mining efficiency are moving in the right direction.

The AI data centre bet

The bigger question for shareholders is the company's shift towards artificial intelligence and high-performance computing. Tickeron notes that MARA is converting some of its bitcoin mining sites into AI and high-performance computing data centres, a move that mirrors a wider trend across the mining industry as firms chase steadier income from AI customers.

Central to that plan is a partnership with Starwood Capital and the acquisition of Long Ridge Energy and Power, a gas-fired power plant and data centre facility bought for $1.5 billion in late April. Management has said the Long Ridge deal is expected to add roughly $144 million in annualised earnings before interest, tax, depreciation and amortisation, and investors will look for an update on its progress on Monday's call.

Analysts are divided. Compass Point cut MARA to sell ahead of the results, citing cash burn, while others have pointed to the company's cost-cutting efforts and its push into more sustainable energy sources, including solar and flared-gas-driven data centres, as reasons power costs should fall in the coming quarters.

Monday's report will show whether the AI pivot is starting to pay for itself, or whether MARA remains a miner first and foremost, exposed to every move in the bitcoin price.