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MARA Holdings (MARA) investor relations material
MARA Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Transitioned from pure-play Bitcoin mining to a vertically integrated digital infrastructure company, focusing on energy conversion for both Bitcoin and AI inference, with major AI infrastructure deployments and partnerships.
Achieved record quarterly revenue of $252.4 million in Q3 2025, up 92% year-over-year, and net income of $123.1 million, reversing a prior loss.
Energized hashrate reached 60.4 EH/s, up 64% year-over-year, and Bitcoin holdings nearly doubled to 52,850.
Strategic initiatives included the pending acquisition of Exaion, partnerships with MPLX, and the launch of hybrid AI and Bitcoin mining sites.
Revised bitcoin investment strategy to allow partial sales of mined bitcoin to fund operations while maintaining long-term holdings.
Financial highlights
Q3 2025 revenue: $252.4 million, up from $131.6 million in Q3 2024.
Net income: $123.1 million, a turnaround from a $124.8 million loss year-over-year.
Adjusted EBITDA for Q3 2025: $395.6 million, up from $22.3 million in Q3 2024.
Bitcoin holdings at quarter-end: 52,850 BTC valued at $6.0 billion.
Cash and cash equivalents: $826.4 million as of September 30, 2025.
Outlook and guidance
Ongoing expansion into AI and HPC markets through strategic partnerships, infrastructure investments, and energy projects in the U.S. and internationally.
Targeting 50% of revenue from international operations by 2028.
Sufficient liquidity projected for the next 12 months, with $6.9 billion in combined cash and digital assets.
Ongoing cost optimization and site-level efficiency gains to improve free cash flow.
Anticipated closing of Exaion transaction in Q4 2025 to further diversify revenue and global reach.
Exaion investment: AI/HPC market entry
MPLX partnership: energy cost reduction
Digital asset management: capital allocation
Detail MARA's unique AI infrastructure advantage
MPLX deal: secure future AI/mining growth?
Exaion: How enable secure private AI cloud?
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Next MARA Holdings earnings date
Q4 202527 Feb, 2026
Next MARA Holdings earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Marathon Digital Holdings Inc. is a digital asset technology company focused on cryptocurrency mining, specifically Bitcoin. The company operates a large-scale mining operation that uses advanced hardware to validate blockchain transactions and generate new Bitcoin. Marathon Digital aims to enhance the efficiency of its mining operations by leveraging low-cost energy sources and scalable infrastructure. The company is headquartered in Las Vegas, Nevada, and its shares are listed on the NASDAQ.
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