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MARA
MARA (MARA) investor relations material
MARA Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Announced a strategic partnership with Starwood Digital Ventures to accelerate expansion into AI and high-performance compute, transitioning from pure-play Bitcoin mining to an energy and digital infrastructure platform.
Partnership enables rapid conversion of existing sites into high-performance computing and AI infrastructure, leveraging over 1 GW of near-term IT capacity and a pathway to 2.5 GW.
Closed acquisition of a 64% stake in Exaion, expanding enterprise-grade AI and HPC capabilities, especially for sovereign and private cloud deployments.
Transitioning toward a vertically integrated model unifying energy, Bitcoin mining, and AI compute, enhancing capital efficiency and balance sheet flexibility.
Expanded Nebraska campus by 40% with a 42 MW data center acquisition and doubled engine gas-to-power operations to 50 MW, lowering mining costs.
Financial highlights
Q4 2025 revenues were $202.3 million, down 6% year-over-year; full-year 2025 revenues grew 38% to $907.1 million from $656.4 million in 2024.
Net loss of $1.7 billion ($4.52 per diluted share) in Q4 2025, compared to net income of $528.3 million ($1.24 per share) in Q4 2024; full-year net loss of $1.3 billion vs. $541 million net income prior year.
Adjusted EBITDA decreased 287% year-over-year to $(1.5) billion.
Booked a $1.5 billion loss due to change in fair value of digital assets and an $82.8 million non-cash goodwill impairment.
Cash and BTC holdings totaled ~$5.3 billion at quarter end.
Outlook and guidance
Expect the Starwood JV to generate meaningful NOI and free cash flow over time, reducing earnings volatility and improving long-term valuation.
Initial development phase expected to support over 1 GW of IT capacity, with a pathway to more than 2.5 GW over time.
Plan to continue opportunistically monetizing Bitcoin in 2026 to enhance financial flexibility and fund capital projects.
Focused on deploying capital into near-term, high-value opportunities and expanding global footprint in energy-rich regions.
Committed to optimizing portfolio for highest-return use cases and expanding into power generation ownership for cost stability.
How will MARA prioritize dual-use campus capacity?
Explain the significant Q4 2025 net loss
How does energy ownership enhance MARA's strategy?
How will MARA balance JV investment with BTC mining?
Detail 2026 BTC monetization strategy
How to mitigate rising energy cost per BTC?
What specific milestones accelerate Starwood JV revenue?
Exaion's edge in sovereign/private cloud markets
Capital allocation priorities given 2027 debt puts
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Next MARA earnings date
Q1 20267 May, 2026
MARA
Next MARA earnings date
Q1 20267 May, 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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