MARA (MARA) Q4 2025 earnings summary

Executive summary

• Announced a strategic joint venture with Starwood Digital Ventures to accelerate expansion into AI and high-performance compute, transitioning from pure Bitcoin mining to a broader 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, enhancing enterprise-grade AI and HPC capabilities and supporting international expansion, especially in energy-rich regions.

• Transitioning toward a vertically integrated model unifying energy, Bitcoin mining, and AI compute, enhancing capital efficiency and balance sheet flexibility.

• Advanced operational strategy by acquiring a 42 MW data center in Nebraska and doubling gas-to-power operations, lowering mining costs and increasing efficiency.

Financial highlights

• Q4 2025 revenues were $202.3 million, down from $214.4 million in Q4 2024; full-year 2025 revenues grew 38% to $907.1 million from $656.4 million in 2024.

• Net loss of $1.7 billion in Q4 2025 (vs. net income of $528.3 million in Q4 2024), driven by a $1.5 billion loss from fair value changes in digital assets.

• Adjusted EBITDA decreased 287% year-over-year to $(1.5) billion.

• BTC holdings increased 20% year-over-year to nearly 54,000, while BTC production fell 19% to 2,011 BTC.

• Cost per kWh at own sites was $0.04; purchased energy cost per Bitcoin rose to $48,611 from $31,608 year-over-year.

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 holdings in 2026 to enhance financial flexibility and fund capital projects.

• Ongoing focus on capital discipline, prioritizing high-return projects and maintaining a strong balance sheet.

• Committed to optimizing portfolio for highest-return use cases and expanding into power generation ownership for cost stability.