MARA
MARA Holdings, Inc.10.69
-0.01-0.09%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Q&A fleshes out MPLX, Exaion details
Q&A largely reaffirmed prepared remarks on MARA's energy-to-value shift, adding color to today's MPLX announcement for up to 1.5GW modular data centers in West Texas blending Bitcoin mining and AI inference behind low-cost gas power. Management detailed Exaion's operations of four secure EDF data centers and software for private cloud, while stressing enterprise AI's move to on-prem solutions for data sovereignty amid high cloud token costs. No pivot—strategy set a year ago, just sequenced reveals. Energy owns AI growth. They dodged colocation specifics for optionality, projecting profit per MWh as key KPI. Confident tone; watch inference ramp and energy deals.
Key Stats
Market Cap
4.04BP/E (TTM)
4.16Basic EPS (TTM)
2.57Dividend Yield
0%Recent Filings
8-K
Q3 revenues soar 92% to $252M
MARA crushed Q3 with revenues up 92% to $252.4M and net income swinging to $123.1M from a $124.8M loss YoY, fueled by 64% energized hashrate growth to 60.4 EH/s and bitcoin holdings doubling to 52,850 BTC (~$6.0B). Adjusted EBITDA rocketed 1,671% to $395.6M while costs per petahash dropped 15%. AI inference racks now live at Granbury.
10-Q
Q3 FY2025 results
MARA Holdings swung to Q3 operating income of $47.6M from a $172.2M loss y/y, fueled by revenues doubling to $252.4M (up 92%) on higher bitcoin prices despite post-halving dynamics. Gross costs climbed with scale—energy and hosting up 60% and 19% y/y—but cost per petahash improved 15% to $31.3. Net income hit $123.1M or $0.27 diluted EPS (anti-dilution from convertibles flagged), with $234.2M bitcoin fair value gain offsetting $167.3M depreciation. Cash swelled to $826.4M amid $1.6B financing; $3.6B debt includes $350M bitcoin-collateralized line. Bitcoin lending generated $9.6M interest. Storm impairments and bitcoin volatility loom.
8-K
MARA invests €148M in Exaion
MARA Holdings announced an investment agreement on August 11, 2025, to acquire a 64% stake in Exaion SAS for €148 million in cash via its French subsidiary, targeting closure in Q4 2025 pending French and Canadian regulatory approvals. This move bolsters MARA's AI and high-performance computing infrastructure with Exaion's secure, decarbonized data centers, while EDF retains a minority stake and client role. A potential €110 million follow-on investment by March 2027 could lift ownership to 75%, contingent on revenue and cost milestones. Yet regulatory hurdles loom large.
8-K
MARA's Q2 revenue surges 64%
MARA Holdings crushed Q2 2025 with revenues soaring 64% to $238.5 million, fueled by higher bitcoin prices and 82% energized hashrate growth to 57.4 EH/s, while mining 2,358 BTC. Net income flipped to $808.2 million from a $199.7 million loss, boosted by a $1.2 billion unrealized gain on digital assets, with bitcoin holdings hitting 49,951 BTC worth $5.3 billion. Costs per petahash dropped 24% to $28.7, sharpening efficiency amid bitcoin's volatility. Post-quarter, they raised $950 million in zero-coupon notes for flexible bitcoin and M&A plays.
10-Q
Q2 FY2025 results
MARA Holdings swung to a strong Q2 FY2025, posting $238.5M in revenue, up 64% y/y from $145.1M, fueled by bitcoin mining gains amid a 50% price surge, though production dipped slightly post-halving. Operating income rocketed to $679.8M from a $232.4M loss, thanks to an $846.0M fair value gain on digital assets offsetting $161.7M depreciation; diluted EPS hit $1.84, verified against 440.9M shares with no anti-dilution flags. Key drivers included energized hashrate climbing to 57.4 EH/s and bitcoin holdings reaching 49,951 at $5.3B fair value, with 31% activated via lending and trading for $1.2B appreciation. Cash dipped to $109.5M after $378.9M operating outflow, yet $350M line of credit availability and $2.3B convertible notes bolster liquidity; free cash flow not disclosed in the 10-Q. Storm damage impaired $26.3M in assets at Garden City. Bitcoin price swings remain a core risk.
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