MARA
MARA Holdings, Inc.10.69
-0.01-0.09%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
JV load-balancing, accelerated timelines detailed
Q&A unpacked Starwood JV details, highlighting sub-millisecond battery tech for load-balancing mining and HPC loads while MARA keeps mining revenue during tenant ramp-ups. Fred Thiel stressed accelerated leasing via Starwood's hyperscaler trust, with permits filed and talks advanced—far faster than solo efforts. Management de-emphasized longer-horizon MPLX for today's powered sites, eyeing expansions at hosted locations up to 200MW+. Exaion's private sovereign cloud stack targets geopolitically sensitive enterprise AI outside US hyperscalers. No project economics shared yet. Power rules execution.
Key Stats
Market Cap
4.04BP/E (TTM)
4.16Basic EPS (TTM)
2.57Dividend Yield
0%Recent Filings
10-K
FY2025 results
MARA Holdings scaled energized hashrate to 66.4 EH/s in FY2025 ended December 31, 2025, mining 8,799 bitcoin—a 7% y/y drop (derived) hit by the April 2024 halving, surging network difficulty, and storm damage—yet revenue jumped 38% to $907M on higher bitcoin prices averaging $101,221 per coin mined. Q4 saw bitcoin prices crash from ~$126K to $87K, slashing holdings' fair value by $422M and triggering $83M goodwill impairment plus $26M miner write-offs from storms; costs per petahash improved 16% to $29.8/day amid owned-site expansion to 779MW operational capacity. Liquidity swelled to $5.3B combining cash and bitcoin, bolstered by $1B zero-coupon notes; opportunistic bitcoin sales funded ops while lending 9,377 BTC yielded $32M interest. No annual guidance disclosed. Bitcoin volatility crushed profitability.
8-K
Q4 loss on bitcoin drop
MARA announced preliminary Q4 2025 results on February 26, 2026, with revenues down 6% to $202.3M, net loss of $1.7B driven by $1.5B bitcoin fair value drop, yet energized hashrate up 25% to 66.4 EH/s and holdings at 53,822 BTC (~$4.7B). Bitcoin mining persists as flexible workload amid Starwood JV for AI/HPC infrastructure targeting >1GW initial capacity. Losses sting.
8-K
MARA-Starwood data center pact
MARA USA inked a strategic pact with Starwood on February 26, 2026, to jointly develop its U.S. bitcoin mining data centers—excluding JV-held sites—into hyperscale facilities. Starwood handles pre-development like permits and hyperscaler leases at MARA's cost; mutual opt-in forms JVs where MARA takes 10-50% stake, or Starwood buys out if MARA passes. Retains mining rights rent-free. Execution hinges on triggers like leases within 24 months.
8-K
New RSU/PSU award forms approved
MARA Holdings' board approved new RSU and PSU award forms under its 2018 plan on February 20, 2026. RSUs vest in 11 quarterly installments from April 1, 2026, to December 31, 2028. PSUs tie to 2026 Economic Triad Megawatt Capacity and Annual Recurring Revenues, with payouts up to 249% of target, capped at 200% aggregate long-term incentives, plus Relative TSR modifier through 2028. Ties pay to capacity and revenue growth.
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.
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