📈 Price History

Ratio Health

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📊 Sector Averages

About

MARA Holdings, Inc. operates as an energy and digital infrastructure company in North America, the Middle East, Europe, and Latin America.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding MARA

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	109.71M	$97.3M	0.12%	Mar 2026
Steve Cohen Point72 Asset Management	14.21M	$11.9M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used terms like 'record-breaking quarter', 'record financial performance', and 'highest revenue quarter in company history'. They provided specific numbers for revenue ($238.5M), net income ($808.2M), and hash rate (57.4 EH/s). Despite acknowledging Bitcoin market frothiness, the tone remained assured about their positioning.

Q3 2025

Confident Specific

Management uses definitive language like 'electrons are the new oil', 'we believe energy not compute becomes the primary constraint', and 'we are executing the strategy we decided over a year ago.' They provide specific deal details (MPLX 400 MW initial, up to 1.5 GW; Exaion acquisition; Granbury AI racks installed) and cite concrete metrics (52,850 BTC, $252.4M revenue, 60.4 EH/s).

Q4 2025

Mixed

Management expressed strong confidence in the strategic pivot to AI/HPC infrastructure via the Starwood JV and Exaion acquisition, but also acknowledged significant headwinds from Bitcoin price volatility leading to a net loss, and adopted a cautious tone on capital allocation and near-term financial flexibility.

Q1 2026 latest

Confident Specific

Management used emphatic language like 'redefining quarter', 'defining constraint', 'unicorn', and provided concrete metrics (1.9 GW, $144M EBITDA, $0.04/kWh) to support their narrative of a deliberate, interconnected strategy.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. MARA has articulated a clear, multi-pronged strategy to monetize its low-cost power portfolio through both hyperscale (Starwood JV) and sovereign/enterprise (Exaion) AI infrastructure, while maintaining Bitcoin mining as a cash-flow foundation. The Long Ridge acquisition adds immediate EBITDA and a premier site with expansion path. Key changes include debt reduction (30% of converts retired), a 15% workforce realignment, and a capital-efficient JV structure that requires minimal equity from MARA. Next quarter, watch for tenant lease announcements with contracted megawatts, progress on Long Ridge closing, and any further Bitcoin monetization to fund strategic priorities.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED MARA Q1 2026: Retired 30% of debt, added 200 MW Long Ridge power, pivots to AI infrastructure

Revenue & Profitability

Revenue in Q1 2026 was $174.6 million, down from $213.9 million in the prior year, driven by an 18% decline in Bitcoin price. Net loss was $1.3 billion, or $3.31 per diluted share, including approximately $1 billion of unrealized mark-to-market adjustment on digital assets. Adjusted EBITDA was -$1.0 billion. The company sold about $1.5 billion of Bitcoin during the quarter to repurchase over $1 billion face value of convertible notes at a discount and reduce its line of credit by $200 million.

Outlook

Management sees AI adoption accelerating faster than power can be brought online, making available connected energy the bottleneck for AI compute growth. Demand for tokens has exploded with agentic technologies, and multiple hyperscaler tenants are competing for access to MARA's sites. Bitcoin has rebounded approximately 20% from quarter-end, and institutional demand continues. The company believes Bitcoin will appreciate beyond current levels.

Growth Drivers

Key growth levers include: (1) the Starwood JV for large-scale hyperscale colocation, (2) Exaion for sovereign and private cloud AI in regulated markets, (3) the Long Ridge campus expansion from 200 MW to over 1 GW, and (4) Bitcoin mining as a foundational revenue stream that can be redirected toward AI as opportunities mature. The company expects to sign multiple tenant leases by year-end.

Balance Sheet & CapEx

The Long Ridge acquisition involves approximately $900 million in pro forma debt, with a $785 million backstopped bridge loan from Barclays. The initial 200 MW AI build-out is expected to begin construction around the first half of 2027, with initial capacity online in mid-2028. The company funded debt reduction through Bitcoin monetization and has not used its ATM equity program since Q3 2025.

Margins

MARA's cost per kilowatt-hour for its own sites is $0.04, among the most competitive at scale. The purchase energy cost per Bitcoin mined was $40,047 in Q1 2026. General and administrative expense (excluding stock-based compensation) was $57.7 million, up from $36.9 million due to scaling and $11 million in acquisition and integration costs. Following restructuring, quarterly G&A run rate is expected to trend below Q1 levels.

Key Risks

Risks flagged include: Bitcoin price volatility (a $10,000 change impacts fair value by ~$350 million), development timeline risks (greenfield sites take 7–10 years), reliance on regulatory approvals and debt holder consent for the Long Ridge acquisition, and the potential that AI build-outs may be delayed while Bitcoin mining continues on the same sites. The company also faces dilution risk from convertible notes, though it reduced that by retiring 30% of outstanding converts.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Q2 2026 saw a challenging Bitcoin price environment, leading to a net loss, but the business advanced its digital infrastructure platform, expanded its power portfolio to 4.8 GW, and secured non-dilutive financing for major acquisitions. Strong demand for AI infrastructure and strategic partnerships position the company for diversified growth.

Q1 2026 Q1 2026 2026-05-11

Q1 2026 saw a strategic pivot with major acquisitions, a new JV, and a shift toward AI infrastructure, despite a net loss driven by Bitcoin price declines. Power control and capital efficiency underpin growth, with strong tenant demand and a robust balance sheet supporting future expansion.

Q4 2025 Q4 2025 2026-02-26

Announced a major JV with Starwood Digital Ventures to accelerate AI and HPC expansion, while Q4 saw a net loss of $1.7B due to Bitcoin price declines. Revenues grew 38% year-over-year, and capital discipline remains a priority as the business transitions to a broader digital infrastructure model.

Q3 2025 Q3 2025 2025-11-04

Revenue surged 92% year-over-year to $252.4M, with net income of $123.1M and Bitcoin holdings nearly doubling. Strategic moves include AI infrastructure deployment, the pending Exaion acquisition, and a major MPLX partnership to expand power and data center capacity.

Q2 2025 Q2 2025 2025-07-29

Q2 2025 set new records in revenue, net income, and Bitcoin holdings, driven by operational scale, low-cost energy, and strategic partnerships. The company remains on track for 75 EH/s by year-end, with a robust global expansion pipeline and a focus on AI and sovereign compute.

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