MARA Holdings, Inc. reported results for the quarter ended Q2 2026 showing revenue of $174.9M, down from $238.5M a year earlier, and a net loss attributable to common stockholders of $609.7M versus net income of $808.2M in Q2 2025, driven primarily by fair-value losses on bitcoin holdings.
Financial Highlights
- Revenue: $174.9M for Q2 2026, down from $238.5M in Q2 2025 (‑$63.6M, (26.7%)).
- Net income: Net loss attributable to common stockholders $609.7M for Q2 2026 vs. net income $808.2M in Q2 2025 (swing driven by fair‑value losses on bitcoin).
- Diluted earnings per share: Not reported explicitly for the quarter in Part I Items 1–2 and therefore omitted.
Business Highlights
- Energy and capacity expansion: Energized capacity grew to approximately 1.9GW across 19 sites, with planned expansion to about 4.8GW following the Long Ridge and Matagorda transactions.
- Workload diversification: Company is shifting from pure bitcoin mining toward AI, high‑performance computing and critical IT workloads, supported by the Exaion acquisition and a joint venture with Starwood.
- Operational scale and efficiency: Owned roughly 440k miners with an energized hashrate near 70.3 EH/s; miner efficiency improved to ~17.3 J/TH with targeted selective upgrades underway.
- Digital asset management and liquidity: Sold ~23,093 BTC to fund operations and growth; engages in lending and trading of bitcoin to provide liquidity and income.
- Hosting strategy: Transitioning hosted capacity into owned operations and planning to phase out major third‑party hosting by early 2028 to lower power costs per kWh.
Original SEC Filing:
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