Mara Holdings Stock Earnings Reports

MARA reported strong Q3 2025 operational and financial results while outlining a strategic evolution from pure-play Bitcoin mining to a vertically integrated digital energy and compute company. Key financials: revenues rose 92% year-over-year to $252.4M, net income was $123.1M, MARA mined 2,144 BTC in the quarter and ended with 52,850 BTC (including ~17,357 BTC deployed/pledged in lending/collateral arrangements). Energized hashrate grew to 60.4 EH/s (up 64% YoY). Purchased energy cost per BTC improved and daily cost per PH/day fell ~15% YoY; company controls ~70% of nameplate MW via owned/operated sites. Strategic highlights: (1) pending acquisition of Exaion (EDF subsidiary) to gain enterprise-grade private cloud, secure data handling and existing Tier 3/4 sites; (2) MPLX partnership to develop on-site gas-fired power generation and modular data centers in West Texas (initial ~400 MW, optionality up to 1.5 GW across three sites); (3) first AI inference racks installed at Granbury (300 MW site) and early move toward inference-focused, modular, air-cooled/ASIC-based deployments; (4) deprioritization of near-term 2-phase immersion investments. Capital/liquidity: issued $1.025B zero-coupon convertible notes due 2032 and hold over $7B in liquid assets. Management emphasizes profit-per-megawatt-hour as the core operating metric and intends to monetize Bitcoin production opportunistically to fund operations and limit equity dilution. Risks/near-term milestones: regulatory approvals for Exaion and MPLX projects, build-out and permitting (air permits, grid interconnection), and execution in commercializing AI inference demand. Investors should watch: Exaion closing and integration, MPLX permitting and first plant/data center commissioning, reported mix and revenue contribution from inference AI (profit per MWh), and continued BTC production/holdings and liquidity usage.