- BTC-USD
-0.68% - MARA
-5.25%
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Revenue: $174.9 million in Q2 2026, down from $238.5 million in the prior year period.
Net Loss: $611.3 million, or -$1.6 per diluted share, compared to net income of $808.2 million, or $1.84 per diluted share, in Q2 2025.
Adjusted EBITDA: -$360.9 million, impacted by Bitcoin mark-to-market changes, versus $1.2 billion in the prior year period.
Bitcoin Production: Mined 2,422 Bitcoin (26.6 per day), up 64 Bitcoin year-over-year; won 700 blocks, up 1% year-over-year.
Bitcoin Holdings: 35,577 Bitcoin at quarter end, valued at approximately $2.1 billion at a $58,524 spot price.
Energized Hashrate: 70.3 exahash per second, up 22% from 57.4 in Q2 2025.
Cost per Petahash: Improved 4% year-over-year to $27.7 from $28.7.
Cost per Kilowatt-Hour: $0.04 for own sites in Q2 2026.
Purchased Energy Cost per Bitcoin: $38,690 for own mining sites, up from $33,735 in Q2 2025.
G&A Expenses (excl. stock-based compensation): $69.5 million, up from $40.1 million; underlying G&A was approximately $43.9 million excluding acquisition and litigation costs.
Cash and Liquidity: $421.3 million in cash and cash equivalents; approximately $2.5 billion in combined cash and Bitcoin.
Digital Asset Interest Income: $4.3 million from loaned Bitcoin under digital asset management strategy.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
MARA Holdings Inc (NASDAQ:MARA) is expanding its power portfolio to approximately 4.8 GW, more than doubling its current capacity and positioning it as one of the largest holders of digital infrastructure power capacity.
The pending Long Ridge acquisition is expected to contribute approximately $144 million in annualized EBITDA and durable free cash flow, with roughly 70% of its output secured under long-term contracts.
MARA Holdings Inc (NASDAQ:MARA) secured $600 million in non-dilutive Bitcoin-backed credit facilities with Coinbase and Two Prime, preserving exposure to Bitcoin’s potential appreciation while funding the Long Ridge acquisition.
The company’s daily cost per petahash improved 4% year-over-year to $27.7, and its cost per kilowatt-hour for own sites was $0.04, maintaining one of the lowest cost structures in the industry.
Commercial momentum is building, with lease discussions progressing across multiple sites and management confident in signing at least two leases before year-end, supported by the Starwood partnership.
The Matagorda County site acquisition adds up to 2 GW of potential capacity, with no required utility infrastructure improvements, and is expected to support the transition away from hosted mining, improving operational control and unit economics.
