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MARA Holdings, Inc.

MARA · Financials

Last earnings Aug 6, 2026

Key results

Revenuequarter

64%

COM Contents To Our Shareholders 3 Financial and Operational Discussion 7 Earnings Webcast and Conference Call 13 Statements of Operations 14 Investor Notice 17 Forward-Looking Statements 17 Key Highlights Revenues increased 64% to $238.5 million IN Q2 2025 from $145.1 million in Q2 2024 .

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Net incomequarter

505%

Net income (loss) increased 505% TO $808.2 MILLION in Q2 2025 from ($199.7) million in Q2 2024 .

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Revenues increased 64% to $238.5 million in Q2 2025 from $145.1 million in Q2 2024 , the highest revenue quarter in company history.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Net income increased 505% to $808.2 million , or $1.84 per diluted share, in Q2 2025 from net loss of ($199.7) million , or ($0.72) per diluted share, in Q2 2024 .

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Net income during the quarter includes $1.2 billion gain on fair value of digital assets.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

SHAREHOLDER LETTER Q2 2025 9 REVENUE Revenues increased 64% to $238.5 million from $145.1 million in the second quarter of 2024 , the highest revenue quarter in company history.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

*Price of BTC as of last day of quarter NET INCOME AND EARNINGS We reported net income of $808.2 million , or $1.84 per diluted share, in the quarter compared to net loss of ($199.7) million , or ($0.72) per diluted share, in the second quarter of last year.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

AI analysis

Q2 2025 · reported Jul 29, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Headline figures

MetricQ2 2025Prior qtrYear ago
Revenue64%——
Net income505%——

EX-99 · Jul 29, 2025

Guidance · company-stated

No guidance located in the held release

Outlook statement

“SHAREHOLDER LETTER Q2 2026 5 The four largest hyperscalers alone are expected to invest approximately $725 billion in AI infrastructure during 2026, with annual capital expenditures projected to exceed $1 trillion by 2027.”

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Additionally, by pairing low-cost renewable energy with previous generation ASICs through our asset deprecation model , we expect to extend their useful life while revitalizing the wind farm, thereby reducing both CAPEX spend on new machines and e-waste.

Subsequent to quarter end, we closed $950.0 million of upsized 0.00% Convertible Senior Notes due 2032.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

MARA Holdings, Inc. Q2 2025 — COM Contents To Our Shareholders 3 Financial and Operational Discussion 7 Earnings Webcast and Conference Call 13 Statements of Operations 14 Investor Notice 17 Forward-Looking Statements 17 Key Highl…

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

Additionally, by pairing low-cost renewable energy with previous generation ASICs through our asset deprecation model , we expect to extend their useful life while revitalizing the wind farm, thereby reducing both CAPEX spend on new machines and e-waste.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Subsequent to quarter end, we closed $950.0 million of upsized 0.00% Convertible Senior Notes due 2032.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

We also purchased $19.4 million 1% Senior Notes due 2026 at a discount for $18.3 million.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

On July 25, 2025, we closed an upsized $950.0 million of 0.00% Convertible Senior Notes due 2032.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

We used approximately $18.3 million of the net proceeds from the sale of the notes to repurchase approximately $19.4 million in aggregate principal amount of existing 1.00% convertible senior notes due 2026.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

This additional liquidity gives us the flexibility to act strategically, whether by acquiring more bitcoin, funding M A , or repaying debt.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Strategy & priorities

Announced strategic partnerships with Google-backed TAE Power Solutions and LG-backed PADO AI to co-develop grid-responsive, load-balancing platforms for next-generation AI infrastructure.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

In a recent article , Professor Aswath Damodaran of NYU s Stern School of Business argues that when companies with clear operating models divert corporate cash into bitcoin, it can blur their strategic focus and confuse their core business narrative.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

But for most companies, it s no longer a capital strategy, but a branding exercise that distracts from stagnating business models.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

We are a bitcoin miner at our core, focused on building a resilient and sustainable business.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

MARA s commitment to long-term cost efficiency is further supported by strategic investments in owned power infrastructure, including our 114 MW wind farm in Texas, which now has an onsite data center that we expect to begin energization in the second-half of the year.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Risks & headwinds

Yet this trend brings challenges inference workloads are highly volatile and are also inherently inflexible, placing strain on the grid and making it difficult for them to access the 76+ gigawatts of available capacity on the U.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading Risk Factors in our most recent annual report on Form 10-K and any other periodic reports that we may file with the U.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

The risks and uncertainties we describe are not the only ones facing us.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Such forward- looking statements are based on management s current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements.

SEC original ↗MARA Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Legal Proceedings 62 Item 1A.

SEC original ↗MARA Holdings, Inc. — 10-Q Quarterly report10-QAug 6, 2026

Uncertainties The Company files U.

SEC original ↗MARA Holdings, Inc. — 10-Q Quarterly report10-QAug 6, 2026

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Arthur J. Gallagher & Co. (AJG) FinancialsSun Life Financial (SLF) FinancialsRaymond James Financial (RJF) FinancialsAflac (AFL) FinancialsING Group (ING) FinancialsNorthern Trust (NTRS) FinancialsCincinnati Financial (CINF) FinancialsCoinbase (COIN) Financials
Documents

Filings

41 documents

Earnings releases

10 documents

Presentations

0 documents

No presentations for MARA Holdings, Inc. are held in this edition of the library.

Transcripts

0 documents

No transcripts for MARA Holdings, Inc. are held in this edition of the library.

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