Aug 6, 2026, 4:05 PM ETFinancial Services

MARA Holdings, Inc. — Q2 2026 Earnings Summary

MARAMARA HOLDINGS INC

Financial Performance

Revenue decreased 27% year-over-year to $174.9 million in Q2 2026 from $238.5 million in Q2 2025.
Net loss was $611.3 million ($1.60 per diluted share) in Q2 2026, compared to net income of $808.2 million ($1.84 per diluted share) in Q2 2025.
Adjusted EBITDA decreased to a loss of $360.9 million in Q2 2026 from a profit of $1.2 billion in Q2 2025.
The net loss included a $343.0 million unrealized loss related to the fair value of digital assets, contrasting with a $1.2 billion gain in the prior year period.
Operating and maintenance costs increased to $26.9 million in Q2 2026 from $22.4 million in Q2 2025.
General and administrative expenses were $114.7 million in Q2 2026, including $15.4 million in acquisition and integration costs and a $10.2 million litigation settlement.
Depreciation and amortization increased 15% to $174.7 million in Q2 2026 from $161.7 million in Q2 2025.
Cash and cash equivalents totaled $421.3 million as of June 30, 2026, down from $547.1 million at the end of 2025.
Combined unrestricted cash and BTC (including loaned or pledged collateral) totaled $2.5 billion as of June 30, 2026.
Interest income was $10.3 million, while interest expense was $6.3 million for the quarter.

Management expects to complete the Long Ridge acquisition later in the year.
The company aims to sign at least one lease for its digital infrastructure portfolio before the end of 2026.
All third-party hosting arrangements are expected to conclude by Q1 2028, which is anticipated to eliminate third-party hosting costs and improve cost per kWh.
Management plans to host an Investor Day later in the year to detail strategy and showcase the infrastructure portfolio.
The company intends to monetize Bitcoin opportunistically to enhance financial flexibility and fund capital projects.
G&A expenses are expected to trend lower in future quarters as savings from the reduction in force are realized.

Energized hashrate increased 22% to 70.3 EH/s in Q2 2026 from 57.4 EH/s in Q2 2025.
Total blocks won increased 1% to 700 in Q2 2026 from 694 in Q2 2025.
The company mined 2,422 BTC in Q2 2026, an 8% increase from the prior quarter and 3% more than Q2 2025.
Cost per petahash per day improved 4% to $27.7 in Q2 2026 from $28.7 in Q2 2025.
Purchased energy cost per BTC for owned sites was $38,690 in Q2 2026, up from $33,735 in Q2 2025.
Cost per kWh for owned sites remained at $0.04 in Q2 2026.
Digital asset management strategy included loaning 4,742 BTC, generating approximately $4.3 million in interest income.
Exaion is being integrated to broaden private cloud capabilities, with participation in the EU-backed AION Consortium targeting 3 GW of AI-ready capacity.
Technology initiatives include Vertebr.AI (power optimization platform) and Hashrate Under Management (HUM) blockchain financial infrastructure.
The company acquired rights to a 2 GW powered land site in Matagorda County, Texas, subject to regulatory approvals.
The pending Long Ridge transaction is expected to add adjacent land to the Hannibal campus and contribute positive EBITDA upon closing.

The company positions itself as a vertically integrated owner, developer, and operator of digital infrastructure across power, land, and compute.
Management cites a scarcity of power-ready sites as a key constraint in the AI sector, contrasting with abundant capital.
The four largest hyperscalers are expected to invest approximately $725 billion in AI infrastructure during 2026.
U.S. data center electricity demand is projected to rise from 31 gigawatts in 2025 to 41 gigawatts in 2026.
The company leverages a partnership with Starwood for engineering, procurement, construction, and development capabilities.
Exaion holds a competitive advantage in the European market due to its ability to serve customers requiring infrastructure governed under EU jurisdiction.

Net income is highly sensitive to fluctuations in the fair value of digital assets, evidenced by a $1.5 billion year-over-year swing in mark-to-market impacts.
Purchased energy costs per BTC increased due to higher power costs and global network difficulty outpacing hashrate growth.
Adverse weather events contributed to increased power costs relative to the prior quarter.
The company faces risks related to the execution of the Long Ridge acquisition and the Matagorda County land site, both subject to regulatory approvals (FERC, ERCOT, interconnect).
Third-party hosting agreements are set to expire starting in Q3 2027, requiring the company to transition to owned infrastructure.
Forward-looking statements regarding AI infrastructure demand, lease signings, and capital allocation involve uncertainties that could cause actual results to differ materially.

Chairman & CEO stated that artificial intelligence is constrained by power, not capital, and that companies controlling power will define the next generation of compute.
Management emphasized a strategy of owning scarce powered assets and maximizing their long-term value rather than simply developing megawatts.
The tone reflects confidence in the company's ability to sign leases and monetize infrastructure, with a focus on execution over vision.
CFO described the new bitcoin-backed credit facilities as a disciplined capital allocation approach to activate reserves non-dilutively while retaining exposure to BTC appreciation.
Management views Bitcoin mining as a foundational asset that provides cash flow and operational flexibility to support the transition to AI infrastructure.

Subsequent to quarter-end, MARA entered into two BTC-backed credit facilities with Coinbase and Two Prime for a total facility of $600.0 million at a weighted average cost of debt of 7.56%.
The company refinanced an existing $150.0 million facility with Coinbase and consolidated it into the new facility, extending maturity to two years.
Bitcoin holdings decreased 29% to 35,577 BTC (valued at approximately $2.1 billion) as of June 30, 2026, including 9,270 BTC loaned or pledged as collateral.
The company sold 2,213 BTC at an average price of $73,078 during the quarter.
Restructuring costs of $1.7 million were incurred in Q2 2026.
The company has 19 data centers across four continents and is building a portfolio of powered land assets.