MARA Holdings, Inc. — Q3 2026 Earnings Summary

Financial Performance:

• Revenue decreased 35% year-over-year to $164.2 million in Q3 2026 from $252.4 million in Q3 2025.
• Net income increased to $632.1 million ($1.28 per diluted share) in Q3 2026 from $123.1 million ($0.27 per diluted share) in Q3 2025.
• Adjusted EBITDA increased 117% to $857.7 million in Q3 2026 from $395.6 million in Q3 2025.
• Net income includes an $885.3 million unrealized gain related to the fair value of digital assets, compared to a $343.1 million gain in Q3 2025.
• Purchased energy costs for owned sites were $48.1 million, up 12% from $43.1 million in Q3 2025.
• Operating and maintenance costs decreased 18% to $21.5 million from $26.3 million in Q3 2025.
• Third-party hosting and other energy costs decreased 6% to $71.5 million from $75.7 million in Q3 2025.
• General and administrative expenses decreased 11% to $75.8 million from $85.3 million in Q3 2025.
• Depreciation and amortization decreased 10% to $150.9 million from $167.3 million in Q3 2025.
• Cash and cash equivalents totaled $946.5 million as of September 30, 2026, up from $547.1 million as of December 31, 2025.
• Combined unrestricted cash and BTC (including loaned/pledged) totaled approximately $3.8 billion at quarter end.
• Total debt reduced by $1.4 billion, or 37%, since the beginning of the year.

Guidance and Future Outlook:

• Targeting the signing of two leases before year-end, though timing could slip into next year due to fluid market conditions.
• Long Ridge acquisition is expected to close by year-end, with roughly 70% of its output under long-term contracts.
• Matagorda County, Texas site is expected to reach up to 2 GW of power capacity, subject to regulatory approvals and ERCOT Batch Zero process.
• Long Ridge is expected to increase to full 505 MW nameplate capacity in the first half of 2027.
• Total potential capacity across the portfolio is expected to reach over 4 GW subject to closing Long Ridge and energizing Matagorda.
• Significant third-party hosting arrangements representing 29% of total energy capacity are scheduled to expire beginning Q3 2027 and conclude in Q1 2028.
• Exaion has a pipeline of over $3 billion in total contract value, with approximately $1 billion targeted for delivery by the end of 2027.

Business Segments and Product Lines:

• Energized hashrate increased 18% to 71.2 EH/s in Q3 2026 from 60.4 EH/s in Q3 2025.
• Total blocks won increased 2% to 644 in Q3 2026 from 633 in Q3 2025.
• BTC production increased 5% to 2,247 BTC in Q3 2026 from 2,144 BTC in Q3 2025.
• Cost per petahash per day improved 2% to $30.8 in Q3 2026 from $31.3 in Q3 2025.
• Cost per kWh for owned sites remained at $0.04 in Q3 2026.
• Purchased energy cost per BTC for owned sites was $39,674 in Q3 2026, up from $39,235 in Q3 2025.
• Exaion signed a four-year, $79 million GPU-as-a-service contract on 100% take-or-pay terms with its first US customer.
• Vertebrai software platform launched to optimize power usage, reducing wind farm curtailment by more than half at the Hansford County, Texas site between April and September 2026.

Market and Competitive Landscape:

• Market demand for power-ready infrastructure remains strong, with customers prioritizing sites with credible schedules, permits, and financing.
• Investor sentiment toward AI infrastructure has become more cautious regarding adoption pace, financing costs, and credit structures.
• Customers are increasingly seeking capacity in international markets and locations previously considered peripheral.
• The market is applying higher standards for power, land, permits, and delivery schedules, favoring companies with established infrastructure.
• MARA is positioned as one of the largest operators of modular Bitcoin mining digital infrastructure in the United States.

Risks and Challenges:

• Market conditions for leasing tenants are fluid, potentially delaying lease signings beyond year-end.
• Matagorda County site payments are contingent on power approval and regulatory progress.
• Third-party hosting costs are expected to decrease as arrangements expire, but current reliance remains at 29% of energy capacity.
• Bitcoin price volatility impacts net income through mark-to-market adjustments and debt collateral requirements.
• Forward-looking statements regarding project timing, capacity, and contract values are subject to risks and uncertainties.

Management Commentary and Tone:

• Management stated the strategy is to "maximize the value of every megawatt" by converting powered assets into contracted returns and durable free cash flow.
• Chairman & CEO emphasized that the company is evolving into an energy-backed digital infrastructure enterprise spanning power, land, and compute.
• CFO highlighted disciplined execution in capital allocation, noting a net benefit of $170 million from borrowing against Bitcoin at $64,000 and selling at $81,039.
• Management expressed confidence in the long-term strategy, citing the balance sheet flexibility to act on opportunities despite market declines.
• The company views Bitcoin mining as a core business that generates cash flow and keeps sites productive while developing higher-value infrastructure.

Other Key Points:

• After quarter-end, the Board authorized a share repurchase program of up to $500 million of common stock.
• After quarter-end, the company repaid $750 million of Bitcoin-collateralized debt using proceeds from Bitcoin sales, releasing 17,477 BTC previously pledged as collateral.
• Following the debt repayment, less than 5% of MARA's BTC holdings remain loaned or pledged.
• The company held 34,012 BTC as of September 30, 2026, valued at approximately $2.8 billion based on a spot price of $83,556 per BTC.
• 1,408 BTC were loaned under the digital asset management strategy, generating approximately $2.5 million of interest income for the quarter.
• Long Ridge acquisition received FERC approval after quarter-end, with the company expecting to close the transaction in the coming weeks.
• The company secured rights to develop a site in Matagorda County, Texas, with up to 2 GW of power capacity.
• No BTC was purchased in Q3 2026.
• The company sold 3,891 BTC during the quarter at an average price of $75,300.
• The company sold 13,597 BTC after quarter-end at an average price of approximately $81,039, generating $1.1 billion in proceeds.
• Year-to-date, the company sold approximately 26,984 BTC for $1.9 billion in proceeds.
• The company has approximately $1.5 billion of capacity remaining under its ATM program as of September 30, 2026.