MARA Holdings, Inc.

NASDAQ•MARA

CEO: Mr. Frederick G. Thiel

Sector: Financial Services

Industry: Financial - Capital Markets

Listing Date: 2012-05-04

MARA Holdings, Inc. operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Digital Holdings, Inc. and changed its name to MARA Holdings, Inc. in August 2024. MARA Holdings, Inc. was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.

Contact Information

101 NE Third Avenue, Suite 1200, Fort Lauderdale, FL, 33301, United States

800-804-1690

www.mara.com

Market Cap

$3.26B

P/E (TTM)

-2.3

40.7

Dividend Yield

52W High

$23.45

52W Low

$6.66

52W Range

11%

Rank60Top 89.2%

2.1

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 2.1 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$202.31M+0.00%

4-Quarter Trend

EPS

-$4.81+0.00%

4-Quarter Trend

FCF

$508.23M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Revenue Growth Strong Revenues reached $907.1M in 2025, increasing $250.7M, driven by Bitcoin mining revenue surge.

Hashrate Capacity Expansion Energized hashrate grew to 66.4 EH/s by year-end 2025, up from 53.2 EH/s in 2024.

Bitcoin Price Realization Average price of mined BTC hit $101,221 in 2025, a $34,972 increase over prior year.

Digital Asset Strategy Activation Activated 28% of 53,822 total bitcoin holdings via lending/trading, generating $32.1M interest income.

Risk Factors

Profitability Swings Heavily Reported net loss attributable to common stockholders of $(1.31B) in 2025, reversing prior $541.3M income.

Operating Cost Escalation Total costs and operating expenses soared to $2.13B in 2025, up from $350.3M in 2024.

Goodwill Impairment Taken Recognized $82.8M goodwill impairment in 2025 due to sustained decline in bitcoin price and market cap.

Liquidity Constraints Risk Need for additional capital noted; significant bitcoin holdings subject to market volatility and potential margin calls.

Outlook

AI/HPC Platform Expansion Strategic agreement with Starwood targets joint development of AI/HPC infrastructure with potential >2.5 GW capacity.

Asset Monetization Shift Strategy shifted in H2 2025 to sell mined bitcoin to fund operations and capital projects in 2026.

Energy Cost Management Acquired Texas wind farm for 240 MW interconnection to secure low-cost, behind-the-meter energy sources.

Future Capital Access Expect to fund growth via periodic equity issuances using existing ATM facilities, subject to market conditions.

Peer Comparison

Revenue (TTM)

ZION

$4.94B

-0.8%

BPOP

$4.33B

+3.3%

WTFC

$4.23B

+6.7%

Gross Margin (Latest Quarter)

PIPR

95.2%

+0.2pp

PFSI

90.5%

+2.6pp

PRI

80.8%

-1.0pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
XP	$9.80B	9.9	22.5%	21.5%
VIRT	$9.18B	7.9	30.5%	19.8%
WTFC	$9.10B	11.0	11.7%	6.3%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-1.8%

Flat Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

25%

Cash Flow Needs Attention

Deep Research

Next earnings:May 6, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data