MARA (MARA) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $174.9M, down 27% year-over-year, primarily due to a 28% drop in average bitcoin price despite a slight increase in bitcoin production.

• Net loss attributable to common stockholders was $611.3M for Q2 2026, compared to net income of $808.2M in Q2 2025, driven by digital asset fair value losses.

• Adjusted EBITDA was -$360.9M, a sharp drop from $1.2B in the prior year quarter.

• Bitcoin holdings decreased 29% year-over-year to 35,577 BTC, valued at $2.1B, with a portion pledged or loaned.

• Major strategic moves included the pending $1.5B Long Ridge acquisition, a $600M site acquisition in Texas, and $600M in new bitcoin-backed loans.

Financial highlights

• Q2 2026 revenue: $174.9M (down from $238.5M in Q2 2025); net loss: $611.3M; adjusted EBITDA: $(360.9)M.

• Cash and bitcoin holdings at quarter end: $2.5B; 26% pledged or loaned as collateral.

• Energized hashrate increased 22% year-over-year to 70.3 EH/s.

• BTC production rose 3% year-over-year to 2,422 BTC.

• Cost per petahash/day improved 4% year-over-year to $27.7.

Outlook and guidance

• Expect to close Long Ridge acquisition soon, pending FERC approval, adding $144M in annualized EBITDA and durable free cash flow.

• Strategic expansion into digital infrastructure, including AI, high-performance compute, and cloud data centers.

• Focus on scaling operational capacity to 4.8 GW, with significant investments and job creation in Texas.

• Confident in signing at least two major leases before year-end, targeting diversified customer base.

• Management believes current liquidity of $2.5B (cash and bitcoin) and $1.5B ATM capacity is sufficient to fund obligations and growth initiatives.