MARA (MARA) Q4 2025 earnings summary

Executive summary

• Announced a strategic partnership with Starwood Digital Ventures to accelerate expansion into AI and high-performance compute, transitioning from pure-play Bitcoin mining to an energy and digital infrastructure platform.

• Partnership enables rapid conversion of existing sites into high-performance computing and AI infrastructure, leveraging over 1 GW of near-term IT capacity and a pathway to 2.5 GW.

• Closed acquisition of a 64% stake in Exaion, expanding enterprise-grade AI and HPC capabilities, especially for sovereign and private cloud deployments.

• Transitioning toward a vertically integrated model unifying energy, Bitcoin mining, and AI compute, enhancing capital efficiency and balance sheet flexibility.

• Expanded Nebraska campus by 40% with a 42 MW data center acquisition and doubled engine gas-to-power operations to 50 MW, lowering mining costs.

Financial highlights

• Q4 2025 revenues were $202.3 million, down 6% year-over-year; full-year 2025 revenues grew 38% to $907.1 million from $656.4 million in 2024.

• Net loss of $1.7 billion ($4.52 per diluted share) in Q4 2025, compared to net income of $528.3 million ($1.24 per share) in Q4 2024; full-year net loss of $1.3 billion vs. $541 million net income prior year.

• Adjusted EBITDA decreased 287% year-over-year to $(1.5) billion.

• Booked a $1.5 billion loss due to change in fair value of digital assets and an $82.8 million non-cash goodwill impairment.

• Cash and BTC holdings totaled ~$5.3 billion at quarter end.

Outlook and guidance

• Expect the Starwood JV to generate meaningful NOI and free cash flow over time, reducing earnings volatility and improving long-term valuation.

• Initial development phase expected to support over 1 GW of IT capacity, with a pathway to more than 2.5 GW over time.

• Plan to continue opportunistically monetizing Bitcoin in 2026 to enhance financial flexibility and fund capital projects.

• Focused on deploying capital into near-term, high-value opportunities and expanding global footprint in energy-rich regions.

• Committed to optimizing portfolio for highest-return use cases and expanding into power generation ownership for cost stability.