Bitcoin miner MARA's adjusted EBITDA jumps over 1,000% in record quarter https://t.co/lRD3Mx7k7v ...

Financial & Operational Highlights - Revenue increased 64% YoY to $238 million[9], marking the highest revenue quarter in the company's history[13] - Adjusted EBITDA increased 1,093% YoY to $12 billion[9], reaching an all-time quarter high[13] - Net income reached $808 million, or $184 per share, a significant increase from a loss of $200 million, or $072 per share, in the previous year[9] - Bitcoin holdings increased 170% YoY to 49,951 BTC[9] - The company's liquidity, including cash and BTC holdings, was approximately $54 billion at the end of Q2 2025, with an additional $950 million raised subsequently[9] Production & Efficiency - Energized hashrate increased 82% YoY to 574 EH/s[9] - Bitcoin production increased 15% YoY to 2,358 BTC, primarily due to the halving in April 2024[9] - Fleet efficiency improved to 183 J/TH due to the S21 Pro roll-out[13] - Purchased energy cost per BTC was $337K, believed to be among the lowest in the sector[13] Strategic Partnerships - Partnered with Pado AI Orchestration (LG-backed) to co-develop next-gen data center power management solutions[13] - Partnered with Google-backed TAE Power Solutions to build modular, high-frequency load management systems for hyperscale energy demands[13] - Expanded partnership with Two Prime through a minority investment and allocated 2,000 BTC to their asset management platform[13]

Bitcoin Holdings and Valuation - As of June 30, 2025, the company held approximately 49,951 bitcoin, with a carrying value of about $5.3 billion, reflecting a fair value of $107,173 per bitcoin[206][207]. - The company reported a total of 2,004 bitcoin held and actively managed within the SMA as of June 30, 2025[221]. - The average price of bitcoin mined increased to $96,203 for the six months ended June 30, 2025, up from $58,176 in the prior year, reflecting a $38,026 increase[243]. - The company held a total of 49,951 bitcoin with a fair value of $5.3 billion as of June 30, 2025, with the fair value of a single bitcoin at approximately $107,173[273]. Mining Operations - The company mined 4,644 bitcoin during the six months ended June 30, 2025, a decrease of 225 bitcoin, or 5%, compared to the prior year period, primarily due to the April 2024 halving event[209]. - The energized hashrate reached a record high of 57.4 EH/s as of June 30, 2025, up from 31.5 EH/s in the previous year[211]. - Bitcoin mining revenue for Q2 2025 was $228.8 million, a 77% increase from $129.1 million in Q2 2024, driven by a 50% increase in average bitcoin price[225]. - Bitcoin mining revenue reached $436.5 million for the six months ended June 30, 2025, compared to $267.9 million in the prior year, reflecting a 63% increase[243]. Financial Performance - Total revenues for Q2 2025 reached $238.5 million, up $93.3 million or approximately 64% compared to $145.1 million in Q2 2024[225]. - The company recognized a gain on digital assets of $846.0 million in Q2 2025, compared to a loss of $148.0 million in the prior year period, marking a $994.0 million increase[233]. - For the three months ended June 30, 2025, the company reported a net income of $808.2 million, compared to a net loss of $199.7 million for the same period in 2024[267]. - Adjusted EBITDA for the three months ended June 30, 2025, was $1.25 billion, significantly improving from a loss of $125.5 million in the prior year[267]. Expenses and Impairments - General and administrative expenses increased by $39.5 million, or approximately 74%, totaling $92.9 million in Q2 2025, primarily due to strategic expansion and increased personnel costs[231]. - Research and development expenses rose to $8.5 million in Q2 2025, a 122% increase from $3.8 million in the prior year, reflecting ongoing innovation initiatives[238]. - General and administrative expenses increased by $56.4 million to $178.8 million for the six months ended June 30, 2025, reflecting a 46% rise due to operational scale and acquisitions[249]. - The company recognized an impairment of $26.0 million related to damaged mining equipment during Q2 2025 due to a severe storm[235]. - The company recognized an impairment of $26.0 million for mining equipment due to storm damage during the six months ended June 30, 2025[253]. Energy Costs - Energy costs represented 34.1% and 36.1% of owned mining revenues for the three and six months ended June 30, 2025, respectively[212]. - The average price of direct energy paid for owned facilities was $0.04 per kWh for both the three and six months ended June 30, 2025[213]. - Purchased energy costs increased by approximately 60% to $41.7 million in Q2 2025, driven by the expansion of owned mining sites[227]. Interest Income and Expenses - The company generated $6.8 million and $13.1 million in interest income from loaned bitcoin for the three and six months ended June 30, 2025, respectively[220]. - Interest income increased by $16.7 million to $21.6 million for the six months ended June 30, 2025, primarily due to income from loaned bitcoin and higher cash balances[259]. - Interest expense rose by $20.2 million to $22.8 million for the six months ended June 30, 2025, mainly due to Convertible Notes and Line of Credit[259]. Future Outlook and Strategy - The company aims to reach a target of 75 EH/s by the end of 2025, following strategic partnerships with LG-backed PADO AI and TAE Power Solutions[208]. - The company expects future bitcoin holdings to generally increase, funded primarily through production activities and occasional purchases[276]. - The company anticipates sufficient liquidity to support ongoing operations over the next 12 months, primarily through public capital markets[281].

Q2 2025 Shareholder Letter IR.MARA.COM Contents | To Our Shareholders | 3 | | --- | --- | | Financial and Operational Discussion | 7 | | Earnings Webcast and Conference Call | 13 | | Statements of Operations | 14 | | Investor Notice | 17 | | Forward-Looking Statements | 17 | Key Highlights Revenues increased 64% to $238.5 million Net income (loss) increased 505% IN Q2 2025 from $145.1million in Q2 2024. Adjusted EBITDA increased 1093% $1.2 BILLION compared to ($125.5) millionin Q2 2024. Energized hashrate ( ...

Financial Performance - Revenues increased 64% YoY to $238 million [1] - Net income increased 505% YoY to $808.2 million [1] - Bitcoin holdings increased 170% YoY to 49,951 from 18,488 at the end of Q2 2024 [1] Company Overview - MARA Holdings, Inc. (NASDAQ: MARA) is a leading digital energy and infrastructure company [1][4] - The company deploys digital energy technologies to advance the world's energy systems [4] - MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure [4]

Group 1 - Bitcoin-related stocks and Ethereum holdings experienced a general decline on Tuesday, with SharpLink Gaming (SBET.US) dropping over 6.5% [2] - GameSquare (GAME.US) saw a significant decrease of over 9.8% [2] - BTCS Inc (BTCS.US) fell by over 0.8%, while Strategy (MSTR.US) decreased by 0.49% [2] - Mara Holdings (MARA.US) also reported a decline of 0.76% [2] - In contrast, Circle (CRCL.US) experienced an increase of 1% [2]

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though? Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Marathon Digital Holdings, Inc. (MARA) . Marathon Digital curren ...

Group 1 - Bitcoin-related stocks and Ethereum holdings experienced a decline on Tuesday, with SharpLink Gaming (SBET.US) dropping over 6.5% [1] - GameSquare (GAME.US) saw a significant decrease of over 9.8% [1] - BTCS Inc (BTCS.US) fell by over 0.8% [1] - MicroStrategy (MSTR.US) decreased by 0.49% [1] - Marathon Holdings (MARA.US) declined by 0.76% [1] - Circle (CRCL.US) was the only stock to rise, increasing by 1% [1]

Top 10 Public Companies by $BTC Holdings1. MicroStrategy - 607.7K2. MARA Holdings - 50K3. XXI - 37.2K4. Riot Platforms - 19.2K5. Trump Media & Technology - 18.4K6. Metaplanet - 16.3K7. Galaxy Digital Holdings - 12.8K8. CleanSpark - 12.6K9. Tesla - 11.5K10. Hut 8 Mining Corp - 10.2K ...

Bitcoin miner MARA has closed an upsized $950 million private offering to buy more of the leading cryptocurrency. https://t.co/hjK1ncObz8 ...