Financial Data and Key Metrics Changes - In Q3 2025, revenues increased by 92% to $252.4 million from $131.6 million in Q3 2024, driven by an 88% increase in Bitcoin's average price [18][19] - The company reported a net income of $123.1 million, or $0.27 per diluted share, compared to a net loss of $124.8 million, or $0.42 per diluted share, in the same quarter last year [19] - Bitcoin holdings expanded by over 98%, growing from approximately 27,000 to nearly 53,000 Bitcoin [17] - The energized hash rate increased by 64%, from 36.9 to 60.4 exahash per second [17] Business Line Data and Key Metrics Changes - The company mined 2,144 Bitcoin and purchased an additional 2,257 Bitcoin during the quarter [18] - The purchased energy cost to Bitcoin for the quarter was $39,235, with a 15% year-over-year improvement in daily cost per petahash [19][20] - The company aims to optimize for the lowest cost per token in AI inference, similar to its strategy in Bitcoin mining [9][10] Market Data and Key Metrics Changes - Global hash rate grew by roughly 20%, with both hash rate and network difficulty hitting new all-time highs [17] - Bitcoin's price remained relatively stable, trading between $104,000 and $124,000, closing the quarter with a modest $7,000 gain [17] Company Strategy and Development Direction - The company is evolving from a Bitcoin miner into a vertically integrated digital infrastructure company, focusing on energy as a key resource for both Bitcoin mining and AI [4][9] - The strategy includes the acquisition of Exxion to expand capabilities in enterprise-grade, AI-optimized private cloud and HPC infrastructure [10][11] - A partnership with MPLX aims to develop integrated power generation facilities and data center campuses in West Texas, with an initial capacity of 400 megawatts [11][12] Management's Comments on Operating Environment and Future Outlook - Management views the current period of Bitcoin price consolidation as healthy, with institutional inflows into ETFs balanced by long-term holder liquidation [14] - The company believes that energy, not compute, will become the primary constraint on AI growth, positioning itself to capitalize on this trend [6][12] - The long-term vision includes integrating Bitcoin and AI into a single platform to maximize the value of energy [9][10] Other Important Information - The company ended the quarter with 52,850 Bitcoin, having mined over 2,100 BTC during Q3 [13] - The company issued $1.025 billion of zero-coupon convertible notes due 2032, enhancing balance sheet flexibility [22] - The company aims to derive 50% of revenue from international operations by 2028 [13] Q&A Session Summary Question: How does the current strategy differ from previous approaches? - The company emphasizes access to low-cost, reliable energy and the flexibility to blend AI inference with Bitcoin mining, providing a broader operational canvas [25][26] Question: What is the significance of the Exxion acquisition? - Exxion operates data centers for EDF and provides expertise in secure data management, which will enhance the company's capabilities in private cloud solutions [40][41] Question: What are the expected milestones for the company's strategy? - Key milestones include partnerships with large energy companies and increased customer usage of inference AI, with a focus on profit per megawatt hour as a key performance indicator [60][61]

Core Insights - CertiK released the 2025 Skynet Digital Asset Treasury (DAT) report, introducing a quantitative framework for assessing the operational robustness of DATs, revealing the landscape of global public companies in terms of digital asset holdings, security governance, and compliance transparency [1][2] Industry Overview - The Digital Asset Treasury (DAT) model has evolved from a niche strategy to a significant and expanding market, with global public companies holding over $130 billion in digital assets. This model defines companies that accumulate digital assets as a core balance sheet strategy, creating a regulated, high-beta tool for traditional financial investors to enter the cryptocurrency ecosystem [1][2] Regulatory Impact - With the implementation of regulations such as the EU's Markets in Crypto-Assets (MiCA) and the US's Digital Asset Market Clarification Act (CLARITY Act), the valuation of DAT companies is increasingly dependent on the robustness of their security and compliance systems rather than just their asset holdings [1] Quantitative Framework - CertiK's DAT quantitative framework includes five core assessment pillars: custodial and third-party due diligence, internal controls and operational security, on-chain risk exposure, capital strategy resilience, and regulatory and information disclosure strategies. This framework allows for a quantitative evaluation of companies' DATs, examining factors such as custodial diversity, internal threat prevention, security management practices, sustainability of financing models, and timeliness of information disclosure [2] Leading Companies - The assessment results indicate that Strategy Inc. (MSTR) ranks first with a Skynet score of 91.8, attributed to its use of regulated custodians, multi-signature security mechanisms, annual SOC 2 audits, and high transparency in disclosures to the SEC. Other top-ranked companies include MARA Holdings (MARA), Metaplanet Inc. (MTPLF), Bitcoin Standard Treasury Company (BSTR), BitMine Immersion Technologies (BMNR), XXI (CEP), CleanSpark Inc. (CLSK), Hut 8 Mining (HUT), SharpLink Gaming (SBET), and Forward Industries (FORD) [3] Future Trends - The report highlights that as the adoption of digital assets continues to rise, DAT companies with long-term viability are expected to maintain their market positions. Key trends in the DAT sector include the tokenization of real-world assets (RWA) and integration with central bank digital currencies (CBDC) [3] Market Dynamics - As more market participants enter the space and spot ETFs provide investors with lower-cost direct price exposure, investors will increasingly differentiate DATs based on "how they hold" rather than "what assets they hold" [4]

Collaboration Announcement - MARA Holdings and MPLX LP have announced a collaboration to build integrated power generation and data center campuses in West Texas, marking a significant advancement in energy and computing infrastructure development [1] - MPLX will supply natural gas from its Delaware Basin processing plants to MARA's planned gas-fired power facilities, which will initially deliver 400 MW of electricity with potential expansion to 1.5 GW [1] Benefits of the Collaboration - The power generated will serve MARA's data centers and enhance energy reliability for MPLX's regional operations [2] - MPLX's CEO stated that the deal strengthens the company's natural gas value chain, while MARA's CEO highlighted the advantages of utilizing local low-cost gas for efficient, high-performance data centers [2] - The project is expected to evolve from supporting mining operations to advanced AI and high-performance computing workloads [2] Financial Performance - MARA reported third quarter 2025 revenues of $252 million, a 92% increase year-over-year [3] - The company achieved a net income of $123 million, a significant turnaround from a net loss of $125 million in the same period last year [3] - Adjusted EBITDA rose by 1,671% to $395.6 million, and the energized hashrate climbed 64% to 60.4 EH/s, with bitcoin holdings nearly doubling to 52,850 [3] - Despite strong financial results, MARA's stock is down 2.3% in early trading due to declines in both crypto and traditional markets [3]

Q3 2025 UPDATE NASDAQ: MARA MARA.COM NOVEMBER 4, 2025 #FFFFFF #000000 #EEECE8 #FCE9BE #A17000 #C6C3C2 #9E9B9C #625F62 Disclosure Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward- looking statements described under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange Commission (the "SEC"). ...

Financial Performance - Company MARA reported third-quarter 2025 revenue of $252.4 million, a 92% increase from $131.6 million in the same period last year [1] - Net income was $123.1 million, or $0.27 per diluted share, compared to a net loss of $124.8 million, or $0.42 per share, in the third quarter of 2024 [2] - Adjusted EBITDA rose to $395.6 million from $22.3 million a year earlier, attributed to higher bitcoin prices, production growth, and lower operating costs [2] Operational Highlights - MARA's energized hashrate grew 64% year over year to 60.4 exahashes per second (EH/s), up from 36.9 EH/s a year earlier [4] - The company deployed approximately 5,000 new miners during the quarter and achieved an average energy efficiency of 18.6 joules per terahash [4] - Bitcoin production totaled 2,144 during the quarter, compared to 2,070 in the third quarter of 2024 [5] Bitcoin Holdings - As of September 30, MARA held 52,850 bitcoin, up 98% from 26,747 at the same point last year, valued at approximately $6.0 billion based on a bitcoin price of $114,068 [5] Cost Structure - Cost per petahash per day improved to $31.3 from $37.0 in the same quarter a year ago [6] - Purchased energy costs totaled $43.1 million, up from $27.0 million in 2024, with a cost per bitcoin of $39,235 compared to $32,433 last year [6] - Operating and maintenance expenses were $26.3 million, compared to $9.4 million in the prior-year period [7] Cash Position and Financing - The company ended the quarter with combined unrestricted cash, cash equivalents, and bitcoin valued at $6.8 billion [8] - MARA issued $1.025 billion in zero-coupon convertible senior notes due 2032 and repurchased $19.4 million of its 1% convertible senior notes due 2026 for $18.3 million in cash [8] Strategic Developments - MARA announced a signed letter of intent with MPLX to supply an initial capacity of 400 megawatts (MW) of power for data campuses in West Texas, with the potential to scale to 1.5 GW [3]

Financial Performance - Revenues increased 92% to $252.4 million in Q3 2025, up from $131.6 million in Q3 2024[4][5] - Net income increased to $123.1 million, a significant improvement from a net loss of $124.8 million in Q3 2024[4][10] - Adjusted EBITDA surged 1,671% to $395.6 million compared to $22.3 million in Q3 2024[6] - Revenue increased by 92% to $252.4 million in Q3 2025 from $131.6 million in Q3 2024, driven by an 88% increase in the average bitcoin price[72][73] - Net income rose to $123.1 million, or $0.27 per diluted share, in Q3 2025, compared to a net loss of $124.8 million, or ($0.42) per diluted share, in Q3 2024[77] - Adjusted EBITDA increased to $395.6 million in Q3 2025 from $22.3 million in Q3 2024[89] - The adjusted EBITDA increased due to a rise in the change in fair value of digital assets, contributing to a net income of $123.1 million for Q3 2025, compared to a net loss of $124.8 million in Q3 2024[109] - Net income attributable to common stockholders for Q3 2025 was $123,128, compared to a loss of $124,789 in Q3 2024, representing a significant turnaround[111] - Adjusted EBITDA for Q3 2025 was $395,637, a substantial increase from $22,343 in Q3 2024, indicating strong operational performance[111] Bitcoin Holdings and Mining Operations - Bitcoin holdings rose 98% to 52,850 BTC, valued at approximately $6.0 billion, including 17,357 BTC loaned and pledged as collateral[12] - The company held 52,850 BTC at the end of September 2025, with 2,144 BTC mined during the quarter[57][72] - As of September 30, 2025, the company held a total of 52,850 bitcoin, with 17,357 bitcoin loaned, actively managed, or pledged as collateral, representing approximately 33% of total holdings activated through its digital asset management strategy[98] - Purchased energy cost per bitcoin was $39,235 in Q3 2025, up from $32,433 in Q3 2024 due to increased network difficulty[72][82] Hashrate and Mining Efficiency - Energized hashrate increased 64% to 60.4 EH/s in Q3 2025 from 36.9 EH/s in Q3 2024[7] - Energized hashrate increased by 64% to 60.4 EH/s in Q3 2025 from 36.9 EH/s in Q3 2024, with approximately 5,000 new miners deployed[72][88] - Cost per kWh was $0.04 for Q3 2025, with a cost per petahash per day improving by 15% from Q3 2024[9][11] - Cost per petahash per day improved by 15% from $37.0 in Q3 2024 to $31.3 in Q3 2025[72][81] Strategic Initiatives and Acquisitions - The acquisition of Exaion, valued at approximately $168.0 million, is expected to enhance MARA's capabilities in AI and private cloud operations[44] - The company agreed to acquire approximately 64% ownership interest in Exaion for approximately $168.0 million, enhancing capabilities in AI/HPC infrastructure[72] - MARA's collaboration with MPLX aims to develop integrated power generation facilities and data center campuses in West Texas, enhancing control over energy generation[27][35] - A joint initiative with MPLX was announced to develop integrated power generation and data center campuses in West Texas[72] Future Outlook and Growth Strategy - The company aims to derive 50% of its revenue from international operations by 2028, focusing on Europe and the Middle East for growth opportunities[39] - The company expects to generate incremental income through its digital asset management strategy, which includes lending and structured trading arrangements[95] - The company plans to strategically sell a portion of bitcoin produced from mining operations to support ongoing operating expenses, marking a shift in its investment approach[97] - Future outlook includes continued focus on operational efficiency and market expansion, with management emphasizing growth targets in adjacent markets[119] Financial Position and Capital Management - Unrestricted cash and cash equivalents totaled $826.4 million as of September 30, 2025, up from $391.8 million as of December 31, 2024[94] - The company raised $571.9 million from at-the-market equity sales in 2025, primarily for miner purchases and infrastructure acquisition[100] - The company issued $1.025 billion of 0.00% Convertible Senior Notes due 2032 on July 25, 2025, and repurchased approximately $19.4 million in existing convertible senior notes, resulting in a $1.0 million gain on extinguishment of debt[99] - As of September 30, 2025, the company held $7 billion in liquid assets, providing flexibility for domestic growth and international expansion[101] - The company is focused on executing a pipeline of energy infrastructure projects in the U.S. and internationally, aiming to expand capabilities while keeping costs low[102] Operational Costs and Expenses - General and administrative expenses increased to $47.6 million in Q3 2025 from $35.4 million in the prior year period, reflecting strategic expansion and headcount growth[86] - Depreciation and amortization expenses for the nine months ended September 2025 were $496,437, compared to $300,199 in the same period of 2024, indicating increased investment in fixed assets[111] - Interest income, net, for Q3 2025 was $(4,929), compared to $(1,552) in Q3 2024, showing a decline in interest income[111] - The company incurred restructuring costs of $20,905 in Q3 2025, reflecting ongoing efforts to optimize operations[111] - Impairment of assets was recorded at $26,253 for the nine months ended September 2025, indicating potential challenges in asset valuation[111] - The company reported a net gain from extinguishment of debt of $(1,029) for Q3 2025, suggesting strategic financial management[111] Asset Growth - Total assets for the last twelve months (LTM) reached $7,530,146, up from $6,136,839 in the previous year, reflecting growth in the company's asset base[111] - The company reported a return on capital employed of 27% for Q3 2025, consistent with the previous quarter, demonstrating effective capital utilization[111]

Financial Performance - Revenues increased 92% to $252 million year-over-year [1] - Net income improved to $123 million from a loss of $125 million in Q3 2024 [1] - Bitcoin holdings rose 98% year-over-year to 52,850 from 26,747 at the end of Q3 2024 [1] Investor Communication - Investors can access the third quarter 2025 shareholder letter on MARA's website [2] - A webcast and conference call will be held to discuss financial results at 9:30 a.m. Eastern Time [2][3] Company Overview - MARA deploys digital energy technologies to enhance global energy systems [4] - The company transforms excess energy into digital capital, supporting critical infrastructure [4]

Core Insights - MPLX LP and MARA Holdings, Inc. have signed a letter of intent (LOI) for MPLX to supply natural gas to MARA's planned integrated power generation facilities and data centers in West Texas [1][2] - The collaboration aims to enhance energy reliability and scalability in the region, with an initial power generation capacity of 400 MW and potential scalability up to 1.5 GW [2][4] Company Summaries MPLX LP - MPLX is a diversified, large-cap master limited partnership that operates midstream energy infrastructure and logistics assets, including a network of crude oil and refined product pipelines, storage caverns, and natural gas processing facilities [5] - The company aims to enhance its natural gas value chain and improve power reliability for its producer-customers through this collaboration [3] MARA Holdings, Inc. - MARA focuses on deploying digital energy technologies to optimize energy systems, transforming excess energy into digital capital and supporting critical infrastructure [6] - The partnership with MPLX allows MARA to leverage local natural gas resources, optimizing power usage and supporting the development of efficient data center campuses [4]

Core Viewpoint - The cryptocurrency sector is experiencing a decline, with several companies showing significant drops in their stock prices, indicating a bearish trend in the market [1] Company Performance - Riot Platform (RIOT.US) decreased by 4.6% - Hut 8 fell by 4.5% - Canaan Creative (CAN.US) dropped by 3.8% - Robinhood (HOOD.US) and Marathon Holdings (MARA.US) both declined by 3.7% - Coinbase (COIN.US) saw a decrease of 3.3% [1]

Core Insights - MARA Holdings Inc. is expected to report third-quarter financials with a projected earnings per share of $0.11, a significant improvement from a loss of $0.32 per share in the same quarter last year [2] - The company is anticipated to announce quarterly revenue of $250.70 million, nearly double the revenue reported in the same quarter last year [2] Financial Performance - In the previous quarter, MARA reported revenue of $238.5 million, surpassing analyst estimates of $218.45 million [3] - The earnings per share for the last quarter was $1.84, exceeding street estimates of a loss of $0.36 per share [3] Market Indicators - The Moving Average Convergence Divergence (MACD) indicator has flashed a "Sell" signal for MARA, while the Commodity Channel Index (CCI) has indicated a "Buy" signal [4][5] - The Bull Bear Power indicator remains "Neutral," suggesting a balance between buyers and sellers in the market [5] Stock Performance and Projections - For the quarter ending September 30, MARA shares increased by over 16% [6] - The consensus price target for MARA is $20.11, with the highest forecast set at $30 by Cantor Fitzgerald, indicating a potential upside of 53.43% from the current price [6] - In pre-market trading, MARA shares are down 1.59% after closing 2.87% higher at $18.27 during the previous trading session, with a year-to-date gain of 8.94% [7] Growth Metrics - The stock has exhibited a very high growth score, reflecting its historical expansion in earnings and revenue across multiple periods [8]