Mara (MARA) Q2 Profit Surges 64%

Core Insights - Mara reported a significant turnaround in profitability for Q2 2025, with GAAP earnings per share of $1.84, exceeding analyst expectations of a ($0.07) loss, and revenue of $238.5 million, a 64% increase from the previous year [1][2] Financial Performance - EPS (GAAP) for Q2 2025 was $1.84, compared to a loss of ($0.72) in Q2 2024 [2] - Revenue (GAAP) reached $238.5 million, up from $145.1 million in Q2 2024, marking a 64.3% year-over-year increase [2] - Net income (GAAP) was $808.2 million, a significant improvement from a loss of ($199.7 million) in the prior year [2] - Adjusted EBITDA was reported at $1.25 billion, reflecting a strong operational performance [2] - The company mined 2,358 bitcoins, a 14.6% increase from 2,058 bitcoins in Q2 2024 [2] Operational Highlights - The energized hashrate increased by 82% to 57.4 exahash per second in Q2 2025, with daily bitcoin production rising to 25.9 BTC [6] - Cost per bitcoin for purchased energy decreased by 5.6% from Q1 2025, reaching $33,735 [7] - The company’s electricity rate of $0.04 per kilowatt hour is among the lowest in the industry [7] Strategic Focus - Mara's strategy includes managing bitcoin price volatility, reducing energy costs, advancing mining technology, and expanding into AI infrastructure services [4] - The company is investing in research and development, with spending more than doubling to $8.5 million [8] - Partnerships with tech firms aim to create hybrid facilities that combine AI and mining capabilities [9] Future Outlook - Mara aims to achieve a hashrate of 75 exahash per second by the end of 2025, focusing on international expansion and technology investments [11] - The company plans to retain nearly all mined bitcoin to benefit from potential price appreciation and related income streams [11] - Cash plus bitcoin holdings totaled $5.4 billion as of Q2 2025, with bitcoin holdings increasing by over 170% from approximately 18,500 BTC in Q2 2024 to 49,951 BTC [10]