Marathon(US:MARA) Yahoo Finance·2025-11-04 14:15Financial 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]