MARA Holdings Reports $252M Q3 Revenue, Pivots to AI Infrastructure

Core Insights - MARA Holdings reported third-quarter 2025 revenues of $252.4 million and net income of $123.1 million, marking a significant turnaround from a net loss in the previous year [1][2] - The company is expanding into artificial intelligence infrastructure and energy-integrated data centers, indicating a strategic shift to diversify revenue streams beyond Bitcoin mining [4][6] Financial Performance and Bitcoin Operations - The company mined 2,144 BTC and purchased 2,257 BTC during the quarter, increasing total holdings to 52,850 BTC as of September 30 [2] - Revenues increased by 92% compared to the same period in 2024, when revenues were $131.6 million and the company reported a net loss of $124.8 million [2] - MARA's energized hashrate grew 64% year-over-year to 60.4 EH/s, with cost per petahash per day improving by 15% to $31.3 [3] - Adjusted EBITDA reached $395.6 million, representing a 1,671% increase from the prior year [3] - The company will transition to quarterly production updates starting with Q4 2025 results [3] Strategic Expansion into AI and Energy Infrastructure - MARA announced a partnership with MPLX to develop power generation and data center campuses in West Texas, targeting an initial capacity of 400 MW, scalable to 1.5 GW [4] - The partnership includes a tolling agreement for natural gas supply, with facilities transitioning from mining operations to AI workloads as the project scales [4] - The company deployed its first ten AI inference racks at its Granbury, Texas site after the quarter ended [5] - MARA signed an agreement to acquire approximately 64% of Exaion, a Paris-based AI and high-performance computing subsidiary of Électricité de France, with the acquisition expected to close in Q4, subject to regulatory approvals [5]