Q1 25 EPS
$-1.55
MISS 376.00%
Est. $0.56
Q1 25 Revenue
$213.9M
MISS 2.92%
Est. $220.3M
vs S&P Since Q1 25
-50.0%
TRAILING MARKET
MARA -16.9% vs S&P +33.1%
Market Reaction
Did MARA Beat Earnings? Q1 2025 Results
Marathon Digital delivered a deeply disappointing first quarter, swinging to a net loss of $533.44 million, or $(1.55) per diluted share, against a consensus estimate of $0.56, a miss of 376.00% that underscores just how dramatically bitcoin's price … Read more Marathon Digital delivered a deeply disappointing first quarter, swinging to a net loss of $533.44 million, or $(1.55) per diluted share, against a consensus estimate of $0.56, a miss of 376.00% that underscores just how dramatically bitcoin's price volatility can reshape the company's bottom line. Revenue of $213.88 million rose 29.5% year over year but fell 2.92% short of the $220.31 million analysts expected, a relatively modest shortfall overshadowed entirely by a $510.20 million unrealized loss on digital assets as bitcoin's price declined between December 31 and March 31. Operationally, the picture was notably stronger, with energized hashrate growing 95% year over year to 54.3 EH/s and cost per petahash per day improving 25% to $28.50, reflecting the company's deepening vertical integration strategy. Management noted that bitcoin's subsequent recovery toward $100,000 implies a substantial fair value reversal in Q2, while ongoing expansion into AI inference workloads and international public-private partnerships signals the company's ambitions well beyond pure bitcoin mining.
Key Takeaways
- • 77% increase in average bitcoin price contributed $90.7 million in additional revenue
- • Energized hashrate grew 95% YoY to 54.3 EH/s
- • Cost per petahash per day improved 25% YoY to $28.5
- • Total blocks won increased 81% to 666 from 368 in Q1 2024
- • $510.2 million loss on fair value of digital assets due to quarter-end BTC price decline drove net loss
- • Shift from asset-light to vertically integrated owned and operated model
MARA YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
MARA Revenue by Segment
With YoY comparisons, source: SEC Filings
MARA Earnings Trends
MARA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MARA EPS Trend
Earnings per share: estimate vs actual
MARA Revenue Trend
Quarterly revenue: estimate vs actual
MARA Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.51 | $-3.31 | -555.45% | $174.6M | -5.22% |
| Q4 25 MISS FY | $-0.03 | $-4.52 | -17,980.00% | $202.3M | -19.51% |
| FY Full Year | — | — | — | $907.1M | — |
| Q3 25 MISS | $0.35 | $0.27 | -23.58% | $252.4M | -0.81% |
| Q2 25 BEAT | $-0.28 | $1.84 | +769.09% | $238.5M | +6.64% |
| Q1 25 MISS | $0.56 | $-1.55 | -376.00% | $213.9M | -2.92% |
| Q4 24 BEAT FY | $-0.08 | $1.24 | +1,650.00% | $214.4M | +14.58% |
| FY Full Year | $0.26 | $1.72 | +561.54% | $656.4M | +3.93% |
| Q3 24 MISS | $-0.25 | $-0.42 | -68.00% | $131.6M | -13.20% |
| Q2 24 MISS | $-0.14 | $-0.72 | -414.29% | $145.1M | -8.05% |
| Q1 24 BEAT | $0.22 | $1.26 | +472.73% | $165.2M | +0.00% |
| Q4 23 BEAT FY | $0.03 | $0.66 | +2,100.00% | $156.8M | +0.00% |
| FY Full Year | — | $1.06 | — | $387.5M | — |
| Q3 23 BEAT | $-0.11 | $0.35 | +418.18% | $97.8M | -5.04% |
| Q3 16 BEAT | $-3.92 | $-0.21 | +94.64% | $43,113 | — |