Marathon Digital Holdings Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.55%.
Did MARA Beat Earnings? Q3 2025 Results
Marathon Digital delivered a mixed third quarter, posting revenue of $252.40 million, up 91.7% year-over-year but falling short of the $254.47 million consensus by 0.81%, while earnings per share of $0.27 missed the $0.35 estimate by 23.58%, sending shares lower in the session that followed. The primary engine behind the top-line surge was an 88% rise in the average bitcoin price, which alone contributed $113.30 million to the year-over-year revenue increase, complemented by a 5% increase in blocks won and a 64% expansion in energized hashrate to 60.4 EH/s. MARA swung to GAAP net income of $123.10 million, compared to a loss of $124.80 million a year ago, aided substantially by a $343.10 million fair-value gain on digital assets, while Adjusted EBITDA climbed to $395.60 million from $22.30 million. Looking ahead, the company is targeting 75 EH/s by year-end while pivoting toward vertically integrated digital infrastructure through its pending Exaion acquisition and a new partnership with MPLX to develop data center campuses with up to 1.5 GW of potential capacity.
- 88% increase in average bitcoin price contributed $113.3 million to revenue growth
- 64% year-over-year increase in energized hashrate to 60.4 EH/s
- 5% increase in blocks won to 633
- $343.1 million gain on fair value of digital assets boosted net income
- Cost per petahash per day improved 15% from $37.0 to $31.3
- Transition from asset-light to vertically integrated model reduced electricity cost per coin
Forward Guidance & Outlook
MARA targets 75 EH/s of energized hashrate by year-end 2025 and aims to derive 50% of revenue from international operations by 2028. The company plans to evolve over the next three to five years into a vertically integrated digital infrastructure operator combining energy generation, Bitcoin mining, and AI compute. Through its MPLX collaboration, initial power capacity is expected to reach ~400 MW with expansion potential to 1.5 GW across three planned sites. The pending Exaion acquisition (~$168M for ~64% stake) is expected to close in Q4 after regulatory approvals. MARA expects to pursue sovereign AI inference at the edge with smaller, purpose-built data centers. The company noted improving liquidity conditions from Fed rate cuts and M2 expansion but cautioned about uncertainty in global trade dynamics and potential Bitcoin consolidation with bouts of volatility.
MARA YoY Financials
MARA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.