Marathon Digital Holdings, Inc. Earnings Recaps
Q1 2026
May 12, 2026
MARA’s stock rose 3.5% following the earnings release, reflecting investor approval of the company’s strategic acquisitions and strengthened power capacity platform, which together provide clear paths to growth and durable cash flow.
Key takeaways
- Completed acquisition of a majority interest in Exaion and advanced execution of the Starwood joint venture, signaling progress on strategic partnerships.
- Added Long Ridge Energy & Power, increasing energized power capacity by approximately 65% to roughly 2.2 gigawatts, with expansion potential to 2.4 gigawatts.
- Long Ridge campus includes a highly efficient 505-megawatt gas turbine generating $144 million annualized adjusted EBITDA with 76% contracted capacity, providing immediate and stable cash flow.
- Strategic focus on controlling scarce and cost-advantaged power to enable AI compute growth, a market constrained by power availability.
- Active tenant discussions underway for AI and critical IT load at Long Ridge, with initial buildout expected to start in mid-2027 and capacity coming online in 2028.
Q3 2025
Nov 5, 2025
MARA continues its transformation from a Bitcoin miner to a vertically integrated digital infrastructure company, achieving significant advancements in both mining efficiency and AI inference capabilities this quarter.
Key takeaways
- Installed first AI inference racks at the Granbury site, marking a strategic expansion into AI infrastructure.
- Pending acquisition of Exaion will enhance MARA's capabilities in enterprise-grade AI-optimized private cloud services.
- Collaboration with MPLX aims to develop integrated power generation and data center campuses, with the potential to expand capacity from 400 megawatts to 1.5 gigawatts.
- Strategic shift emphasizes the dual monetization of energy through Bitcoin mining and AI, positioning MARA at the forefront of the digital economy.
- Leadership believes the convergence of Bitcoin and AI will maximize energy value and drive future growth.
Q2 2025
Aug 2, 2025
MARA reported a record-breaking Q2 2025, achieving highs in revenue, adjusted EBITDA, and net income, while solidifying its position as a leader in bitcoin mining and infrastructure development.
Key takeaways
- Revenues and adjusted EBITDA reached all-time highs, highlighting robust operational execution amid favorable bitcoin market conditions.
- Strategic partnerships announced with TAE Power and Pado AI to co-develop grid-responsive load balancing platforms aimed at enhancing AI infrastructure.
- Surpassed 50,000 bitcoin holdings, establishing MARA as the second-largest global bitcoin holder, while emphasizing ongoing active management for long-term shareholder value.
- Launched a new behind-the-meter data center in Texas to leverage low-cost energy, boosting margins and operational efficiency.
- Positioned for future growth with a global pipeline exceeding 3 gigawatts, targeting energy-efficient, sovereign edge infrastructure in emerging markets.