MARA Holdings, Inc. (MARA): Results of Operations and Financial Condition
MARA Holdings, Inc. (MARA) filed an SEC Form 8-K — Results of Operations and Financial Condition. Contents To Our Shareholders 3 Financial and Operational Discussion 10 Earnings Webcast and Conference Call 15 Statements of Operations 16 Investor Notice 19 Forward-Looking Statements 19 Key Highlights Revenues decreased 27% to $174.9 million IN Q2 2026 from $238.5 million in Q2
How this was made
The 30-second read
Why it matters
Traders can update expectations for miner profitability and balance-sheet risk based on the reported Q2 2026 revenue, net income (loss), adjusted EBITDA, and BTC holdings changes, while also tracking progress on power/land transactions that may affect future earnings power.
Market read
The filing provides fresh, company-specific financial deterioration versus the prior year quarter and updates on BTC holdings and energized hashrate, plus forward-looking power infrastructure catalysts.
What to watch
The filing emphasizes powered land expansion and transition away from hosted mining, but the text provided does not quantify timing or closing probability for FERC/interconnect approvals, which may keep near-term uncertainty elevated.
Revenue decreased 27% to $174.9 million and net income (loss) decreased to ($611.3 million) in Q2 2026 as MARA advanced its powered-land and AI infrastructure strategy.
Revenue, net income (loss), and Adjusted EBITDA all declined versus Q2 2025, while the company continues to pursue infrastructure acquisitions and leasing opportunities subject to regulatory and interconnection approvals.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenuesGAAP | $174.9 million | – | decreased 27% |
| Net income (loss)GAAP | ($611.3 million) | – | decreased |
| Adjusted EBITDAnon-GAAP | ($360.9 million) | – | decreased |
| Energized hashrateother | 70.3 EH/S | – | increased 22% |
| Bitcoin holdingsother | 35,577 BTC (C. $2.1B) | – | decreased 29% |
| Bitcoin loaned or pledged as collateralother | 9,270 BTC | – | – |
| Total blocks wonother | 700 | – | increased 1% |
| Purchased energy cost per BTC for owned sitesother | $38,690 | – | – |
| Cost per kWhother | $0.04 | – | – |
| Bitcoin minedother | 2,422 BTC | – | – |
| Cost/petahash per dayother | decreased by 4% | – | decreased by 4% |
| Data centersother | 19 data centers across four continents | – | – |
before year-end outlook
- Noteremain confident in our ability to sign at least one lease before year-end.
- Noteexpand our power portfolio up to 4.8 GW, subject to FERC and interconnect approval.
- NoteThe agreement to acquire rights to a powered site in Matagorda County, Texas, is expected to add approximately two gigawatts, subject to ERCOT and interconnect approvals.
What drove it
- Energized hashrate increased 22% to 70.3 EH/S from 57.4 EH/s in Q2 2025.
- Total blocks won increased 1% to 700 from 694 in Q2 2025.
- MARA mined 2,422 BTC in Q2 2026.
- Purchased energy cost per BTC was $38,690 in Q2 2026 for owned sites, and cost per kWh was $0.04 for Q2 2026.
- The company continued to advance the Long Ridge transaction and is awaiting FERC approval.
- Subsequent to quarter-end, MARA secured rights to a 2 GW powered land site in Matagorda County, Texas, subject to ERCOT and interconnect approvals.
- Long Ridge is expected to contribute positive EBITDA upon closing, with more than 70% of its power output contracted under long-term agreements.
Concerns
- Revenues decreased 27% to $174.9 million from $238.5 million in Q2 2025.
- Net income (loss) decreased to ($611.3 million) from $808.2 million in Q2 2025.
- Adjusted EBITDA decreased to ($360.9 million) compared to $1.2 billion in Q2 2025.
- Bitcoin holdings decreased 29% to 35,577 BTC.
- The Long Ridge transaction is awaiting FERC approval.
- The Matagorda County site remains subject to ERCOT and interconnect approvals.
What to watch
- Whether MARA signs at least one lease before year-end.
- FERC approval and closing progress for the Long Ridge transaction.
- ERCOT and interconnect approvals for the Matagorda County, Texas powered-land site.
- Progress toward expanding the power portfolio up to 4.8 GW.
- Whether the company completes its transition away from hosted mining as existing agreements expire.
- Trends in energized hashrate, Bitcoin production, purchased energy cost per BTC, and Bitcoin holdings.
Balance sheet and cash flow
- Bitcoin holdings decreased 29% to 35,577 BTC (C. $2.1B), including 9,270 BTC loaned or pledged as collateral as of June 30, 2026.
- No BTC was purchased in Q2 2026.
Analysis
MARA reported a materially weaker Q2 2026 financial result than Q2 2025. Revenues decreased 27% to $174.9 million from $238.5 million. Net income (loss) decreased to ($611.3 million) from $808.2 million, while Adjusted EBITDA decreased to ($360.9 million) from $1.2 billion. The filing does not provide reported gross margin, operating income, EPS, operating cash flow, or free cash flow in the supplied text.
Operational mining capacity expanded despite the financial decline. Energized hashrate increased 22% to 70.3 EH/S from 57.4 EH/s, and total blocks won increased 1% to 700 from 694. MARA mined 2,422 BTC during Q2 2026. The company reported purchased energy cost per BTC of $38,690 for owned sites and cost per kWh of $0.04, while cost/petahash per day decreased by 4% from Q2 2025.
Bitcoin holdings decreased 29% to 35,577 BTC (C. $2.1B), including 9,270 BTC loaned or pledged as collateral as of June 30, 2026. MARA reported that no BTC was purchased in Q2 2026. The supplied text provides no share-repurchase or dividend information.
Management's strategic emphasis is on powered land, digital infrastructure, AI infrastructure, and an eventual move away from hosted mining as existing agreements expire. The pending Long Ridge acquisition is awaiting FERC approval and is expected to contribute positive EBITDA upon closing, with more than 70% of its power output contracted under long-term agreements. Subsequent to quarter-end, MARA secured rights to a 2 GW powered land site in Matagorda County, Texas, subject to ERCOT and interconnect approvals.
The principal near-term commercial milestone is management's expectation to sign at least one lease before year-end. The company also expects its power portfolio could expand up to 4.8 GW, subject to the stated approvals. The reported financial deterioration and lower Bitcoin holdings contrast with continued growth in energized hashrate and the company's infrastructure-development plans, making regulatory approvals, lease execution, and conversion of powered assets into contracted cash-flow-generating infrastructure central items to monitor.
Not in the filing
stated, not guessed- Gross profit and gross margin
- Operating income or loss
- GAAP diluted EPS
- Non-GAAP EPS
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Share repurchases
- Dividends
- Revenue by segment
- Segment profitability
- Prior-quarter revenue, net income (loss), Adjusted EBITDA, energized hashrate, Bitcoin holdings, blocks won, energy cost, and BTC mined
- Forward revenue guidance
- Forward gross-margin guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- Reported financial guidance range
- Named MARA executive quotes in the supplied text
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K with Item 2.02, attaching MARA’s Q2 2026 shareholder letter and financial/operational discussion.
Ticker impact
MARA reports Q2 2026 results and financial condition, including a sharp revenue decline, large net loss, and adjusted EBITDA deterioration.
Near-term downside bias as traders focus on the magnitude of net loss and adjusted EBITDA decline, despite higher energized hashrate.
The 8-K includes concrete P&L and balance-sheet changes (revenues -27%, net loss -611.3M, adjusted EBITDA -360.9M) plus BTC holdings down 29%, which typically drives risk-off repricing for miners.
Market effects
Reinforces that miner economics remain highly sensitive to BTC balance changes and profitability, even when hashrate scales.
No clear regional transmission beyond Texas power development references.
Limited; primarily company-specific crypto-mining and AI power-infrastructure narrative.
Counterpoint
Operational scaling improved (EH/s +22%, blocks won +1%), and the company highlights pending power/land catalysts (Long Ridge FERC approval, Matagorda 2 GW rights) that could improve unit economics later.
Key entities
- public_companyMARA Holdings, Inc.
Bitcoin miner and digital infrastructure operator reporting Q2 2026 results and discussing power/land expansion and pending transactions.
- transactionLong Ridge transaction
Pending deal referenced as awaiting FERC approval, expected to expand Hannibal campus and contribute positive EBITDA upon closing.
- assetMatagorda County, Texas powered land site
Rights to a 2 GW powered land site secured post quarter-end, subject to ERCOT and interconnect approvals.
