MARA Holdings, Inc.

Listed Company

MARACIK 0001507605NasdaqLarge AcceleratedFinance ServicesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$907.09M

Net Income

$-1.31B

Total Assets

$7.29B

Equity

$3.47B

Shares Out

381.27M

Op. Cash Flow

$-802.73M

MARA$10.63−46.77% · past yearDBEQ Basic

Daily closing prices

Business

MARA Holdings is an energy and digital infrastructure company that acquires, manages, and allocates energy to high-value uses, with Bitcoin mining as its primary flexible workload and foundation. The company operates data centers across multiple continents with substantial total capacity, the majority of which is owned and operated directly. MARA is expanding into artificial intelligence inference and high-performance computing capabilities by redeploying existing infrastructure and acquiring stakes in complementary operators, while also pursuing joint-venture development for hyperscale AI and HPC deployment on power-rich sites.

Summary from 10-K filed 2026-03-02

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	907	656	388	118	159
Purchased energy costs	179	98	0	—	—
Operating and maintenance costs	96	64	14	—	—
Third-party hosting and other energy costs	292	257	212	—	—
General and administrative	350	254	84	−57	−174
Depreciation and amortization	773	429	180	−79	−15
Change in fair value of digital assets	305	−814	−331	−14	—
Change in fair value of derivative instrument	−40	2	0	0	—
Impairment of goodwill and other assets	109	0	0	—	—
Taxes other than on income	9	8	5	—	—
Early termination expenses	5	38	0	0	—
Research and development	30	13	3	−100,000	—
Restructuring costs	24	0	0	—	—
Total costs and operating expenses	2,131	350	167	—	—
Operating income (loss)	−1,224	306	221	−674	−3
Change in fair value of digital assets - receivable, net	−121	300	0	0	—
Net gain from extinguishment of debt	1	13	82	0	0
Interest income	56	17	3	1	677,415
Interest expense	−48	−13	−10	−15	—
Equity in net earnings of unconsolidated affiliate	−5	−2	−617,000	0	0
Other	−27	−5	−17	262,000	−288,000
Total other income (loss)	−144	310	57	—	72
Income (loss) before income taxes	−1,368	617	278	−718	−5
Income tax benefit (expense)	56	−75	−16	24	−25
Net income (loss)	−1,312	541	261	−694	—
Less: Net loss attributable to noncontrolling interest	412,000	245,000	0	0	—
Net income (loss) attributable to MARA	−1,311	541	261	−694	−30
Series A preferred stock accretion to redemption value	0	0	−2	0	0
Net income (loss) attributable to common stockholders	−1,311	541	259	−694	−30
Net income (loss) per share of common stock - basic (in dollars per share)	−3.69	1.87	1.41	−6.12	−0.3
Weighted average shares of common stock - basic (in shares)	355	290	184	113	99
Net income (loss) per share of common stock - diluted (in dollars per share)	−3.69	1.72	1.06	−6.12	−0.3
Weighted average shares of common stock - diluted (in shares)	355	312	192	113	99

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	547	392	357	104	269
Restricted cash	12	12	0	9	—
Digital assets, current portion	2	4	640	12	—
Other receivables	19	6	0	18,000	27
Deposits	20	19	7	2	34
Derivative instrument, current portion	20	2	0	—	—
Prepaid expenses and other current assets	44	36	26	41	35
Total current assets	664	470	1,030	278	684
Digital assets, net of current portion	3,369	3,224	0	69	—
Digital assets - receivable, net	1,337	960	0	—	—
Property and equipment, net	1,491	1,549	672	273	276
Advances to vendors	8	121	96	488	466
Investments	134	111	106	37	3
Long-term deposits	219	241	60	—	466
Long-term prepaids	3	14	27	8	14
Operating lease right-of-use assets	32	17	443,000	1	—
Derivative instrument, net of current portion	29	7	0	—	—
Goodwill	0	83	0	—	—
Intangible assets, net	988,000	3	0	—	—
Total long-term assets	6,623	6,331	961	918	760
TOTAL ASSETS	7,287	6,801	1,991	1,195	1,444
Accounts payable	13	13	11	1	8
Accrued expenses	87	77	22	22	3
Notes payable, current portion	48	0	—	—	—
Line of credit, current portion	350	0	—	—	—
Operating lease liabilities, current portion	2	239,000	124,000	326,000	—
Finance lease liability, current portion	173,000	168,000	0	—	—
Other current liabilities	23	5	0	—	—
Total current liabilities	522	95	34	26	11
Notes payable, net of current portion	3,202	2,247	326	732	728
Line of credit, net of current portion	0	200	—	—	—
Operating lease liabilities, net of current portion	40	23	354,000	1	—
Finance lease liability, net of current portion	4	4	0	—	—
Deferred tax liabilities	30	89	15	0	23
Other long-term liabilities	12	8	0	—	—
Total long-term liabilities	3,288	2,570	341	783	751
Commitments and Contingencies (Note 18)	—	—	—	—	—
Preferred stock, par value $0.0001 per share, 50,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	—
Common stock, par value $0.0001 per share, 800,000,000 shares authorized; 379,464,892 shares and 340,258,453 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	37,000	34,000	24,000	15,000	10,000
Additional paid-in capital	4,810	4,155	2,184	1,226	836
Accumulated deficit	−1,338	−26	−568	12	−154
Total stockholders equity attributable to MARA	3,472	4,129	1,616	386	682
Noncontrolling interest	5	7	0	—	—
Total equity	3,477	4,136	1,616	386	689
TOTAL LIABILITIES AND EQUITY	7,287	6,801	1,991	1,195	1,444

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	773	429	186	79	15
Deferred tax (benefit) expense	−59	73	15	−25	25
Change in fair value of digital assets and digital assets - receivable, net	426	−1,114	−331	14	—
Net gain on investments	−13	−4	0	—	—
Stock-based compensation	172	158	33	25	161
Other adjustments from operations, net	11	10	15	1	—
Revenues from digital assets production	−897	−625	−386	−118	−151
Other receivables	2	−9	0	−24	0
Deposits	18	−190	−24	—	—
Prepaid expenses and other assets	2	12	−2	−49	987,000
Accounts payable and accrued expenses	−3	13	−589,000	13	12
Net cash used in operating activities	−803	−677	−316	−176	−19
Advances to vendors	−153	−817	−159	−484	−435
Acquisition, net of cash acquired	−36	−336	0	0	—
Purchase of property and equipment	−407	−251	−28	−41	−274
Proceeds from sale of property and equipment	4	4	0	178	0
Purchase of intangible assets	0	−3	0	0	—
Proceeds from sale of digital assets	434	152	265	0	—
Payments on hedge settlements	0	0	−2	0	0
Purchase of digital assets	−474	−1,947	0	0	−150
Investment in equity method investments	−13	−22	−72	0	—
Purchase of equity investments	−24	−10	0	−44	−3
Net cash used in investing activities	−670	−3,229	5	−390	−891
Proceeds from issuance of common stock, net of issuance costs	569	1,852	608	361	312
Proceeds from issuance of Convertible Notes, net of issuance costs	1,014	2,179	0	0	728
Proceeds from issuance of Series A preferred stock, net of issuance costs	0	0	14	0	0
Redemption of Series A preferred stock	0	0	−16	0	0
Repurchase of shares in settlement of restricted stock	−47	−37	−380,000	0	—
Line of credit	150	200	0	0	78
Repayment of finance lease liabilities	−168,000	−163,000	0	0	—
Repayment of Convertible Notes	−18	−247	0	0	—
Repayment of term loan borrowings	0	0	−50	−120	−78
Purchased capped calls	−40	0	—	—	—
Contribution from noncontrolling interest	559,000	7	0	—	—
Net cash provided by financing activities	1,628	3,953	556	411	1,037
Net increase in cash, cash equivalents and restricted cash	155	46	245	−156	127

Filings

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Frequently asked questions

What is MARA Holdings, Inc.'s CIK number?

MARA Holdings, Inc.'s SEC CIK number is 0001507605 (1507605). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find MARA Holdings, Inc.'s SEC filings?

All of MARA Holdings, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did MARA Holdings, Inc. last report earnings?

MARA Holdings, Inc. (MARA) most recently filed an earnings 8-K with the SEC on May 11, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001507605-26-000014). This is MARA Holdings, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is MARA Holdings, Inc.'s most recent earnings 8-K?

MARA Holdings, Inc.'s latest earnings 8-K (Item 2.02) was filed May 11, 2026 under accession 0001507605-26-000014. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View MARA Holdings, Inc.'s latest earnings 8-K →
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