MARA Holdings Q2 FY26 earnings call MARA

MARA is shifting its primary growth focus to digital infrastructure, leveraging its decade-long expertise in power management and compute infrastructure from Bitcoin mining. The company highlights the critical need for energized, permitted capacity for AI, with hyperscalers projected to invest $725 billion in 2026 and over $1 trillion by 2027. This investment is expected to drive US data center electricity demand from 31 GW in 2025 to 66 GW by 2027, creating a significant supply-demand imbalance.

The acquisition of rights to a 2 gigawatt site in Matagorda County, Texas, and the pending Long Ridge acquisition are expected to more than double MARA's power portfolio to approximately 4.8 gigawatts. These strategic moves aim to increase operational control, improve unit economics, and support a transition away from hosted mining as existing agreements expire by Q1 2028. The Matagorda site is particularly attractive due to existing transmission lines and proximity to a major power market.

The partnership with Starwood provides development expertise and capital support, enhancing MARA's ability to deliver digital infrastructure with speed, certainty, and reliability. The company is actively progressing lease discussions across multiple sites with prospective tenants and remains confident in its ability to sign at least two leases before year-end. This strategy focuses on establishing durable customer relationships and maximizing infrastructure value over decades.

Exaion, a European company, provides specialized private cloud infrastructure governed under European jurisdiction, addressing the growing need for data sovereignty, security, and compliance. It caters to enterprises and public sector organizations operating within the EU regulatory framework, allowing them to deploy advanced AI workloads while retaining control of their data. Exaion also supports the deployment of open-source models, which are gaining traction due to lower token costs compared to frontier models.

MARA is commercializing internal tools developed from its mining operations. Vertebr.AI is a platform for real-time power allocation and infrastructure optimization, which has enabled increased compute capacity within the same electrical footprint and can serve as a load bank for data center start-ups. Hashrate Under Management (HUM), a blockchain financial infrastructure platform, is now generating contractual revenues, providing stability to Bitcoin mining pools and leveraging MARA's hashrate.

Bitcoin mining remains an important part of MARA's strategy, generating cash flow, providing flexibility to monetize power at newly energized sites before AI facilities are ready, and offering operating insights for AI infrastructure. The company views mining and AI infrastructure as different applications of the same underlying asset (power), dynamically allocating capital to maximize value based on market conditions. Fleet modernization and intelligent power management continue to improve mining efficiency.

The second quarter was marked by a challenging Bitcoin price environment, leading to a net loss of $611.3 million and negative adjusted EBITDA of $360.9 million, largely due to unrealized mark-to-market adjustments. Despite these impacts, the company improved its daily cost per petahash per day by 4% year-over-year to $27.7 and increased Bitcoin production at owned sites by 2%, demonstrating underlying operational efficiency.