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    MARA
    Earnings call· Dec 2025(Q4 FY25)

    MARA Holdings Q4 FY25 earnings call MARA

    Feb 26, 2026 Source

    Executive summary

    MARA Q4 FY25 — Strategic Pivot to AI/HPC Infrastructure with Starwood JV

    MARA is strategically pivoting from a pure-play Bitcoin miner to an energy and digital infrastructure company, leveraging its power-rich portfolio for AI and HPC workloads through a joint venture with Starwood Digital Ventures and the acquisition of Exaion. This transition aims to diversify revenue streams, enhance cash flow visibility, and maximize long-term value per megawatt, despite significant Bitcoin price volatility impacting Q4 financial results.

    Highlights

    5

    • Strategic partnership with Starwood Digital Ventures to develop over 1 GW of near-term IT capacity, with a pathway to over 2.5 GW, accelerating MARA's AI/HPC expansion.

    • Acquisition of a 64% stake in Exaion, expanding enterprise-grade AI and HPC capabilities for private enterprise and sovereign cloud environments.

    • Energized hashrate increased 25% from 53.2 exahash to 66.4 exahash between Q4 2024 and Q4 2025.

    • Bitcoin holdings increased by over 20%, from approximately 44,000 to nearly 54,000 Bitcoin, between Q4 2024 and Q4 2025.

    • Daily cost per petahash per day improved 4% year-over-year to $30.5 in Q4 2025, and 36% over the past 11 quarters.

    Concerns

    5

    • Reported a net loss of $1.7 billion, or -$4.52 per diluted share, in Q4 2025, primarily due to a $1.5 billion non-cash loss from the change in fair value of digital assets.

    • Revenues in Q4 2025 were $202.3 million, down from $214.4 million in Q4 2024, impacted by Bitcoin price volatility and lower production volumes.

    • Bitcoin price experienced a nearly $40,000 swing in Q4 2025, falling from $125,000 to $87,000 by quarter end.

    • Production volumes were lower, with 21.9 Bitcoin/day mined in Q4 2025 compared to 27.1 Bitcoin/day in Q4 2024, primarily due to higher network difficulty.

    • Recorded a non-cash goodwill impairment charge of $82.8 million in Q4 2025.

    Guidance & targets

    3
    CategoryTargetConfidence
    IT Capacity
    more than 1 gigawatt
    high materiality
    High
    IT Capacity Pathway
    more than 2.5 gigawatts
    high materiality
    High
    Capital Allocation Strategy
    monetize Bitcoins opportunistically to enhance financial flexibility
    medium materiality
    High

    Operational metrics

    33
    Revenue
    $202.3 millionvs $214.4 million in Q4 FY24
    Q4 FY25

    Reported revenues for the fourth quarter.

    Revenue
    $907.1 millionvs $656.4 million in FY24
    FY25

    Reported revenues for the full fiscal year.

    Revenue growth
    38%YoY
    FY25

    Full year revenue growth.

    Bitcoin price
    $111,000
    Q4 FY25 start

    Bitcoin price at the beginning of the fourth quarter.

    Bitcoin price
    $125,000new all-time high
    early October Q4 FY25

    Bitcoin price reached a new all-time high in early October.

    Bitcoin price
    $87,000
    Q4 FY25 end

    Bitcoin price at the end of the fourth quarter.

    Bitcoin price swing
    $40,000
    Q4 FY25

    Swing in Bitcoin price during the fourth quarter.

    Impact of Bitcoin price change on holdings
    $538 millionfor every $10,000 change in Bitcoin price
    Q4 FY25

    Sensitivity of Bitcoin holdings value to price changes.

    Bitcoin production per day
    21.9vs 27.1 Bitcoin in Q4 FY24
    Q4 FY25

    Average daily Bitcoin mined in Q4.

    Bitcoin production
    2,011
    Q4 FY25

    Total Bitcoin mined during the quarter.

    Net loss
    $1.7 billionvs net income of $528.3 million in Q4 FY24
    Q4 FY25

    Reported net loss for the fourth quarter.

    Diluted EPS
    -$4.52vs $1.24 in Q4 FY24
    Q4 FY25

    Diluted earnings per share for the fourth quarter.

    Net loss
    $1.3 billionvs net income of $541 million in FY24
    FY25

    Reported net loss for the full fiscal year.

    Loss from change in fair value of digital assets
    $1.5 billion
    Q4 FY25

    Non-cash loss due to decline in Bitcoin price.

    Goodwill impairment charge
    $82.8 million
    Q4 FY25

    Non-cash charge following annual impairment review.

    Cost per kilowatt hour
    $0.04
    FY25

    Cost per kilowatt hour for owned sites.

    Purchased energy cost per Bitcoin
    $48,611vs $31,608 in Q4 FY24
    Q4 FY25

    Purchased energy cost per Bitcoin.

    Daily cost per petahash per day
    $30.5vs $31.7 in Q4 FY24
    Q4 FY25

    Improved daily cost per petahash per day.

    Daily cost per petahash per day improvement
    4%YoY
    Q4 FY25

    Year-over-year improvement in daily cost per petahash per day.

    Daily cost per petahash per day improvement
    36%
    past 11 quarters

    Improvement in daily cost per petahash per day over the past 11 quarters.

    Bitcoin holdings
    53,822increase of 8,929 over previous year
    as of Dec 31, 2025

    Total Bitcoin held at year-end.

    Bitcoin holdings growth
    20%
    Q4 FY24 to Q4 FY25

    Growth in Bitcoin holdings year-over-year.

    Bitcoin purchased
    1,670
    Q4 FY25

    Bitcoin purchased as part of trading strategy.

    Bitcoin loaned/managed/pledged
    15,31528% of total holdings
    as of Dec 31, 2025

    Bitcoin actively managed through digital asset management strategy.

    Bitcoin loaned to counterparties
    9,377
    as of Dec 31, 2025

    Bitcoin loaned to counterparties.

    Interest income from Bitcoin loans
    $32.1 million
    FY25

    Interest income generated from Bitcoin lending.

    Bitcoin pledged as collateral
    5,938
    as of Dec 31, 2025

    Bitcoin pledged to access financing.

    Energized hashrate
    66.4vs 53.2 exahash in Q4 FY24
    Q4 FY25

    Total energized hashrate.

    Energized hashrate growth
    25%
    Q4 FY24 to Q4 FY25

    Growth in energized hashrate year-over-year.

    Notes due 2031
    $925 million
    due 2031

    Debt obligation with a put right.

    Notes due 2030
    $1 billion
    due 2030

    Debt obligation with a put right.

    Data center acquisition
    42
    Q4 FY25

    Acquisition of a data center adjacent to an existing site.

    NGON gas-to-power operations
    50doubled from 25 megawatts
    Q4 FY25

    Expansion of gas-to-power operations.

    Industry KPIs

    3
    MetricValueDetails
    Capacity CAPEX42 megawattsMW
    Revenue growth$907.1 millionUSD
    Ai product adoption monetization—

    Deals & partnerships

    2
    Starwood Digital VenturesJointly develop, finance, and operate next-generation digital infrastructure for AI and HPC customers.

    MARA contributes dedicated energy and advanced data center sites; Starwood Digital Ventures leads design, development, tenant sourcing, construction, and facility operation. The joint platform is expected to deliver more than 1 GW of near-term IT capacity with a pathway to more than 2.5 GW.

    ExaionAcquisition of a majority stake to expand enterprise-grade AI and HPC capabilities.

    MARA acquired a 64% stake in Exaion. Exaion provides Infrastructure-as-a-Service and edge inference solutions, particularly for data locality, latency, and operational control requirements. It also supports MARA's broader international strategy and provides a foundation for sovereign-grade AI and HPC deployments.

    Risks & headwinds

    4
    Bitcoin price volatilityQ4 FY25

    Nearly $40,000 swing in Q4 2025 (from $125,000 to $87,000); resulted in a $1.5 billion non-cash loss from fair value change of digital assets in Q4 FY25.

    Mitigation: Opportunistic monetization of Bitcoin to enhance financial flexibility, suspension of ATM program, disciplined capital allocation, and strategic pivot to AI/HPC infrastructure to diversify revenue and reduce reliance on Bitcoin mining.

    Debt maturity put rights2027

    $925 million notes due 2031 with a put right on June 4, 2027; $1 billion notes due 2030 with a put right on December 1, 2027.

    Mitigation: Proactive planning, Bitcoin holdings representing approximately 2x the put value at current market prices, 0-coupon structure of notes reducing interim cash interest burden, and the Starwood JV designed to generate contracted cash flows to diversify liquidity sources beyond Bitcoin.

    Higher network difficultyQ4 FY25

    Caused a decline in Bitcoin production to 21.9 Bitcoin/day in Q4 FY25 from 27.1 Bitcoin/day in Q4 FY24, resulting in 481 less Bitcoin mined.

    Mitigation: Focus on improving operational efficiency and lowering cost per petahash, disciplined expansion of hashrate, and strategic pivot to AI/HPC to reduce reliance on Bitcoin mining economics.

    Goodwill impairmentQ4 FY25

    $82.8 million non-cash goodwill impairment charge.

    Mitigation: Stated as non-cash with no impact on liquidity, operating performance, or cash flows.

    What to watch in Q1 FY26

    4

    Starwood JV tenant leases

    next quarter
    CurrentPermits submitted, active discussions with hyperscalers and HPC tenants underway.
    TargetFirst tenant lease signed for a JV project.

    Why it matters

    Signing the first tenant lease will validate the Starwood JV strategy and accelerate the transition to AI/HPC infrastructure, providing concrete evidence of revenue diversification.

    And at that point, there's a clock that starts ticking to ensure that permits have been approved and then spades can start digging in the ground. But as I said in my prepared remarks, we have had very fairly advanced conversations with tenants, permits have already been applied for at sites. And our expectation is that this will be an accelerated process and that we will see updates regarding leases in a time period that I think most people will think is pretty accelerated.

    Q&A highlights

    6

    Can you elaborate on the financing dynamics of MARA retaining up to a 50% stake in JV projects, and the technical requirements for load balancing between Bitcoin mining and HPC at these sites?

    MARA's initial contribution to the JV for each site will be the asset itself, plus capital for its share of development costs for up to 50% ownership. Load balancing is achieved through advanced battery technology (e.g., TAE Batteries) that allows sub-millisecond switching, enabling Bitcoin mining to utilize excess power at preferential prices during lower hyperscale utilization, acting as a load balancer.

    “The key thing regarding load balancing is a combination of technologies that we've developed by leveraging special battery technology. We've announced previously a partnership with TAE Batteries, which is a very advanced battery technology that can switch at sub-millisecond rates such that we are able to essentially balance load within data centers.”

    asked by Paul Golding · answered by Frederick Thiel

    2 min read6 chapters

    Detailed Narrative

    01

    Strategic Pivot to Digital Infrastructure

    MARA is transitioning from a pure-play Bitcoin miner to an energy and digital infrastructure company, focusing on AI and high-performance compute (HPC). This pivot is driven by the belief that compute equals revenues in the new AI economy, and MARA controls the scarce input: power. The strategy aims to maximize the long-term value of every megawatt controlled, providing optionality to monetize power through Bitcoin mining or longer-term, higher-value AI/HPC contracts.

    02

    Starwood Digital Ventures Partnership

    The joint venture with Starwood Digital Ventures, a premier data center developer, accelerates MARA's entry into AI/HPC. MARA contributes energy and advanced data center sites, while Starwood leads development, tenant sourcing, construction, and facility operation. This partnership is expected to deliver over 1 GW of near-term IT capacity, with a pathway to over 2.5 GW, and aims to secure institutional-grade tenancy by leveraging Starwood's relationships and expertise, reducing execution risk and compressing timelines.

    03

    Exaion Acquisition and International Strategy

    MARA acquired a 64% stake in Exaion, expanding its enterprise-grade AI and HPC capabilities for private enterprise and sovereign cloud environments. Exaion's technology platform, developed within EDF, focuses on secure, data-integrity-driven infrastructure, particularly relevant in international markets where data locality and control are critical. This acquisition complements the Starwood partnership by addressing private enterprise and sovereign cloud needs, especially in energy-rich regions globally.

    04

    Q4 FY25 Financial Performance and Bitcoin Volatility

    Q4 FY25 saw significant Bitcoin price volatility, with prices swinging by nearly $40,000, impacting financial results. MARA reported a net loss of $1.7 billion, primarily due to a $1.5 billion non-cash loss from the change in fair value of digital assets. Revenues were $202.3 million, down from Q4 FY24, despite strong operational performance at core mining sites. The company also recorded an $82.8 million non-cash goodwill impairment charge.

    05

    Bitcoin Holdings and Digital Asset Management

    MARA increased its Bitcoin holdings by over 20% year-over-year to 53,822 Bitcoin as of December 31, 2025. The company actively manages its Bitcoin, with 15,315 Bitcoin (28% of total holdings) loaned, managed, or pledged as collateral, generating $32.1 million in interest income during the year. In 2026, MARA plans to opportunistically monetize Bitcoin to fund operations and capital projects, shifting from its previous strategy of retaining most mined Bitcoin.

    06

    Debt Management and Capital Discipline

    MARA is proactively managing its debt maturity profile, including $925 million notes due 2031 and $1 billion notes due 2030 with put rights in 2027. The company emphasizes its Bitcoin holdings (approx. 2x the put value) and the 0-coupon structure of its notes for financial flexibility. Capital discipline remains central, with MARA choosing not to pursue projects that failed to meet return thresholds and suspending its ATM program in Q4 FY25, funding operations through Bitcoin sales instead.

    AI-generated summary of the company’s earnings call. Not investment advice.