MARA Holdings, Inc. (MARA) FY2025 10-K Annual Report
MARA Holdings, Inc. (MARA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
MARA Holdings, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Energy and digital infrastructure company leveraging Bitcoin mining to optimize power use and develop AI inference and HPC capabilities
- • New emphasis: Acquisition of majority interest in Exaion SaS and joint venture with Starwood to develop AI and HPC infrastructure on power-rich sites
- • Strategic shift: Transition to asset-heavy model with ~70% owned portfolio capacity, enhancing control and margin durability versus prior asset-light approach
- • Quantitative highlight: 20% growth in total bitcoin holdings to 53,822 with $4.7 billion valuation and operating 490,000 mining rigs with 66.4 EH/s hashrate
- • Noteworthy fact: Acquisition of 240 MW wind farm in Texas for low-cost behind-the-meter data center and letter of intent with MPLX for expanded natural gas access
Management Discussion & Analysis
- • Revenue and bitcoin monetization strategy: began selling bitcoin in H2 2025 to fund operations; plan to continue opportunistic monetization in 2026 for liquidity and capital projects
- • Operational scale: total energized hashrate 66.4 EH/s across 1,861 MW capacity including 779 MW owned sites; Granbury TX lead site with 12.3 EH/s energized hashrate
- • Segment performance: Granbury TX best performing with 12.3 EH/s; international sites 2.3 EH/s; hosted sites provide 29.2 EH/s at 537 MW capacity
- • Capital allocation: expanded by acquiring Exaion (France) and 42 MW data center in Nebraska post-year-end; no specific buybacks/dividends or capex amounts disclosed
- • Outlook and risks: continuing diversification into AI and HPC markets leveraging energy ownership; regulatory uncertainty around Bitcoin mining and AI expansion highlighted as key risks
Risk Factors
- • Legal risk: Goodwill impairment $82.8M due to ASC 350 triggered by sustained market capitalization decline and market conditions in 2025
- • Macroeconomic risk: Bitcoin price dropped to $87,498 at 2025 year-end from $93,354 in 2024, causing $422.2M loss in bitcoin asset value
- • Operational risk: $26.0M impairment from storm-damaged mining equipment at Garden City site in 2025
- • Competitive risk: Increased global network hashrate and difficulty post-April 2024 halving reduced bitcoin mined by 7% YoY to 8,799 BTC in 2025
- • Financial risk: $350M borrowings collateralized by 5,938 bitcoin with 8.85%-10.5% interest rates, exposing balance sheet to bitcoin price volatility
MARA Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$59M
▼ -39.2% YoY
Net Income
-$1.3B
▼ -342.3% YoY
Operating Margin
-2085.5%
▼ -240260bp YoY
Net Margin
-2234.1%
▼ -279480bp YoY
ROE
-37.8%
▼ -5088bp YoY
Total Assets
$7.3B
▲ +7.1% YoY
EPS (Diluted)
$-3.69
▼ -314.5% YoY
Operating Cash Flow
-$803M
▼ -18.6% YoY
Source: XBRL data from MARA Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on MARA Holdings, Inc.
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.