MARA MARA Holdings, Inc.
FY2025 10-K
MARA Holdings, Inc. (MARA) filed its fiscal year 2025 10-K annual report with the SEC on Mar 2, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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
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
Financial SummaryXBRL
Revenue
$59M
Net Income
-$1.3B
Operating Margin
-2085.5%
Net Margin
-2234.1%
ROE
-37.8%
Total Assets
$7.3B
EPS (Diluted)
$-3.69
Operating Cash Flow
-$803M
Source: XBRL data from MARA Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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