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
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
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.
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