10-K · March 2, 2026
MARA describes a strategic pivot from an asset-light bitcoin miner to an energy and digital infrastructure company, increasing owned capacity to ~70% while expanding into AI inference and HPC via acquisitions (majority…
Earnings analysis · 10-Q
MARA earnings analysis
Filed May 11, 2026 · Our reading of the company's report
The latest report
MARA reported Q1 2026 revenues of $174.6 million, down 18% YoY and missing estimates. The company faced substantial losses with EPS of -$3.31, significantly below estimated -$0.45. Expectations remain ambiguous with no…
Read full summary
MARA reported Q1 2026 revenues of $174.6 million, down 18% YoY and missing estimates. The company faced substantial losses with EPS of -$3.31, significantly below estimated -$0.45. Expectations remain ambiguous with no numeric forward guidance, but focus on expansions and restructuring plans signal potential for future improvement.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-3.31
What stood out
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Revenue Down 18% YoY
Q1 2026 revenue was $174.6 million, compared to $213.9 million in Q1 2025.
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Significant Net Loss
Net loss of $1.3 billion resulted in an EPS of -$3.31.
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Restructuring Costs
Management initiated restructuring with costs around $45.9 million to improve operational efficiency.
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Increased Hashrate
The energized hashrate grew to 72.2 EH/s, up from 54.3 EH/s a year ago.
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Cash and Liquidity Strengthened
Cash balance at $525.7 million, with an additional $1.5 billion total value from bitcoin holdings.
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Expanded Bitcoin Production Strategy
Mined 2,247 bitcoin during the quarter, despite a 2% decline from last year.
What to watch
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High Net Loss Impact
The net loss of $1.3 billion poses significant risk to shareholder equity.
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Declining Bitcoin Holdings
Bitcoin holdings decreased to 35,303, valued at $2.4 billion, down from $4.7 billion a year earlier.
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Failure of Long Ridge Acquisition
Pending acquisition could lead to a $75 million termination fee if not closed by November 30, 2026.
Management's outlook
No numeric forward guidance provided.
Earlier filings 4
10-Q · May 8, 2025
MARA reported revenue of $213.9M for the quarter (up from $165.2M a year ago) but swung to a large consolidated net loss of $533.4M (loss per diluted share $1.55) driven primarily by large non‑cash digital asset fair…
10-K · March 3, 2025
MARA repositioned in 2024 from an asset-light operator to an asset-heavy bitcoin miner, growing energized hashrate to approximately 53.2 EH/s and operating ~400,000 rigs as of December 31, 2024. The company adopted a…
10-Q · August 1, 2024
Marathon reported revenues of $145,139 (in thousands) for the quarter ended June 30, 2024, up versus prior-year Q2 $81,759 but down sequentially from Q1 $165,198. Results were driven by higher revenue and non-cash items…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.