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MARA

Marathon Digital Holdings, Inc.

MARA

Marathon Digital Holdings, Inc. • NASDAQ
$11.81 ▲ 6.30% (+0.70)
Market Cap $4.47 B
52w High $28.07
52w Low $9.71
Dividend Yield 0%
P/E 4.6
Volume 23.19M
Outstanding Shares 378.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $252.41M ▲ $161.739M ▲ $123.134M ▼ 48.783% ▼ $0.33 ▼ $340.884M ▼
Q2-2025 $238.485M ▲ $-483.022M ▼ $808.235M ▲ 338.904% ▲ $2.29 ▲ $1.191B ▲
Q1-2025 $213.884M ▼ $711.466M ▲ $-533.199M ▼ -249.294% ▼ $-1.55 ▼ $-484.777M ▼
Q4-2024 $214.394M ▲ $-393.82M ▼ $528.528M ▲ 246.522% ▲ $1.36 ▲ $791.602M ▲
Q3-2024 $131.647M $105.207M $-124.789M -94.791% $-0.42 $-70.253M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $826.392M ▲ $9.153B ▲ $3.978B ▲ $5.158B ▲
Q2-2025 $109.475M ▼ $7.721B ▲ $2.925B ▲ $4.792B ▲
Q1-2025 $196.215M ▼ $6.444B ▼ $2.716B ▲ $3.725B ▼
Q4-2024 $391.771M ▲ $6.801B ▲ $2.665B ▲ $4.129B ▲
Q3-2024 $164.256M $3.58B $724.556M $2.856B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.711M ▼ $-199.049M ▼ $-285.652M ▼ $1.202B ▲ $716.917M ▲ $-283.877M ▼
Q2-2025 $808.205M ▲ $-163.443M ▲ $-127.164M ▲ $203.867M ▼ $-86.74M ▲ $-282.358M ▼
Q1-2025 $-533.443M ▼ $-215.488M ▲ $-209.846M ▲ $229.778M ▼ $-195.556M ▼ $-254.344M ▲
Q4-2024 $528.528M ▲ $-313.426M ▲ $-1.997B ▼ $2.538B ▲ $227.515M ▲ $-502.581M ▼
Q3-2024 $-124.789M $-440.817M $-537.668M $605.982M $-91.771M $-478.811M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Hosting Services
Hosting Services
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Marathon’s income statement shows a business that has swung from heavy losses to strong accounting profits in the last two years, but with a lot of volatility. Revenue has grown very quickly from a small base as mining capacity scaled up and crypto markets recovered. Profitability metrics have improved sharply: operating profit, EBITDA, and net income all turned clearly positive after a deep loss a few years ago. That said, margins are still fragile and heavily exposed to Bitcoin prices, mining difficulty, and fair‑value swings on digital assets. The pattern here is “boom and bust”: when the environment is favorable, reported profits can look very strong; when conditions worsen, losses can reappear quickly. This makes earnings less predictable than in most traditional financial or industrial businesses.

Balance Sheet

Balance Sheet The balance sheet has expanded dramatically, reflecting aggressive growth. Total assets are now many times larger than they were a few years ago, driven by mining equipment, infrastructure, and digital asset holdings. Shareholders’ equity has also risen significantly, giving the company a larger capital base to absorb shocks. However, debt has increased meaningfully as well, and now represents a major funding source. Cash on hand is respectable but not huge relative to the scale of assets and debt. Overall, the company has more financial strength and optionality than before, but also more leverage and complexity, which raises sensitivity to downturns in crypto markets or operational setbacks.

Cash Flow

Cash Flow Despite reporting solid profits recently, Marathon’s cash flow tells a more demanding story. Operating cash flow has been consistently negative, meaning the core business has been consuming cash rather than generating it. On top of that, the company has been spending heavily on new equipment and infrastructure, leading to persistently negative free cash flow. In practice, this means the business is still reliant on external funding sources—such as equity raises, debt, or asset sales—to support its expansion. Until operating cash flow turns sustainably positive, cash management and access to capital remain key risks to monitor.

Competitive Edge

Competitive Edge Marathon has carved out a top‑tier position in Bitcoin mining through scale, cost focus, and vertical integration. Its large mining fleet and global footprint give it purchasing power with suppliers and energy partners that smaller miners can’t easily match. Controlling more of its own sites and infrastructure helps reduce electricity and hosting costs, which are critical in this industry. Holding a sizable Bitcoin treasury adds strategic flexibility but also ties the company more tightly to crypto price swings. The competitive landscape remains intense: rivals are also scaling, technology cycles are short, and regulatory and energy‑cost risks are significant. Still, relative to peers, Marathon appears positioned toward the “large, efficient operator” end of the spectrum rather than the “small, high‑cost” end.

Innovation and R&D

Innovation and R&D Marathon is leaning heavily into innovation to move beyond being just a traditional Bitcoin miner. Its immersion‑cooling technology and custom firmware aim to make mining hardware run faster and more efficiently, which can lower costs and improve output per unit of power and space. The company is also building its own energy‑management software and operating its own mining pool, which deepens control over the full stack from power to blockchain. Strategically, Marathon is trying to pivot toward a broader role in digital energy and high‑performance computing, including AI data centers. It plans to monetize its cooling and software solutions, pursue partnerships for integrated power‑and‑data campuses, and explore new blockchain layers on top of Bitcoin. These efforts create upside optionality but are still early; commercial traction, execution quality, and capital discipline will determine how much value they ultimately add.

Summary

Marathon Digital has transformed itself from a smaller, loss‑making miner into a large, high‑growth digital asset infrastructure player with strongly improved recent earnings—but also with high volatility and ongoing cash burn. The company’s financials show rapid revenue growth and a swing into profitability, supported by a much larger asset base and equity cushion, but financed in part with significantly more debt and sustained negative free cash flow. Its competitive edge comes from scale, vertical integration, and access to low‑cost energy, positioning it as one of the more prominent public miners. At the same time, the business remains highly sensitive to Bitcoin prices, regulatory changes, technology cycles, and capital market conditions. Marathon’s push into proprietary cooling, energy‑management software, AI and HPC infrastructure, and new blockchain initiatives offers meaningful long‑term opportunity but introduces execution risk and additional capital needs. Overall, this is a leveraged, innovation‑driven growth story in a very cyclical and speculative segment of the financial and technology landscape.

NEWS

November 4, 2025 · 7:10 AM UTC

MARA Announces Third Quarter 2025 Results

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November 4, 2025 · 6:55 AM UTC

MPLX and MARA Announce Collaboration on Integrated Power Generation and Data Center Campuses in West Texas

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October 3, 2025 · 8:05 AM UTC

MARA Announces Bitcoin Production and Mining Operation Updates for September 2025

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September 4, 2025 · 4:05 PM UTC

MARA Announces Bitcoin Production and Mining Operation Updates for August 2025

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