For the quarter ending 2026-03-31, MARA had -$169,142K decrease in cash & cash equivalents over the period. -$327,012K in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net loss | -1,262,397 | -1,709,788 | 123,134 | 808,205 |
| Depreciation and amortization | 191,556 | 285,818 | 167,312 | 161,741 |
| Deferred tax benefit | -31,394 | -185,903 | 37,677 | 201,695 |
| Change in fair value of digital assets and digital assets - receivable, net | -1,018,589 | -1,451,113 | 343,099 | 1,192,574 |
| Impairment of goodwill and other assets | - | 82,777 | 0 | 26,253 |
| Net gain on investments | 0 | 187 | 0 | 0 |
| Stock-based compensation | 30,506 | 30,058 | 38,466 | 54,656 |
| Change in fair value of derivative instrument | -41,045 | -2,345 | -4,422 | 20,311 |
| Early termination expenses | - | 0 | -5,000 | 0 |
| Restructuring charges | 45,885 | - | - | - |
| Equity in net earnings of unconsolidated affiliate | -2,171 | -2,073 | -1,711 | -902 |
| Net gain on extinguishment of debt | 70,557 | 1,029 | - | - |
| Other adjustments from operations, net | -10,156 | -3,491 | 10,148 | 1,957 |
| Revenues from digital assets production | - | 897,448 | - | - |
| Other receivables | - | -1,813 | - | - |
| Deposits | - | -18,238 | - | - |
| Prepaid expenses and other assets | - | -1,704 | - | - |
| Accounts payable and accrued expenses | - | -2,855 | - | - |
| Changes in operating assets and liabilities | -672,995 | - | 669,765 | 205,967 |
| Net cash used in operating activities | -247,489 | -224,745 | -199,049 | -163,443 |
| Advances to vendors | 629 | -62,276 | 107,124 | 10,960 |
| Acquisition, net of cash acquired | 196,774 | 0 | 0 | 25 |
| Loan receivable | - | - | 0 | - |
| Purchase of property and equipment | 79,523 | 164,472 | 84,828 | 118,915 |
| Proceeds from sale of property and equipment | 612 | 0 | -20 | 202 |
| Purchase of intangible assets | 535 | 0 | - | - |
| Proceeds from sale of digital assets | 1,464,778 | 251,447 | 168,148 | 5,577 |
| Payments on hedge settlements | - | 0 | - | - |
| Purchase of digital assets | 0 | 191,659 | 254,944 | 0 |
| Investment in equity method investments | 2,357 | 4,849 | 1,886 | 5,828 |
| Purchase of equity investments | 0 | 1 | 4,998 | 1 |
| Net cash provided by (used in) investing activities | 1,190,286 | -47,258 | -285,652 | -127,164 |
| Proceeds from issuance of common stock, net of issuance costs | 0 | -3,330 | 252,550 | 219,203 |
| Proceeds from issuance of convertible notes, net of issuance costs | - | -786 | 1,014,808 | - |
| Proceeds from issuance of series a preferred stock, net of issuance costs | - | 0 | - | - |
| Redemption of series a preferred stock | - | 0 | - | - |
| Repurchase of shares in settlement of restricted stock | 7,455 | 3,700 | 7,691 | 15,168 |
| Borrowings from line of credit | 150,000 | 0 | 0 | 0 |
| Repayment of finance lease liabilities | - | 0 | 0 | 168 |
| Repayment of convertible notes | 912,774 | 0 | 18,279 | - |
| Repayment of term loan borrowings | - | 0 | - | - |
| Purchased capped calls | - | 0 | 39,770 | - |
| Repayment of line of credit | 350,000 | - | - | - |
| Contribution from noncontrolling interest | 137 | 559 | - | - |
| Cash paid for shares withheld for taxes | - | - | 0 | 0 |
| Proceeds from issuance of noncontrolling interest in subsidiary | 11,795 | - | - | - |
| Net cash (used in) provided by financing activities | -1,108,297 | -7,257 | 1,201,618 | 203,867 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | -3,642 | - | - | - |
| Net decrease in cash, cash equivalents and restricted cash | -169,142 | -279,260 | 716,917 | -86,740 |
| Cash, cash equivalents and restricted cash beginning of period | 694,795 | 838,392 | 121,475 | 208,215 |
| Cash, cash equivalents and restricted cash end of period | 525,653 | 559,132 | 838,392 | 121,475 |
MARA Holdings, Inc. (MARA)
MARA Holdings, Inc. (MARA)