For the year ending 2025-12-31, MARA made $907,093K in revenue. -$1,311,480K in net income. Net profit margin of -144.58%.
| Income Statement | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Revenues | 907,093 | 656,378 | 387,508 | 117,753 |
| Purchased energy costs | 179,041 | - | - | - |
| Operating and maintenance costs | 95,984 | - | - | - |
| Total cost of revenues | - | 815,751 | 402,851 | 151,426 |
| Third-party hosting and other energy costs | 292,243 | - | - | - |
| Mining and hosting services | - | 412,045 | 223,338 | 72,717 |
| General and administrative | 349,941 | 272,078 | 95,230 | 56,739 |
| Depreciation and amortization | 772,768 | 403,706 | 179,513 | 78,709 |
| Change in fair value of digital assets | -304,627 | 813,814 | - | - |
| Change in fair value of derivative instrument | 40,372 | -2,043 | - | - |
| Impairment of goodwill and other assets | 109,030 | - | - | - |
| Taxes other than on income | 9,168 | - | - | - |
| Early termination expenses | -5,000 | -38,061 | - | - |
| Gains (losses) on digital assets and digital assets loan receivable | - | - | 331,484 | -14,460 |
| Amortization of intangible assets | - | 22,919 | - | - |
| Legal reserves | - | 0 | 0 | 26,131 |
| Impairment of deposits due to vendor bankruptcy filing | - | 0 | 0 | 24,661 |
| Impairment of digital assets | - | 0 | 0 | 173,215 |
| Impairment of patents | - | 0 | 0 | 919 |
| Impairment of mining equipment and advances to vendors | - | 0 | 0 | 332,933 |
| Gain on sale of equipment, net of disposals | - | 0 | 0 | 83,880 |
| Research and development | 30,117 | 13,229 | - | - |
| Losses on digital assets held within investment fund | - | 0 | 0 | -85,017 |
| Restructuring costs | 23,796 | - | - | - |
| Total operating expenses | - | -465,484 | -236,254 | 630,195 |
| Total costs and operating expenses | 2,131,343 | - | - | - |
| Operating income (loss) | -1,224,250 | 306,111 | 220,911 | -663,868 |
| Impairment of loan and investment due to vendor bankruptcy filing | - | 0 | 0 | 31,013 |
| Change in fair value of digital assets - receivable, net | -121,042 | 299,796 | - | - |
| Net gain from extinguishment of debt | 1,029 | 13,121 | 82,267 | - |
| Gain on investments | - | 4,236 | - | - |
| Interest income | 55,855 | 16,711 | - | - |
| Loss on hedge instruments | - | -580 | -17,421 | - |
| Interest expense | 48,381 | 12,996 | 10,350 | 14,980 |
| Equity in net earnings of unconsolidated affiliate | -4,699 | -1,505 | -617 | - |
| Other | -26,780 | -8,391 | 2,809 | 1,283 |
| Total other income (loss) | -144,018 | - | - | - |
| Income (loss) before income taxes | -1,368,268 | 616,503 | 277,599 | -708,578 |
| Income tax benefit (expense) | -56,376 | 75,495 | 16,426 | -21,838 |
| Net income (loss) | -1,311,892 | 541,008 | - | - |
| Less net loss attributable to noncontrolling interest | -412 | -245 | - | - |
| Net income (loss) attributable to mara | -1,311,480 | 541,253 | 261,173 | -686,740 |
| Series a preferred stock accretion to redemption value | 0 | 0 | 2,121 | - |
| Net income (loss) attributable to common stockholders | -1,311,480 | 541,253 | 259,052 | - |
| Series a preferred stock accretion to redemption value | - | - | -2,121 | - |
| Foreign currency translation adjustments | - | - | 0 | - |
| Comprehensive income (loss) | - | - | 261,173 | -686,740 |
| Basic EPS | -3.69 | 1.87 | 1.41 | -6.05 |
| Diluted EPS | -3.69 | 1.72 | 1.06 | - |
| Basic Average Shares | 355,167,578 | 289,961,989 | 183,855,570 | 113,467,837 |
| Diluted Average Shares | 355,167,578 | 311,841,347 | 192,293,277 | - |
MARA Holdings, Inc. (MARA)
MARA Holdings, Inc. (MARA)