MARA Holdings 2025 Q3 Earnings Record $123M Net Income, 92% Revenue Surge

MARA Holdings (NASDAQ:MARA) delivered a standout third-quarter 2025 performance, reporting $252.41 million in revenue—a 92% year-over-year increase—and a dramatic turnaround to $123.13 million in net income, reversing a $124.79 million loss in 2024 Q3. The results exceeded Wall Street’s revenue estimates but fell short of EPS expectations.

Revenue

MARA’s total revenue surged to $252.41 million, driven by a 91.7% year-over-year increase. Segment performance included $230.36 million from mining operator block rewards, $16.79 million from contracts with customers, and $13.53 million from mining participant activities. Hosting services and transaction fees contributed $1.18 million and $2.09 million, respectively.

Earnings/Net Income

The company returned to profitability with EPS of $0.33, a 178.6% improvement from a $0.42 loss in 2024 Q3. Net income soared 198.7% to $123.13 million, reflecting robust Bitcoin production and operational efficiency gains.

CEO Commentary

CEO Fred Thiel highlighted MARA’s strategic pivot toward AI and energy infrastructure, emphasizing the partnership with MPLX to develop 400 MW of power capacity in West Texas, scalable to 1.5 GW. He noted that expanding Bitcoin holdings—now 52,850 BTC—and optimizing energy costs per BTC mined (down 15% YoY) underscore the company’s long-term resilience. Thiel acknowledged investor skepticism about valuation but stressed that AI and power diversification will drive future recognition.

Guidance

While MARA did not issue formal guidance, management indicated a focus on scaling AI and energy initiatives. The acquisition of 64% of Exaion and deployment of AI inference racks at Texas facilities signal intent to diversify beyond mining. Analysts anticipate execution on these transitions to bolster sentiment ahead of 2026.

Post-Earnings Price Action Review

MARA’s stock initially surged 6.62% post-earnings but faced pressure, declining 16.72% month-to-date as of Nov 5, 2025. The mixed reaction reflects optimism over AI expansion but lingering concerns about near-term hashcost pressures. Rosenblatt and Cantor Fitzgerald lowered price targets to $22 and $21, respectively, citing reduced visibility in Bitcoin mining.

Additional News

MARA’s partnership with MPLX to integrate power and data centers in West Texas and its $7 billion cash/Bitcoin holdings highlight strategic flexibility. The company also acquired Exaion, a French AI computing firm, to accelerate high-performance computing capabilities. These moves align with broader industry trends of miners diversifying into AI infrastructure to mitigate Bitcoin volatility.