Marathon Digital Holdings, Inc. (MARA) Earnings
Marathon Digital Holdings, Inc. is expected to report next earnings on November 3, 2026 (in NaN days), with a consensus EPS estimate of $-0.31. MARA has beaten EPS estimates in 3 of its last 12 reported quarters (average surprise -292.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.17 | $-1.60 | -1060.4% | $175M | -16.5% |
| May 11, 2026 | $-0.46 | $-0.61 | -32.6% | $175M | -4.0% |
| Nov 4, 2025 | $-0.26 | $-0.32 | -23.1% | $252M | +0.4% |
| Jul 29, 2025 | $-0.53 | $-0.81 | -52.8% | $238M | -6.5% |
| May 8, 2025 | $-0.34 | $-0.40 | -17.6% | $214M | +1.3% |
| Feb 26, 2025 | $-0.32 | $1.24 | +487.5% | $214M | +16.6% |
| Aug 1, 2024 | $-0.23 | $-0.24 | -4.3% | $145M | -9.3% |
| May 9, 2024 | $-0.01 | $-0.06 | -483.7% | $165M | -9.3% |
| Feb 28, 2024 | $0.05 | $-0.02 | -140.0% | $157M | +8.8% |
| Mar 16, 2023 | $-0.19 | $-0.14 | +26.3% | $28M | -18.7% |
| May 4, 2022 | $0.11 | $-0.02 | -118.2% | $52M | +0.5% |
| Mar 1, 2022 | $0.35 | $0.36 | +2.9% | $69M | +13.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Strategic Positioning and Core Business Evolution - MARA frames power access as the central infrastructure bottleneck of the AI era, positioning the company to leverage its 10+ year history of large-scale power and compute infrastructure development built originally for Bitcoin mining - The company operates an integrated digital infrastructure platform across power, land, and compute, with flexibility to either develop AI infrastructure for third-party customers or self-monetize power via Bitcoin mining when customer development is ongoing; power is the core underlying asset, with Bitcoin mining and AI serving as different value-generating use cases - Capital allocation is prioritized based on expected returns, customer demand, execution risk, and long-term shareholder value per megawatt of capacity ### Transaction and Portfolio Expansion - Post-quarter, MARA acquired rights to a 1200-acre site in Matagorda County, Texas, with potential for up to 2 gigawatts of capacity, subject to ERCOT and interconnection approval - The Longridge acquisition has secured senior secured note holder approval, and is awaiting final FERC approval to close; the $1.5 billion enterprise value transaction is fully funded via non-dilutive Bitcoin-backed debt and assumption of existing Longridge indebtedness - Post-quarter, MARA secured $600 million in new Bitcoin-backed borrowings at a 7.56% weighted average cost of debt, and refinanced an existing $150 million facility; 54% of total Bitcoin holdings are now pledged as collateral, with MARA retaining upside exposure to Bitcoin price appreciation - Upon completion of pending transactions, total power portfolio will reach ~4.8 gigawatts, a nearly 2.5x increase from the start of 2026, establishing one of the largest powered land portfolios in the AI infrastructure industry ### Commercial Progress - The Starwood capital partnership is progressing well, with demand for AI infrastructure exceeding initial management expectations; the team is in active lease discussions across multiple sites, targeting at least two signed leases before the end of 2026 - Exion, MARA's European sovereign AI infrastructure subsidiary, serves the growing demand for EU-regulated private cloud for sensitive enterprise and public sector workloads; it already operates critical infrastructure for EDF (a major global nuclear operator) and was selected for the EU-backed Aon Consortium targeting 3 gigawatts of AI-ready capacity - Two new technology platforms are being commercialized: Vertebra AI, which delivers real-time power allocation and infrastructure efficiency (originally developed for MARA's own operations, now applicable to third-party AI data centers), and HUM, a blockchain financial infrastructure platform for mining pools that already has contracted commercial traction ### Financial Performance for Q2 2026 - Total GAAP revenue was $174.9 million, down from $238.5 million year-over-year, due to a 28% drop in average Bitcoin prices that offset a 64 Bitcoin increase in production - GAAP net loss was $611.3 million ($-1.60 per diluted share), driven primarily by a $343 million unrealized mark-to-market loss on Bitcoin holdings from lower quarter-end prices - Adjusted EBITDA was -$360.9 million, compared to $1.2 billion year-over-year, reflecting the non-cash Bitcoin price impact - Ending quarter liquidity was $421.3 million in cash, with ~$2.5 billion in combined cash and Bitcoin
Guidance
- Management maintains expectation that FERC approval for the Longridge acquisition will be received well before year-end, and the transaction will close soon after approval - MARA reaffirms its target to sign at least two AI infrastructure leases before the end of 2026 - Quarterly G&A run rate (excluding stock-based compensation, acquisition, and integration costs) is expected to trend lower as cost savings from the previously announced reduction in force are fully realized - Existing third-party hosting arrangements for Bitcoin mining will begin expiring in Q3 2027, with all expiring by Q1 2028; after this point, MARA expects to eliminate all third-party hosting costs and lower its overall cost per kilowatt hour - Investor Day will be held later in 2026, where management will provide a deeper dive into strategy, the full infrastructure portfolio, and the integrated platform value proposition
Segment performance
1. Bitcoin Mining: Generated core revenue from Bitcoin production, with 2,422 Bitcoin mined in Q2 2026 (26.6 Bitcoin per day, +64 Bitcoin year-over-year). Energized hash rate reached 70.3 exahash per second, up 22% year-over-year. Daily cost per petahash improved 4% year-over-year to $27.7, remaining among the lowest at scale in the sector. Cost per purchased energy per Bitcoin was $38,690, up from $33,735 year-over-year due to rising global network difficulty. Total Bitcoin holdings of 35,577 were valued at ~$2.1 billion at quarter-end, with 26% loaned or pledged as collateral, generating $4.3 million in interest income from loaned Bitcoin this quarter. This segment contributed 100% of core operating revenue in Q2 2026, with other revenue streams still in early growth stages. 2. Digital Infrastructure (AI/HPC): This development-stage segment has not yet contributed meaningful revenue, but the pending Longridge acquisition is expected to add ~$144 million in annualized EBITDA once closed, with 70% of output secured under long-term contracts that will diversify revenue beyond Bitcoin mining. 3. Technology & New Initiatives (Exion, Vertebra AI, HUM): These early-stage segments have small but growing revenue. HUM (Hashrate Under Management) has an annualized run rate in the eight-digit range, while Exion (sovereign AI infrastructure) is expected to generate low eight-digit revenue in 2026.
Risks & headwinds
- Actual future results may differ materially from forward-looking statements due to inherent risks and uncertainties, including regulatory approval risks for the Longridge acquisition and interconnection approval risks for the Matagorda County site - Bitcoin price volatility creates large unrealized mark-to-market impacts on GAAP financial results, with every $10,000 change in Bitcoin price driving an approximate $350 million change in the fair value of MARA's digital asset holdings - Rising global Bitcoin network difficulty increases production costs for Bitcoin mining, a dynamic outside of MARA's control - The Texas interconnection queue audit process may delay approval for the Matagorda County site, even though management is confident in the site's eventual approval - 54% of MARA's Bitcoin holdings are now pledged as collateral for debt, which creates counterparty and collateral liquidation risk if Bitcoin prices decline sharply
Analyst Q&A
Q: What is the expected timing for the Longridge acquisition close, and are lease negotiations for the Hannibal campus on hold until the deal closes? /
A: Management has not received any negative regulatory feedback, and expects FERC approval much sooner than year-end with no expected blocking issues. While formal lease signing cannot complete until close, management is actively progressing pre-lease work (design, permitting, fiber planning) with prospective tenants at the same pace as if the transaction was already closed.
Q: How is the Texas interconnection audit process impacting interest in MARA's sites, and what are key details of the Matagorda County acquisition structure and Starwood partnership applicability? /
A: The audit process will flush out phantom interconnection requests, clearing queue congestion. The Matagorda site already has existing transmission access near major generation, so management is confident in its approval. The deal is structured with milestone contingencies tied to regulatory approval aligned with counterparties' interests, and any future development of the site can fall under the Starwood partnership.
Q: What is the expected revenue contribution and growth outlook for new initiatives including HUM and Exion? /
A: HUM, which provides payout stability for Bitcoin mining pools, already has contracted revenue with an annualized eight-digit run rate that is not material to total revenue near-term but contributes incremental returns. Exion, the sovereign AI infrastructure business, is expected to generate low eight-digit revenue in 2026 and grow long-term, driven by rising demand for European-sovereign infrastructure and open source AI model deployment for enterprise workloads.
Q: After adding Matagorda, how will non-hosted power capacity be allocated between Bitcoin mining and AI development? /
A: Currently, ~30% of MARA's Bitcoin mining capacity is third-party hosted, with contracts expiring between 2027 and 2028. As these contracts end, Matagorda can absorb the existing hash rate for temporary Bitcoin mining, monetizing power while AI data centers are designed and built over 18-24 months. This arrangement lowers mining costs compared to hosted arrangements and keeps power productive during development, creating a symbiotic transition to AI over time.