Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
MARA Holdings reported a 38.2% revenue increase to $907.1M in FY2025, but swung to a net loss of $1.31B (EPS -$3.69) driven by massive impairments and surging costs, while long-term debt ballooned 47.1% to $3.6B.
Revenue
$907.09M
+38.20% YoY
EPS (Diluted)
-$3.69
-314.53% YoY
Operating Income
-$1.22B
-499.94% YoY
Source: SEC XBRL
MARA Holdings (MARA) reported FY2025 revenue of $907.09M, up 38.2% year over year. Operating margin was -135.0%, against 46.6% a year earlier. Operating cash flow was negative $802.73M.
Last 4 quarters: 0 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | -1.57 | 0.19 | Miss -916.0% |
| Mar 2026 | -3.31 | -2.20 | Miss -50.7% |
| Dec 2025This filing | -4.52 | -0.13 | Miss -3425.7% |
| Sep 2025 | 0.31 | 0.45 | Miss -31.5% |
Reported EPS of -$4.52 versus the -$0.13 analyst consensus — a -3425.7% miss for Dec 2025.
Compiled by AI from this SEC filing
Revenue grew 38.2% year-over-year from $656.4M to $907.1M in FY2025, reflecting increased Bitcoin production capacity and higher average Bitcoin prices during the period. This top-line expansion was the primary positive operational highlight of the fiscal year.
Source: 10-K Income Statement, Financial Data
Operating income collapsed from a profit of $306.1M in the prior year to a loss of $1.22B in FY2025, representing a -499.9% YoY change. This severe deterioration suggests significant non-cash charges such as impairments of Bitcoin holdings or mining equipment, alongside sharply higher operating costs.
Source: 10-K Income Statement, Financial Data
Long-term debt increased 47.1% from $2.45B to $3.60B, while financing cash flows of $1.63B indicate continued reliance on capital markets to fund operations and expansion. This aggressive leverage strategy increases financial risk, particularly in a volatile cryptocurrency environment.
Source: 10-K Balance Sheet & Cash Flow, Financial Data
Operating cash flow deteriorated further to -$802.7M from -$677.0M in the prior year (-18.6% YoY), indicating that core mining operations continue to consume rather than generate cash. The company remains dependent on external financing to sustain its business model.
Source: 10-K Cash Flow Statement, Financial Data
Research and development expenses surged 127.7% from $13.2M to $30.1M, signaling increased investment in proprietary mining technology or energy infrastructure, though this remains a relatively small portion of total costs compared to the scale of losses incurred.
Source: 10-K Income Statement, Financial Data
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
MARA's revenue and asset values are directly tied to Bitcoin prices, which are highly volatile. The swing from a $306M operating profit to a $1.22B operating loss in a single year illustrates how rapidly financial performance can deteriorate. Significant impairments on Bitcoin holdings or mining assets could recur in future periods.
Source: 10-K Income Statement & Balance Sheet, Financial Data
Operating cash flow was -$802.7M in FY2025, meaning the company burns substantial cash from operations and relies entirely on financing activities ($1.63B raised) to survive. With long-term debt at $3.60B and growing, the company faces increasing interest burden and refinancing risk if capital markets tighten or investor appetite for crypto-related equity diminishes.
Source: 10-K Cash Flow & Balance Sheet, Financial Data
Current liabilities jumped 448.2% from $95.2M to $521.9M, while the current ratio stands at only 1.27x. This dramatic increase in near-term obligations significantly narrows the liquidity cushion and could create cash flow stress if Bitcoin prices decline or capital raises are delayed.
Source: 10-K Balance Sheet, Financial Data
Stockholders' equity declined 15.9% from $4.13B to $3.47B, driven by the $1.31B net loss. Continued losses combined with ongoing share issuances to fund operations risk further diluting existing shareholders, as evidenced by the basic EPS swinging from +$1.87 to -$3.69.
Source: 10-K Balance Sheet & Income Statement, Financial Data
Bitcoin mining is subject to evolving regulatory scrutiny globally, including energy consumption regulations and potential restrictions on proof-of-work mining. Any adverse regulatory action could impair MARA's ability to operate its mining facilities or increase compliance costs materially.
Source: 10-K Risk Factors (inferred from business model), Financial Data
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 907.09 $M | 656.38 $M | +38.20% |
Operating Income $B | -1.22 $B | 0.31 $B | -499.94% |
Net Income $B | -1.31 $B | 0.54 $B | -342.31% |
EPS (Basic) $ | -3.69 $ | 1.87 $ | -297.33% |
EPS (Diluted) $ | -3.69 $ | 1.72 $ | -314.53% |
R&D Expense $M | 30.12 $M | 13.23 $M | +127.66% |
Answers draw on this SEC filing and the data on this page
MARA reported a sharp net loss in Q2 FY2026, driven by a $342.7 million unrealized bitcoin loss, spotlighting the company's exposure to cryptocurrency volatility amid strategic moves into AI infrastructure.
MARA Holdings reported a sharp Q1 2026 deterioration, with revenue falling 18.4% YoY to $174.6M, operating losses nearly doubling to -$1.06B, and EPS worsening to -$3.31, driven by Bitcoin market volatility and elevated operational costs.