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 swung to a substantial net loss in Q2 FY2026, as a $342.7 million unrealized loss on its bitcoin holdings—triggered by a sharp decline in bitcoin's price—replaced a $1.2 billion gain in the prior-year quarter. Bitcoin mining revenue fell 28% per coin, offsetting a modest 3% production increase that reflected expanded hashrate and capacity additions. While cost efficiencies improved, with cost per petahash per day falling 4%, the bottom line remains highly sensitive to bitcoin price volatility even as the company pursues large-scale acquisitions like Long Ridge to diversify into AI infrastructure.
Revenue
$174.88M
-26.67% YoY
EPS (Diluted)
-$1.60
-186.96% YoY
Operating Income
-$521.07M
-176.65% YoY
Source: SEC XBRL
MARA Holdings (MARA) reported Q2 FY2026 revenue of $174.88M, down 26.7% year over year. Operating margin was -298.0%, against 285.0% a year earlier. MARA's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 1 beat
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Mar 2026 | -3.31 | -2.20 | Miss -50.7% |
| Dec 2025 | -4.52 | -0.13 | Miss -3425.7% |
| Sep 2025 | 0.31 | 0.45 | Miss -31.5% |
| Jun 2025 | 1.89 | 0.63 | Beat +200.3% |
Compiled by AI from 10-Q Item 2 of this filing
Total revenues fell 26.7% to $174.9 million, primarily due to a 28% decrease in the average price of bitcoin mined, which reduced bitcoin mining revenue by approximately $65.9 million, though bitcoin production increased 2.7%.
Source: 10-Q Item 2 MD&A
Energy costs as a percentage of owned mining revenue jumped to 54.9% from 34.1% a year earlier, reflecting the decline in bitcoin price and higher purchased energy costs from owned mining expansions.
Source: 10-Q Item 2 MD&A
The company's bitcoin lending and trading activities generated $4.3 million in interest and $1.2 million in net investment income during Q2 2026, but the fair value of bitcoin holdings declined by $342.7 million, dragging overall performance.
Source: 10-Q Item 2 MD&A
MARA entered into an agreement to acquire Long Ridge Energy for an enterprise value of approximately $1.5 billion, and closed a subsequent acquisition of a site in Texas with access to 2,000 MW of power capacity, aiming to support HPC and AI workloads.
Source: 10-Q Item 2 MD&A
Energized hashrate grew 22% to 70.3 EH/s, and miner efficiency improved to 17.3 J/TH, while cost per petahash per day fell 4% to $27.7, demonstrating operational gains.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 4 high, 1 medium, 0 low
The proposed acquisition of Long Ridge may not close; if it fails, MARA could owe a $75 million termination fee and would be unable to pursue its HPC campus plans at this site, delaying the AI diversification strategy.
Source: 10-Q Item 1A Risk Factors
The acquisition of the MAT 1177 LLC site in Texas is contingent on regulatory approval from ERCOT and other conditions; failure to meet any condition could result in a partial loss of investment or inability to develop the site.
Source: 10-Q Item 1A Risk Factors
Substantial secured debt, including $150 million under the 2026 Line of Credit collateralized by bitcoin, exposes MARA to margin calls if bitcoin prices fall significantly, potentially forcing asset sales or more dilution.
Source: 10-Q Item 1A Risk Factors
A drop in bitcoin price not only reduces mining revenue but also triggers large fair value losses on the company's 35,577 bitcoin holdings, directly impacting profitability and liquidity.
Source: 10-Q Item 2 MD&A
Energy costs rose as a share of mining revenue to 54.9%, and third-party hosting contracts begin expiring in Q3 2027; while long-term cost benefits are expected, the transition could temporarily pressure margins and operations.
Source: 10-Q Item 2 MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 174.88 $M | 238.49 $M | -26.67% |
Operating Income $M | -521.07 $M | 679.78 $M | -176.65% |
EPS (Basic) $ | -1.60 $ | 2.29 $ | -169.87% |
EPS (Diluted) $ | -1.60 $ | 1.84 $ | -186.96% |
R&D Expense $M | 7.17 $M | 8.55 $M | -16.07% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
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.
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.