From The Motley Fool · Motley Fool Transcribing · · 2m
MARA Holdings Q3 2026 Earnings Report
MARA Holdings reports 35% revenue drop as Bitcoin prices fall, but boosts adjusted EBITDA by 117% with digital asset gains.
In brief
MARA Holdings reports 35% revenue drop as Bitcoin prices fall, but boosts adjusted EBITDA by 117% with digital asset gains. MARA Holdings reported $164.2 million Q3 2026 revenue down 35% from Bitcoin price declines, but achieved $857.7 million adjusted EBITDA with $885.3 million unrealized gain on digital assets…
Q3 2026 Earnings Results
MARA Holdings reported $164.2 million revenue, a 35% decrease driven by lower Bitcoin prices.
Net Income and Digital Asset Gains
Net income reached $632.1 million, including $885.3 million unrealized non-GAAP fair value gain on digital assets.
Adjusted EBITDA Growth
Adjusted EBITDA increased 117% year over year to $857.7 million from Bitcoin mark-to-market improvements.
Energized Hashrate
Energized hashrate grew 18% year over year to 71.2 EH/s with improved miner efficiency.
Bitcoin Production
Produced 2,247 Bitcoin, a 5% increase from prior year period.
Blocks Won
Won 644 blocks, representing 2% year over year growth despite 7% quarterly decline.
Mining Rewards Share
Mining rewards share increased to 5.4% from 5% in Q3 2025.
Cost per Petahash
Cost per petahash decreased 2% year over year to $30.8 per day.
Energy Cost per BTC
Energy cost per Bitcoin increased to $39,674 from $39,235 in Q3 2025.
Exaion GPU-as-a-Service
Signed $79 million 4-year GPU-as-a-service contract with U.S. customer on 100% take-or-pay terms.
Exaion Pipeline
Exaion has $3 billion total contract value with $1 billion targeted for delivery by end of 2027.
Debt Reduction
Reduced debt by $1.4 billion, representing 37% reduction since beginning of year.
Post-Quarter Debt Repayment
Repaid $750 million using sale of 13,597 Bitcoin, releasing 17,477 previously pledged Bitcoin.
Long Ridge Acquisition
Acquired 485 megawatts of authorized capacity with expected increase to 505 megawatts by first half of 2027.
Matagorda County Site
Secured 2 gigawatts of potential capacity classified as study load under ERCOT's Batch Zero process.
Share Repurchase Authorization
Authorized $500 million share repurchase program to enhance shareholder value.
What it means
MARA Holdings reported $164.2 million Q3 2026 revenue down 35% from Bitcoin price declines, but achieved $857.7 million adjusted EBITDA with $885.3 million unrealized gain on digital assets.
