# 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.
- Title: MARA Holdings Q3 2026 Earnings Report · The Motley Fool
- Summary: MARA Holdings reports 35% revenue drop as Bitcoin prices fall, but boosts adjusted EBITDA by 117% with digital asset gains.
- Keywords: mara holdings, q3 2026, earnings call, bitcoin, digital assets, adjusted ebitda, exaion, vertebrai, long ridge, matagorda county, ferc, ercot
- Source: The Motley Fool — https://fool.com/earnings/call-transcripts/2026/11/10/mara-holdings-mara-q3-2026-earnings-call-transcript
- Author: Motley Fool Transcribing
- Published: 2026-11-10T06:13:15+00:00
- Read time: 1 min
- Topics: mara holdings, q3 2026, earnings call, bitcoin, digital assets, adjusted ebitda, exaion, vertebrai, long ridge, matagorda county, ferc, ercot
## 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.
## Key takeaway

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.