MARA Reports $632M Q3 2026 Net Income Despite Revenue Decline

MARA Holdings, Inc. (NASDAQ: MARA), a global energy-backed digital infrastructure enterprise, announced its third-quarter 2026 unaudited financial results on November 9, 2026. The company reported a net income of $632.1 million, a significant increase from $123.1 million in Q3 2025, despite a 35% year-over-year revenue decline to $164.2 million.

Key Financial Highlights

The revenue drop, from $252.4 million in Q3 2025, was attributed primarily to lower bitcoin prices during the period. However, MARA's net income was bolstered by $885.3 million in non-cash gains related to changes in the fair value of digital assets and related receivables. Adjusted EBITDA also rose sharply to $857.7 million, compared to $395.6 million in the same quarter last year.

Operationally, the company reported an 18% increase in its energized hashrate, reaching 71.2 EH/s. MARA also reduced its total debt by $1.4 billion, representing a 37% reduction since the start of 2026. The cost of energy per bitcoin mined at MARA-owned sites averaged $39,674, supported by power costs of $0.04 per kWh.

Strategic Developments

MARA continues to expand its vertically integrated digital infrastructure model, which spans power, land, and compute resources. The company currently operates with 1.9 GW of energized capacity across nearly 20 sites on four continents and has outlined a clear path to scaling up to approximately 4.8 GW. Bitcoin mining remains a foundational component of MARA's operations, providing flexibility and revenue generation as the company develops higher-value infrastructure for AI, HPC, cloud, and enterprise customers.

Conference Call and Webcast

To discuss the financial results, MARA scheduled a webcast and conference call on November 9, 2026, at 5:00 p.m. Eastern Time. A replay of the webcast will be available on the company's investor relations website at ir.mara.com.

For further details, investors can access the Q3 2026 shareholder letter on MARA's website or through the SEC's Form 8-K filing.