MARA Holdings, Inc. MARA
MARA is an energy and digital infrastructure company focused on acquiring, managing, and allocating energy to its highest-value uses. We use Bitcoin mining as a flexible, energy-responsive workload to monetize excess and underutilized power and to optimize power management across our portfolio. In parallel, we are in the process of developing artificial intelligence ("AI") inference and high-performance computing ("HPC") capabilities. We operate across four continents and 18 data centers in North America, the Middle East, Europe, and Latin America, with approximately 1.9 gigawatts ("GW") of total capacity.
Our strategy is centered on the ownership and control of energy and digital infrastructure. While our earlier growth strategy emphasized an asset-light model, we have strategically transitioned to an energy and digital infrastructure company, expanding our owned portfolio capacity to approximately 70%. By expanding our ownership of sites and power infrastructure, we enhance operating control, improve margin durability, and support long-term capital efficiency.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $58.7M | $96.5M | $57.7M | $9.9M | $24.2M | $4.4M | $1.2M | $1.6M | $519.6K | $36.6M |
| Cost of revenue | — | $815.8M | $402.9M | $151.4M | $42.4M | $6.9M | $2.5M | $3.4M | $3.5M | $26.5M |
| Gross profit | — | -$719.2M | -$345.2M | -$33.7M | $116.8M | -$2.6M | -$1.3M | -$1.8M | -$3.0M | $10.1M |
| R&D | $30.1M | $13.2M | $2.8M | $98.0K | — | — | — | — | — | — |
| SG&A | $349.9M | $254.0M | $83.6M | $56.6M | $174.4M | $6.4M | $465.8K | $1.4M | $831.0K | $840.2K |
| Total operating expenses | — | -$465.5M | -$236.3M | $639.9M | $119.8M | $7.3M | $5.4M | $13.6M | $14.7M | $52.2M |
| Operating income | -$1.22B | $306.1M | $220.9M | -$673.5M | -$3.0M | -$9.8M | -$4.2M | -$12.1M | -$14.2M | -$15.6M |
| Interest expense | $48.4M | $13.0M | $10.3M | $15.0M | $1.6M | $21.0K | $51.9K | $81.5K | $1.3M | $3.1M |
| Pre-tax income | -$1.37B | $616.5M | $277.6M | -$718.3M | -$4.8M | -$10.4M | -$3.5M | -$12.7M | -$31.4M | -$17.3M |
| Income tax | $56.4M | $75.5M | $16.4M | $24.2M | $25.0M | $2.0K | — | $69.1K | $104.0K | $11.5M |
| Net income | -$1.31B | $541.2M | $259.1M | -$694.0M | -$29.8M | -$10.4M | -$3.5M | -$12.8M | -$31.3M | -$28.7M |
| EPS, basic | -3.69 | 1.87 | 1.41 | -6.12 | -0.30 | -0.13 | -0.53 | — | — | -1.89 |
| EPS, diluted | -3.69 | 1.72 | 1.06 | -6.12 | -0.30 | -0.13 | -0.53 | -2.41 | -4.80 | -7.55 |
| Shares, diluted (wtd. avg.) | 355.2M | 311.8M | 192.3M | 113.5M | 99.3M | 81.4M | 6.7M | — | — | 15.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $547.1M | $391.8M | $357.3M | $103.7M | $268.6M | $141.3M | $693.0K | $2.6M | $14.9M | $5.0M |
| Short-term investments | — | — | — | — | $223.9M | — | — | — | — | — |
| Receivables | — | — | — | — | — | — | — | — | $6.8K | $95.1K |
| Total current assets | $664.3M | $470.4M | $1.03B | $277.5M | $684.2M | $286.4M | $1.5M | $3.0M | $15.0M | $5.5M |
| Property, plant and equipment | $1.49B | $1.55B | $671.8M | $273.0M | $276.2M | $17.2M | $3.8M | $1.0M | $10.0K | $28.3K |
| Goodwill | $0 | $82.8M | $0 | — | — | — | — | — | — | $222.8K |
| Other intangibles | $988.0K | $2.7M | $0 | — | $931.0K | $1.0M | $1.1M | $1.1M | — | $12.3M |
| Total assets | $7.29B | $6.80B | $1.99B | $1.20B | $1.44B | $313.3M | $6.6M | $5.2M | $15.1M | $18.3M |
| Accounts payable | $12.5M | $12.6M | $11.3M | $1.3M | $7.8M | $999.7K | $1.2M | $1.2M | $2.0M | $7.2M |
| Short-term debt | $397.8M | $0 | $0 | $0 | — | — | — | — | — | — |
| Total current liabilities | $521.9M | $95.2M | $33.8M | $26.1M | $11.2M | $1.4M | $1.9M | $2.3M | $7.7M | $20.5M |
| Long-term debt | $3.20B | $2.45B | $325.7M | $782.2M | $728.4M | — | $999.1K | $999.1K | $1.8M | — |
| Total liabilities | — | — | — | — | $765.2M | $1.5M | $3.0M | $2.3M | $7.7M | $27.6M |
| Retained earnings | -$1.34B | -$26.4M | -$567.6M | -$840.3M | -$146.3M | -$116.1M | -$105.6M | -$102.1M | -$89.3M | -$57.9M |
| Total equity | $3.47B | $4.13B | $1.62B | $385.9M | $689.4M | $311.7M | $3.6M | $2.9M | $7.4M | -$9.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$802.7M | -$677.0M | -$315.7M | -$176.5M | -$19.0M | -$7.8M | -$3.3M | -$8.2M | -$10.8M | $10.2M |
| Depreciation and amortisation | $758.2M | $403.7M | $179.5M | $78.7M | $14.9M | $3.0M | $923.3K | $2.0M | $26.1K | $4.3K |
| Stock-based compensation | $172.3M | $157.6M | $32.6M | $24.6M | $160.8M | $1.2M | $933.7K | $1.4M | $2.0M | $2.0M |
| Capital expenditure | $407.1M | $250.8M | $27.6M | $41.1M | $273.9M | $17.7M | $5.2K | $5.3M | $7.8K | $8.4K |
| Investing cash flow | -$669.9M | -$3.23B | $4.6M | -$390.2M | -$891.1M | -$81.3M | $1.2M | -$4.2M | -$7.8K | -$3.7M |
| Financing cash flow | $1.63B | $3.95B | $555.9M | $410.7M | $1.04B | $229.7M | $245.5K | — | $20.4M | -$4.0M |
| Buybacks | $46.9M | $37.4M | $380.0K | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001507605-26-000010.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.6M | $519.6K | $1.6M | $1.2M | $4.4M | $24.2M | $9.9M | $57.7M | $96.5M | $58.7M |
| Gross profit | $10.1M | -$3.0M | -$1.8M | -$1.3M | -$2.6M | $116.8M | -$33.7M | -$345.2M | -$719.2M | — |
| Net income | -$28.7M | -$31.3M | -$12.8M | -$3.5M | -$10.4M | -$29.8M | -$694.0M | $259.1M | $541.2M | -$1.31B |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Material agreement signed Item 1.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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