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.
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