Mara's Mining Revenue Falls as Bitcoin Marks Lift Profit

The Tip Desk · November 12, 2026 · 4 min read

Third-quarter revenue was $164.2 million, down 35% from a year earlier, while net income reached $632.1 million, or $1.28 a share, on an $885.3 million digital-asset fair-value gain.

MARA Holdings (MARA), a Bitcoin miner and digital-infrastructure developer, reported third-quarter revenue of $164.2 million, down 35% from $252.4 million a year earlier, after a 27% year-over-year decline to $174.9 million in the second quarter.

Bitcoin mining accounted for $83.1 million of the $88.2 million revenue drop. The company said a 37% decline in the average price of bitcoin mined lowered revenue by $94.8 million, partly offset by an $11.7 million benefit from higher production.

Net income rose to $632.1 million, or $1.28 a share, from $123.1 million, or $0.27 a share, in the third quarter of 2025. The $508.9 million increase was primarily an $885.3 million unrealized bitcoin mark-to-market gain, versus a $343.1 million gain a year earlier, reflecting a 27% improvement in the bitcoin price during the quarter. Adjusted EBITDA was $857.7 million, up 117% from $395.6 million, after a $360.9 million loss in the second quarter.

Production was mixed. MARA mined 2,247 bitcoin, up 5% from 2,144 a year earlier, and won 644 blocks, up 2% from 633. Average daily production was 24.4 bitcoin. Versus the second quarter, blocks won fell 8% from 700, bitcoin produced declined 7% from 2,422, and average daily output dropped 8% from 26.6. Share of available miner rewards was 5.4%. Energized hashrate was 71.2 EH/s, up 18% from 60.4 EH/s a year earlier.

Cost per petahash per day improved 2% to $30.8 from $31.3 a year earlier. Purchased energy cost per bitcoin for owned sites was $39,674, slightly above $39,235 a year earlier. Cost per kilowatt-hour at owned sites was $0.04. Purchased energy costs rose 12% to $48.1 million from $43.1 million, which the company attributed primarily to a site acquisition and higher utilization at Central Nebraska and Central Ohio, partly offset by weather-related downtime. Operating and maintenance costs were $21.5 million. Third-party hosting and other energy costs were $71.5 million. General and administrative expenses fell 11% to $75.8 million, mainly a $9.8 million drop in stock-based compensation, partly offset by Exaion operating costs. Depreciation and amortization was $150.9 million.

The company said its largest third-party hosting arrangements, about 29% of total energy capacity, are scheduled to expire beginning in the third quarter of 2027 and expected to conclude in the first quarter of 2028.

At quarter-end MARA held 34,012 bitcoin, including 19,260 loaned or pledged as collateral, versus 35,577 including 9,270 loaned or pledged at June 30. Holdings were valued at about $2.8 billion at a spot price of $83,556. Cash and cash equivalents were $946.5 million, up from $547.1 million at year-end 2025. Combined unrestricted cash and cash equivalents and bitcoin, including bitcoin loaned or pledged as collateral, was $3.8 billion. Year-to-date total debt was reduced by $1.4 billion, or 37%.

After quarter-end, MARA sold 13,597 bitcoin around $81,039 for about $1.1 billion and used $750.0 million to repay bitcoin-collateralized term loans, returning 17,477 pledged coins and leaving less than 5% of holdings loaned or pledged. The board authorized a share-repurchase program of up to $500.0 million.

Exaion signed a four-year $79 million GPU-as-a-service contract on 100% take-or-pay terms with its first U.S. customer. The company said customer demand has built a pipeline of more than $3 billion in total contract value, with about $1 billion targeted for delivery by the end of 2027, and that those figures are indications of demand, not yet contracted.

Long Ridge received FERC approval after quarter-end and is expected to close by year-end, adding a gas plant authorized at 485 MW and expected to reach 505 MW in the first half of 2027, with roughly 70% of output under long-term contracts. MARA also secured rights to a Matagorda County, Texas site with up to 2 GW, classified as a studied load in ERCOT Batch Zero, and obtained a $100.0 million letter of credit for the interconnection study deposit. The company said it is targeting two leases before year-end, with timing that could slip into next year.