MARA Holdings Announces Preliminary 2025 Financial Results, Reports $1.7B Loss

Hallandale Beach, FL – February 26, 2026 – MARA Holdings, Inc. (NASDAQ: MARA), a digital infrastructure and energy company focused on Bitcoin mining, today released preliminary, unaudited financial results for the fourth quarter and full fiscal year ended December 31, 2025. The company reported a significant net loss of $1.7 billion, primarily attributed to a decline in Bitcoin’s value during the period.

Preliminary Financial Highlights

The $1.71 billion loss, or $4.52 per diluted share, contrasts sharply with the $528.3 million net income, or $1.24 per diluted share, reported in the fourth quarter of 2024. This substantial shift is largely due to a $1.5 billion decrease in the fair value of digital assets and digital asset receivables [Finance Feeds].

Despite the loss, MARA’s revenue for the quarter reached $202.3 million, a slight decrease from the $214.4 million reported in the same period last year. This decline occurred despite an increase in the company’s energized hash rate, which was offset by lower average Bitcoin prices [Finance Feeds].

Bitcoin Price Impact

The primary driver of the financial downturn was the significant drop in Bitcoin’s price from approximately $114,300 at the end of the third quarter to around $88,800 by December 31, 2025 [Finance Feeds]. This price decrease resulted in substantial non-cash fair-value changes to MARA’s Bitcoin holdings.

Mining Operations and Holdings

During the fourth quarter, MARA mined 2,011 Bitcoin, a decrease from previous quarters. The company’s hash rate increased by 25% year-over-year to 66.4 EH/s, but mining output was impacted by increased network difficulty [Finance Feeds].

As of year-end, MARA held 53,822 Bitcoin, an increase from the previous year. Approximately 15,315 Bitcoin were borrowed or used as collateral, generating interest income for the company [Finance Feeds].

Conference Call Details

MARA Holdings held a webcast and conference call on Thursday, February 26, 2026, at 5:00 p.m. Eastern Time to discuss these results [MARA Investor Relations]. The financial results were initially published in a shareholder letter on the company’s investor relations website prior to the call [MARA Investor Relations].

Looking Ahead

MARA Holdings continues to focus on advancing energy systems by converting excess energy into digital capital and developing technologies to reduce energy consumption in high-performance computing [QuiverQuant]. Investors will be closely watching the company’s future performance in light of the volatile Bitcoin market and increasing network difficulty.