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AI brief of an SEC Form 8-K · MARA Holdings (MARA)

MARA reports Q2 2025 revenue up 64% to $238.5 million and net income of $808.2 million

Positive Impact 4 of 5 earnings Written later

MARA reported record second-quarter 2025 revenue of $238.5 million, up 64% from $145.1 million a year earlier, and net income of $808.2 million, or $1.84 per diluted share, compared with a net loss of $199.7 million in Q2 2024. The filing says the profit includes a $1.2 billion gain on the fair value of digital assets, so shareholders should note that much of the swing reflects the higher bitcoin price rather than operations alone. Adjusted EBITDA was $1.2 billion, compared with a loss of $125.5 million a year earlier.

Key points

  • Revenue was $238.5 million, up 64% from $145.1 million in Q2 2024; a 50% increase in the average bitcoin price contributed $76.6 million.
  • Net income was $808.2 million, or $1.84 per diluted share, versus a net loss of $199.7 million, or $0.72 per diluted share, in Q2 2024.
  • Purchased energy costs were $41.7 million versus $26.1 million, and G&A excluding stock-based compensation was $40.1 million versus $25.2 million.
  • On July 25, 2025, the company closed an upsized $950.0 million of 0.00% convertible senior notes due 2032 after quarter end.

The filing

CompanyMARA Holdings (MARA)
Form8-K, current report
Filed with the SECJul 29, 2025, 4:05 PM ET
Accession number0001507605-25-000016

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 6:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 29, 2025.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.