MARA Q3 revenue rises 92% to $252.4 million; net income $123.1 million
MARA Holdings reported third-quarter 2025 results, with revenue up 92% to $252.4 million from $131.6 million a year earlier. Net income was $123.1 million, or $0.27 per diluted share, compared with a net loss of $124.8 million in Q3 2024, though the result includes a $343.1 million gain on digital assets tied to the bitcoin price rise. The filing also updates shareholders on the pending Exaion acquisition, valued at approximately $168.0 million.
Key points
- Revenue rose 92% to $252.4 million; a 88% higher average bitcoin price contributed $113.3 million
- Net income of $123.1 million ($0.27 per diluted share) includes a $343.1 million gain on digital assets
- Adjusted EBITDA was $395.6 million, up from $22.3 million; energized hashrate rose 64% to 60.4 EH/s
- Agreed to acquire an approximate 64% stake in Exaion for approximately $168.0 million; regulatory approvals expected in Q4
The filing
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 November 04, 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.