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

MARA posts $1.7 billion Q4 2025 net loss as quarterly revenue falls 6%

Mixed Impact 4 of 5 earnings Written later

MARA Holdings reported preliminary, unaudited results for the fourth quarter and full year 2025, showing revenue down 6% in the quarter and a net loss of $1.7 billion, compared with net income of $528.3 million a year earlier. The company attributed the swing mainly to a $1.5 billion loss on fair value of digital assets as bitcoin prices fell, and it also announced a joint venture with Starwood Digital Ventures to develop AI and high-performance compute infrastructure. Final figures will come in the Form 10-K, so the reported numbers could change.

Key points

  • Q4 2025 revenue fell 6% to $202.3 million from $214.4 million in Q4 2024, driven by a 14% decrease in the average bitcoin price.
  • Q4 2025 net loss was $1.7 billion, or $4.52 per diluted share, versus net income of $528.3 million, or $1.24 per diluted share, in Q4 2024.
  • Full-year 2025 revenue rose 38% to $907.1 million, while the full-year net loss was $1.3 billion compared with net income of $541.0 million in 2024.
  • Adjusted EBITDA was a loss of $1.5 billion in Q4 2025 versus $796.0 million in Q4 2024; results remain preliminary and unaudited.

The filing

CompanyMARA Holdings (MARA)
Form8-K, current report
Filed with the SECFeb 26, 2026, 4:23 PM ET
Accession number0001507605-26-000004

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 February 26, 2026.

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.