EarningsQ2 2026 Earnings Report
MX:MARA Q2 2026 EPS Results
Actual EPS-$29.09
Consensus EPS$3.04
Beat/MissMissed by -$32.12
One Year Ago EPS$33.45
MX:MARA Q2 2026 Revenue Results
Actual Revenue$3.18B
Expected Revenue$3.81B
Beat/MissMissed by -$628.17M
YoY Revenue Growth-26.67%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
MX:MARA Upcoming Earnings
MARA Holdings's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MARA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call describes a strategic, transformational quarter: Mara is materially expanding powered land and capacity (targeting ~4.8 GW including a ~2 GW Matagorda site), advancing the Long Ridge acquisition (adds ~$144M EBITDA), securing non-dilutive financing, and showing commercial and technology traction (Starwood partnership, Exaion, HUM, Vertebra AI). Short-term financial results were weak due to a sharp decline in Bitcoin prices, producing a large unrealized mark-to-market loss, reduced revenues (‑26.8% YoY), and a significant net loss. The company nevertheless finished the quarter with strong liquidity ($1.21B cash, ~$2.5B cash+BTC), improved mining unit costs, growing energized hash rate, and a clear pathway to convert power into longer-term contracted infrastructure revenue. Given the balance of meaningful strategic progress and execution milestones against short-term crypto-driven financial pain, the tone is constructive with a longer-term positive outlook.Company Guidance
Significant Expansion of Power Portfolio
On completion of pending transactions, Mara expects its power portfolio to reach approximately 4.8 GW — more than double its capacity at the beginning of the year; Matagorda County rights add ~2 GW potential capacity on ~1,200 acres (subject to ERCOT/interconnection approvals).
Long Ridge Acquisition Adds Predictable EBITDA
Pending Long Ridge acquisition expected to contribute approximately $144 million of annualized EBITDA with ~70% of its output contracted under long-term agreements, diversifying revenue beyond Bitcoin mining.
Non-Dilutive Financing Leveraging Bitcoin Reserves
Entered Bitcoin-backed credit facilities (Coinbase and 2PIC) providing $600 million incremental borrowings at a weighted average cost of 7.56%, and refinanced/consolidated an existing $150 million facility — financing described as non-dilutive and used to fund acquisition cash consideration.
Strong Liquidity and Digital Asset Position
Ended the quarter with $1.21 billion in cash and cash equivalents and approximately $2.5 billion combined cash and Bitcoin; held 35.6k Bitcoin valued at approximately $2.1 billion at a $58.5k spot price.
Hash Rate and Mining Operational Strength
Delivered energized hash rate of 70.3 EH/s, a 22% increase from 57.4 EH/s in Q2 2025; mined 2.42k Bitcoin in the quarter (26.6 BTC/day), won 700 blocks (up 1% YoY and 8% sequentially).
Improved Mining Cost Efficiency
Daily cost per petahash per day improved 4% YoY to $27.70 (from $28.70) and has improved ~27% over the past nine quarters; owned-site energy cost was ~4 cents/kWh.
Commercial Momentum and Strategic Partnerships
Active lease discussions across multiple sites with confidence to sign at least two leases before year-end; Starwood partnership provides development and capital scalability and has produced stronger-than-expected tenant interest.
Early Commercial Traction for Technology Initiatives
Exaion and HUM showing initial revenue traction: HUM has contractual revenues (estimated in the low 8-figure annual range); Exaion revenues expected in the low 8-figure range this year with growing pipeline tied to sovereign AI demand; Vertebra AI demonstrating infrastructure utilization gains.
MX:MARA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed