MARA Holdings (MARA) Q3 2026 Earnings Report

The call was predominantly positive. MARA highlighted major progress in expanding its power portfolio, advancing tenant discussions, signing an initial Exaion contract, reducing debt by 37%, improving mining efficiency and strengthening liquidity. The main negatives were the 35% revenue decline driven by lower Bitcoin prices, sequentially lower blocks, higher purchased energy cost per Bitcoin, uncertainty around lease timing and the fact that much of the Exaion pipeline remains uncontracted. Management nevertheless presented these issues alongside continued operational and strategic progress.

MARA is still targeting 2 lease signings before year-end, although “that timing could move into next year”; it expects to complete the Long Ridge acquisition “over the next few weeks,” with the plant expected to increase from 485 megawatts to the full 505-megawatt nameplate capacity in the first half of 2027, and, subject to the closing of Long Ridge and the energization of Matagorda, expects its portfolio to reach over 4 gigawatts. Exaion has approximately $1 billion of its over $3 billion pipeline targeted for delivery by the end of 2027, although these are “indications of demand and are not yet contracted or committed”; its initial contract is expected to have a portion of capacity up and running “by the end of the year.” Third-party hosting arrangements representing approximately 29% of total energy capacity begin to expire in the third quarter of 2027 and are expected to fully conclude by the first quarter of 2028, while the company expects to eliminate third-party hosting costs and improve its cost per kilowatt hour over time; the Board also authorized a stock repurchase program of up to $500 million of common stock.