# MARA Holdings (MARA) Q2 2025 Financial Results Summary
This financial results summary is based on the report released on **July 29, 2025**.
### Key Highlights
– **Revenues** increased **64%** to **$238.5 million** in Q2 2025 from **$145.1 million** in Q2 2024.
– **Net Income** surged **505%** to **$808.2 million** in Q2 2025 from a **net loss** of **($199.7 million)** in Q2 2024.
– **Adjusted EBITDA** skyrocketed to **$1.2 billion**, a **1093%** increase from a loss of **($125.5 million)** in Q2 2024.
– **Cost per Petahash per Day** improved **24%** to **$28.7** in Q2 2025 from **$37.8** in Q2 2024.
– **Energized Hashrate** increased **82%** to **57.4 EH/s** in Q2 2025 from **31.5 EH/s** in Q2 2024.
– **Bitcoin Holdings** rose **170%** to **49,951 BTC** (approximately **$5.3 billion**) by the end of Q2 2025, including **15,550 BTC** loaned and pledged as collateral.
– **Total Blocks Won** climbed **52%** to **694** in Q2 2025 from **457** in Q2 2024.
– Mined **2,358 BTC** in Q2 2025 with no additional bitcoin purchases during the quarter.
– The **cost per kWh** was recorded at **$0.04** for owned sites.
### Financial Summary
– **Revenues**:
– Q2 2025: **$238.5 million**
– Q2 2024: **$145.1 million**
– Year-over-Year Growth: **64%**
– **Net Income**:
– Q2 2025: **$808.2 million** (or **$1.84 per diluted share**)
– Q2 2024: **($199.7 million)** (or **($0.72) per diluted share**)
– Year-over-Year Growth: **505%**
– **Adjusted EBITDA**:
– Q2 2025: **$1.2 billion**
– Q2 2024: **($125.5 million)**
– Year-over-Year Growth: **1093%**
– **Energy Costs**:
– **Purchased Energy Cost per BTC**: **$33,735** for owned mining sites.
– **Operational Efficiency**:
– **Cost per Petahash per Day**: Improved **24%**, from **$37.8** in Q2 2024 to **$28.7** in Q2 2025.
– **Average BTC Produced per Day**: Increased to **25.9** from **22.9** in Q2 2024.
– **Hashrate and Production**:
– Energized hashrate: Increased **82%** to **57.4 EH/s**.
– Total blocks won: Increased **52%** to **694**.
### Other Financial Information
– **Cash and Cash Equivalents**: Total cash and BTC (including loaned, actively managed, and pledged as collateral) amounted to **$5.4 billion** as of June 30, 2025.
– **Debt Management**: Closed **$950 million** of upsized **0.00% Convertible Senior Notes** due 2032, providing flexibility for strategic investments.
### Dividends and Share Repurchases
– No specific quarterly dividend was declared in the report.
– The company indicated flexibility to invest in share repurchases or other strategic moves through new capital raised.
### Conclusion
The financial results for Q2 2025 portray a significantly improved performance for MARA Holdings compared to the same quarter a year ago. The sharp increases in revenue, net income, and operational efficiency metrics highlight the company’s successful strategic shifts and increased efficiencies within its bitcoin mining activities. As MARA continues to expand its infrastructure and harness new opportunities in both energy and AI, stakeholders can anticipate a strong trajectory moving forward.
### Condensed Consolidated Statements of Operations (unaudited)
_(in thousands, except share and per share data)_
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | $238,485 | $145,139 | $452,369 | $310,337 |
| Costs and operating expenses (income) | ||||
| Purchased energy costs | 41,730 | 26,113 | 85,211 | 32,201 |
| Third-party hosting and other energy costs | 69,029 | 54,020 | 137,212 | 123,586 |
| Operating and maintenance costs | 22,362 | 15,595 | 42,156 | 31,409 |
| General and administrative | 92,948 | 53,492 | 178,813 | 122,398 |
| Depreciation and amortization | 161,741 | 107,508 | 319,638 | 189,110 |
| Change in fair value of digital assets | -846,027 | 147,999 | -451,865 | -340,808 |
| Change in fair value of derivative instrument | -20,311 | -38,251 | -47,139 | -22,999 |
| Impairment of assets | 26,253 | — | 26,253 | — |
| Taxes other than on income | 2,437 | 1,555 | 5,532 | 4,065 |
| Early termination expenses | — | 5,660 | — | 27,757 |
| Research and development | 8,546 | 3,845 | 17,844 | 6,311 |
| Total costs and operating expenses | -441,292 | 377,536 | 313,655 | 173,030 |
| Operating income (loss) | 679,777 | -232,397 | 138,714 | 137,307 |
| Other income | ||||
| Change in fair value of digital assets receivable, net | 346,547 | — | 230,480 | — |
| Interest income | 9,631 | 2,308 | 21,626 | 4,881 |
| Interest expense | -12,835 | -1,369 | -22,776 | -2,625 |
| Equity in net earnings of unconsolidated affiliate | -902 | 49 | -915 | 1,308 |
| Other | -5,509 | 93 | -3,035 | 3,037 |
| Total other income | 336,932 | 1,081 | 225,380 | 6,601 |
| Income (loss) before income taxes | 1,016,709 | -231,316 | 364,094 | 143,908 |
| Income tax benefit (expense) | -208,504 | 31,657 | -89,332 | -6,394 |
| Net income (loss) | $808,205 | $(199,659) | $274,762 | $137,514 |
| Less: net loss attributable to noncontrolling interest | 30 | — | 274 | — |
| Net income (loss) attributable to common stockholders | $808,235 | $(199,659) | $275,036 | $137,514 |
| Net income (loss) per share of common stock – basic | $2.29 | $(0.72) | $0.79 | $0.51 |
| Weighted average shares of common stock – basic | 352,901,683 | 278,674,506 | 348,524,166 | 268,899,932 |
| Net income (loss) per share of common stock – diluted | $1.84 | $(0.72) | $0.64 | $0.50 |
| Weighted average shares of common stock – diluted | 440,912,159 | 278,674,506 | 436,271,805 | 277,959,660 |
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### Condensed Consolidated Balance Sheets
_(in thousands)_
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $109,500 | $391,800 |
| Bitcoin (including loaned, actively managed and pledged as collateral) | 5,292,177 | 1,702,850 |
| Total assets | 5,401,677 | 2,094,650 |
| Liabilities and Stockholders’ Equity | ||
| Total current liabilities | $241,094 | 155,642 |
| Total liabilities | 241,094 | 155,642 |
| Total stockholders’ equity | 5,160,583 | 1,939,008 |
| Total liabilities and stockholders’ equity | $5,401,677 | $2,094,650 |
