MARA Holdings Reports $252M Q3 Revenue, Expands into AI and Energy

MARA Holdings Q3 2025 Financial Highlights

• Reported revenue of $252.4 million, a 92% increase from Q3 2024.
• Net income reached $123.1 million, up from a net loss of $124.8 million in the same period last year.
• Mined and purchased a total of 2,144 BTC, increasing holdings to 52,850 BTC.

Operational Developments

• Energized hashrate grew by 64% to 60.4 EH/s.
• Cost efficiency improved with a 15% reduction in cost per petahash per day to $31.3.
• Adjusted EBITDA surged by 1,671% to $395.6 million.
• Transitioning to quarterly production updates starting Q4 2025.

Strategic Expansion into AI and Energy Infrastructure

• Announced a partnership with MPLX for developing power generation and data center campuses in West Texas, with an initial capacity target of 400 MW, scalable to 1.5 GW.
• Deployed first ten AI inference racks in Granbury, Texas.
• Agreed to acquire approximately 64% of Exaion, subject to regulatory approval, to strengthen AI infrastructure capabilities.

This strategic shift aligns with industry trends as other miners like TeraWulf and Cango also pivot towards AI infrastructure.