TLDR
- MARA jumps 16% to $9.81 as AI/HPC JV hype outweighs ugly Q4 loss.
- Q4 revenue misses, net loss hits $1.7B—yet MARA leans into AI data centers.
- Hashrate hits 66.4 EH/s, but energy cost per BTC spikes to $48,611 in Q4.
- Starwood JV targets 1GW IT capacity now, with a path to 2.5GW longer term.
- No equity raise since 2022; MARA sells mined BTC and ends with $5.3B liquid.
Mara Holdings (MARA) shares rallied in pre-market trading after posting mixed quarterly results and unveiling a major AI infrastructure venture. The stock jumped to $9.81, up 16.09%, after closing at $8.45, down 1.40%. MARA reported lower quarterly revenue and a steep net loss, yet outlined expansion plans that shifted sentiment.
Marathon Digital Holdings, Inc., MARA
Revenue Slips in Q4 as Full-Year Growth Holds
MARA generated $202.3 million in fourth-quarter revenue, marking a 6% annual decline. The figure missed consensus estimates by nearly 10%, and earnings fell short of projections. The company posted an adjusted loss of $0.46 per share, widening from expectations.
Full-year revenue reached $907.1 million and increased 38% from 2024. Growth reflected higher Bitcoin production earlier in the year and improved pricing conditions. Even so, quarterly performance showed pressure from market volatility and operational costs.
MARA recorded a $1.7 billion net loss in the fourth quarter. A $1.5 billion fair value loss on Bitcoin holdings drove most of the deficit. For the full year, MARA reported a $1.3 billion net loss, reversing prior profitability.
Mining Output Expands as Costs Rise
MARA produced 2,011 Bitcoin during the fourth quarter and totaled 8,799 Bitcoin for the year. Annual production declined 7% as network difficulty increased across the industry. The company won 595 blocks in Q4, down 15% year over year.
Energized hashrate climbed to a record 66.4 EH/s by year-end. The figure marked a 25% increase from the prior year level. MARA deployed about 35,000 new miners and improved fleet efficiency to 18.6 J/TH.
Energy cost per Bitcoin rose sharply in the fourth quarter. The cost reached $48,611 compared with $31,608 a year earlier. Higher global competition and rising network difficulty weighed on profitability.
AI and HPC Expansion Signals Strategic Shift
MARA announced a joint venture with Starwood Capital to build AI and high-performance computing infrastructure. The partnership targets one gigawatt of near-term IT capacity across existing sites. Over time, the project could expand to 2.5 gigawatts.
MARA will supply real estate and power resources. Starwood Digital Ventures will manage design, construction, and tenant operations. MARA also retains the option to invest up to 50% in each project.
MARA acquired a 42-megawatt data center in Nebraska. The company also secured a 64% stake in Exaion to strengthen international AI capabilities. Combined liquid assets, including Bitcoin and cash, totaled approximately $5.3 billion at year-end.
The fourth quarter marked the first period since 2022 without equity issuance. MARA funded operations partly by selling mined Bitcoin instead. With a Zacks Rank #3 rating, MARA aligns with broader market performance expectations.
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