Open the filing on EDGARSHAREHOLDER LETTER Q2 2026 3 SHAREHOLDER LETTER Q2 2026 4 SHAREHOLDER LETTER Q2 2026 5 SHAREHOLDER LETTER Q2 2026 6 SHAREHOLDER LETTER Q2 2026 7 SHAREHOLDER LETTER Q2 2026 8 SHAREHOLDER LETTER Q2 2026 9 SHAREHOLDER LETTER Q2 2026 10 SHAREHOLDER LETTER Q2 2026 11 SHAREHOLDER LETTER Q2 2026 12 SHAREHOLDER LETTER Q2 2026 13 SHAREHOLDER LETTER Q2 2026 14 SHAREHOLDER LETTER Q2 2026 15 SHAREHOLDER LETTER Q2 2026 16 SHAREHOLDER LETTER Q2 2026 17 SHAREHOLDER LETTER Q2 2026 18 SHAREHOLDER LETTER Q2 2026 19
Key Highlights To Our Shareholders Those capabilities are increasingly valuable in the AI sector where access to power is the defining We measure success not simply by the number of megawatts we develop, but by the long-term value Exaion provides enterprises with private AI cloud infrastructure that allows customers to deploy Bitcoin Mining Looking Ahead Second Quarter Financial and Operational Discussion REVENUE PURCHASED ENERGY COSTS and miner repair and maintenance costs to GENERAL AND ADMINISTRATIVE BALANCE SHEET DIGITAL ASSET MANAGEMENT our existing $150.0 million facility with Earnings Webcast and Conference Call MARA Holdings, Inc. and Subsidiaries Three Months Ended June 30,Six Months Ended June 30,(in thousands)2026202520262025Reconciliation to Adjusted EBITDA:Net income (loss) attributable to common stockholders$(609,685)$808,235$(1,869,304)$275,036Net loss attributable to noncontrolling interests(1,632)(30)(4,410)(274)Net income (loss)(611,317)808,205(1,873,714)274,762Interest expense (income), net(3,999)3,204(3,811)1,150Income tax expense (benefit)580208,504(30,352)89,332Depreciation and amortization177,952164,914372,691325,916EBITDA(436,784)1,184,827(1,535,186)691,160Stock-based compensation expense46,68354,65677,189103,771Change in fair value of derivative instrument1,769(20,311)42,814(47,139)Impairment of goodwill and other assets - 26,253 - 26,253Restructuring costs1,753 - 47,638 - Acquisition and integration costs15,445 - 26,463 - Litigation settlement10,200 - 10,200 - Net gain from extinguishment of debt - - (70,557) - Net gain on investments - - - (12,429)Adjusted EBITDA (1)$(360,934)$1,245,425$(1,401,439)$761,616 (1) Non-GAAP Financial Measures. In order to provide a more Investor Notice comprehensive understanding of the information used by our constraint on AI deployments. we create from every megawatt we own. advanced AI workloads while maintaining control over their infrastructure, their data, and their support a larger operational footprint, partially Coinbase and consolidated it into the new Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully management team in financial and operational decision-making, we Today, Bitcoin mining represents the core of MARA's business. The first half of 2026 was about expanding and transforming the platform. We expanded our portfolio Revenue was $174.9 million, driven by a $7.2 We define purchased energy costs as the General and administrative ("G&A") expenses, At quarter end, we held 35,577 bitcoin, We held a total of 35,577 bitcoin, including Condensed Consolidated Statements of Operations (unaudited) operations. As a European company, Exaion is positioned to serve customers whose technical offset by lower shipping and warehouse fees. Coinbase facility.This borrowing, originally due supplement our Condensed Consolidated Financial Statements that consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most The second quarter marked another important step in our evolution. We continued to advance the Speed. Certainty. Reliability. of powered infrastructure, advanced transformational acquisitions, strengthened our commercial million increase in bitcoin production, offset by amount paid to power providers for power excluding stock-based compensation, was including 9,270 bitcoin loaned or pledged as 9,270 bitcoin that were loaned or pledged as Highlights have been prepared in accordance with generally accepted For more than a decade, Bitcoin mining has been the foundation upon which we built our company. It Artificial intelligence is no longer constrained by capital "These AI data centers recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange sovereignty requirements demand infrastructure governed under European jurisdiction, a meaningful in Q1 of 2027, will now mature in two years Three Months Ended June 30,Six Months Ended June 30,(in thousands, except share and per share data)2026202520262025Revenues$174,881$238,485$349,495$452,369Costs and operating expenses (income)Purchased energy costs48,75041,73093,48285,211Operating and maintenance costs26,90522,36257,53742,156Third-party hosting and other energy costs69,15669,029139,204137,212General and administrative114,70192,948201,558178,813Depreciation and amortization174,664161,741366,220319,638Change in fair value of digital assets249,559(846,027)964,236(451,865)Change in fair value of derivative instrument1,769(20,311)42,814(47,139)Impairment of goodwill and other assets - 26,253 - 26,253Taxes other than on income1,5212,4373,9515,532Research and development7,1738,54615,42117,844Restructuring costs1,753 - 47,638 - Total costs and operating expenses (income)695,951(441,292)1,932,061313,655Operating income (loss)(521,070)679,777(1,582,566)138,714Other income (loss)Change in fair value of digital assets - receivable, net(93,456)346,547(397,368)230,480Net gain from extinguishment of debt - - 70,557 - Interest income10,2639,63120,79521,626Interest expense(6,264)(12,835)(16,984)(22,776)Equity in net earnings of unconsolidated affiliate(2,856)(902)(5,027)(915)Other2,646(5,509)6,527(3,035)Total other income (loss)(89,667)336,932(321,500)225,380Income (loss) before income taxes(610,737)1,016,709(1,904,066)364,094Income tax benefit (expense)(580)(208,504)30,352(89,332)Net income (loss)$(611,317)$808,205$(1,873,714)$274,762Less: net loss attributable to noncontrolling interest, including redeemable noncontrolling interest1,632304,410274Net income (loss) attributable to common stockholders$(609,685)$808,235$(1,869,304)$275,036Net income (loss) per share of common stock - basic$(1.60)$2.29$(4.91)$0.79Weighted average shares of common stock - basic381,565,856352,901,683380,865,345348,524,166Net income (loss) per share of common stock - diluted$(1.60)$1.84$(4.91)$0.64Weighted average shares of common stock - diluted381,565,856440,912,159380,865,345436,271,805 accounting principles in the United States ("GAAP") with the non- Long Ridge transaction and are currently awaiting FERC approval. Subsequent to quarter-end, we THIRD-PARTY HOSTING AND OTHER pipeline, and continued investing in the initiatives that will drive MARA's next phase of growth. a 28% decrease in bitcoin's average price year consumed related to our owned Bitcoin mining $69.5 million, compared to $40.1 million in Q2 collateral. During Q2 2026, we mined 2,422 collateral. As such, approximately 26% of our Commission (the "SEC"). If any of these risks were to occur, our business, financial condition or results of operations would These principles define how we invest, how we build, and how we aim to serve customers. enabled us to acquire strategic power assets, develop expertise operating large-scale compute MARA will hold a webcast and conference call today, alone. It is constrained by power. That simple reality is Revenues decreased 27% to $174.9 millionIN Q2 2026from $238.5 million in Q2 2025.Net income (loss) decreased to ($611.3 million)IN Q2 2026from $808.2 million in Q2 2025. loaned or pledged as collateral) as of June 30, competitive advantage as enterprises and public-sector organizations increasingly prefer providers along with the incremental $600.0 million. GAAP financial measure of Adjusted EBITDA. ENERGY COSTS are going to require secured the rights to a 2 GW powered land site in Matagorda County, Texas - an acquisition that, - Our energized hashrate was 70.3 EH/s, over year. This contributed approximately operations. Our purchased energy costs in the 2025. The increase reflects the scaling of our BTC. As of June 30, 2026, our BTC holdings total holdings were activated through our likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The 2026. August 6, 2026, at 5:00 p.m. Eastern Time (2:00 p.m. infrastructure, and establish the disciplined capital allocation framework that guides our business The second half of the year is about execution. reshaping the economics of digital infrastructure. operating within the EU regulatory framework. For organizations in critical infrastructure, regulated These financings strategically activate a The Company defines Adjusted EBITDA as GAAP net income (loss) Speed, because customers cannot wait years for power to become available. Our portfolio of increasing 22% from 57.4 EH/s as of Q2 2025. upon ERCOT and interconnect approvals, would more than double our powered land portfolio. risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we $65.9 million to the overall 27% decrease from second quarter of 2026 were $48.8 million, operations, higher personnel costs associated were valued at approximately $2.1 billion based digital asset management strategy. Under our Pacific Time) to discuss its financial results for the Third-party hosting and other energy costs more power than plus adjustments to add back the impacts of (1) interest, (2) income today. - Loaned 4,742 BTC under our digital asset industries, and government-adjacent services, sovereignty is no longer a preference, it is becoming a portion of MARA’s bitcoin reserves as a non- energized sites allows us to deliver earlier in-service dates than many competing developments that Our focus is straightforward: converting infrastructure into long-term shareholder value by signing currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be Capital is abundant. Power-ready sites are scarce. The quarter ended June 30, 2026. - Revenue was $174.9 million, a decrease of 27% taxes, (3) depreciation and amortization and (4) adjustments for non- $238.5 million and a $4.9 million decrease in compared to $41.7 million in the prior year with headcount growth from the prior year on a spot price of $58,524 per bitcoin. lending arrangements, a total of 4,742 bitcoin consist of co-location services for third-party management strategy, generating Together, these actions are expected to expand our power portfolio up to 4.8 GW, establishing one of anything we could ever requirement. Today, approximately 80% of enterprise data still resides outside the public cloud, dilutive funding source while preserving our cash and/or non-recurring items, which currently include (i) stock- a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See from $238.5 million in Q2 2025. are still beginning the power procurement and interconnection process, giving prospective customers In many respects, Bitcoin mining was never the destination. It was the foundation. customers, bringing new assets online, and demonstrating the earnings power of the platform we challenge is no longer attracting investment, it is approximately $4.3 million of interest income other revenues due to lower revenue from period. The increase was primarily driven by period, and administrative fees in support of were loaned to counterparties, generating hosted sites and energy expenses related to based compensation expense, (ii) change in fair value of derivative the largest powered land portfolios in the industry. We believe this platform positions us to create ContentsTo Our Shareholders3Financial and Operational Discussion10Earnings Webcast and Conference Call15Statements of Operations16Investor Notice19Forward-Looking Statements19 "Forward-Looking Statements" below. for the quarter. representing a significant opportunity as organizations modernize existing infrastructure for AI. exposure to bitcoin’s potential long-term access to capacity sooner. have spent years assembling. Over the coming months, we expect to complete the acquisition of securing energized, permitted power and transforming it have imagined . . . We - We held 35,577 BTC (including digital assets instrument, (iii) impairment of goodwill and other assets, (iv) other digital asset and elimination of our the expansion of our owned mining sites and a our expanded global footprint. This includes approximately $4.3 million of interest income Today, mining continues to play an important strategic role within MARA's broader platform. mining non-bitcoin digital assets. Third-party To register to participate in the conference call or to significant long-term shareholder value. receivable, net) and produced 2,422 BTC at an appreciation. The facilities will be used towards restructuring costs, (v) acquisition and integration costs, (vi) litigation Long Ridge, advance lease discussions across our Digital Infrastructure portfolio, expand Exaion's - We are actively leveraging Exaion's expertise to into compute. We believe that the companies that About MARA Exaion enters this market with credibility. It operates the critical infrastructure supporting EDF's Certainty, because digital infrastructure must be delivered on time, on budget, to specification, and hosting services compared to the same period. 22% increase in our total hashrate to 70.3 EH/s. acquisition and integration costs of $15.4 during the quarter. hosting and other energy costs were $69.2 don't have enough listen to the live audio webcast, please use this link. The average price of $71,325. We sold 2,213 BTC at settlement, (vii) net gain from extinguishment of debt, and (viii) net gain First, it generates cash flow that supports investment across our business while maintaining one of broaden our private cloud capabilities while funding the cash consideration for the international presence, and commercialize our technology initiatives. control power, not simply capital, will define the next Forward-Looking Statements nuclear reactor operations, one of Europe's most demanding enterprise computing environments, on investments. webcast will also be broadcast live and available for an average price of $73,078. with disciplined capital allocation. Our development strategy, relationships with utilities and million and a $10.2 million litigation settlement million, compared to $69.0 million in Q2 2025, a continuing to integrate the acquisition. MARA's BTC HoldingsAs of June 30, 2026QuantityBitcoin, unrestricted26,307Bitcoin - ReceivableBitcoin - Loaned4,742Bitcoin - Pledged as Collateral4,5289,270Total35,577 the industry's lowest cost structures. power in the G7." acquisition and, together with the assumption *Price of BTC as of last day of quarter MARA deploys digital energy technologies to advance generation of compute. replay via the investor relations section of our website. Adjusted EBITDA decreased to ($360.9 million)IN Q2 2026compared to $1.2 billion in Q2 2025.Cost/petahash per day decreased by 4%IN Q2 2026from Q2 2025. demonstrating the company’s ability to deliver secure, resilient infrastructure for customers where Management uses Adjusted EBITDA, together with the supplemental equipment providers, and partnership with Starwood will provide customers with confidence that representing the amount paid in connection Perhaps most importantly, we expect the investments we have made over the past decade to $0.1 million increase driven by higher power The four largest hyperscalers alone are expected to invest approximately $725 billion in AI - Total blocks won increased 1% to 700 from 694 - Progressed the acquisition of Long Ridge by NET LOSS the world’s energy systems. Harnessing the power of of certain of Long Ridge’s existing information provided herein, to understand, manage and evaluate Second, it provides operational flexibility. Mining equipment can be rapidly deployed at newly in Q2 2025. operational reliability is non-negotiable. projects will be executed efficiently while allowing us to scale with proportional capital support from with the final resolution of a patent dispute. become increasingly visible in our financial results. The foundation has been built. Our focus now is on consumption and utilization from additional completing the change-of-control consent This is the business MARA is building. infrastructure during 2026, with annual capital expenditures projected to exceed $1 trillion by 2027. At business performance and to inform operating decision-making. The compute, MARA transforms excess energy into digital This shareholder letter contains forward-looking statements within the meaning of the federal securities laws. All - Larry Fink, CEO BlackRock indebtedness, provide funding towards Earnings Webcast and Conference Call Details energized sites, allowing us to immediately monetize power while AI infrastructure is designed, solicitation for Long Ridge's senior secured Company relies primarily on its Condensed Consolidated Financial We reported net loss of ($611.3 million), or Starwood. - Our cost per kWh was $0.04 for our owned monetizing it. capacity at certain third-party hosted sites. the same time, U.S. data center electricity demand is expected to increase from approximately 31 capital, balancing the grid and accelerating the Exaion's selection to participate in the AION Consortium, a European Union-backed initiative targeting statements, other than statements of historical fact, included in this shareholder letter are forward-looking statements. Compared to Q1 2026, G&A benefitted from notes due 2032. completing the transaction. Statements to evaluate financial performance and uses non-GAAP sites. Purchased energy cost per bitcoin was permitted, and constructed. As customer demand develops, those same sites can transition toward ($1.60) per diluted share, compared to net deployment of critical infrastructure. Building on its gigawatts in 2025 to 41 gigawatts in 2026 before reaching 66 gigawatts in 2027, while new power The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or approximately three gigawatts of AI-ready data center capacity, further validates both its technical financial measures only supplementally. Reliability, because mission-critical AI infrastructure requires trusted partners with proven operational lower headcount costs related to the previously Date: Thursday, August 6, 2026 Later this year, we look forward to hosting our Investor Day, where we will provide a deeper look at our Our most significant third-party hosting $38,690, up from $33,735 in Q2 2025. - Acquired rights to a strategic powered land site higher value AI and high-performance computing workloads without leaving valuable infrastructure expertise to redefine the future of energy, MARA We have consistently said that bitcoin is one of income of $808.2 million, or $1.84 per diluted variations or negatives of these words are intended to identify forward-looking statements, although not all forwardgeneration and transmission continue to lag demand. The result is a growing premium on existing capabilities and strategic positioning. We believe that Adjusted EBITDA is useful to us and to our investors expertise. MARA has spent years designing, owning, and operating large-scale compute announced reduction in force. We expect our We are an owner, developer, and operator of digital infrastructure, vertically integrated across power, strategy, showcase our infrastructure portfolio, and demonstrate how we work across our business to arrangements are set to expire beginning in Q3 in Matagorda County, Texas, with up to 2 GW Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific - Cost per petahash per day improved 4% to develops technologies that reduce the energy demands underutilized. looking statements contain these identifying words. Such forward-looking statements include, among other things, MARA's most strategic assets, and this is share, in the second quarter of 2025. because it excludes certain financial, capital structure and/or non-cash energized infrastructure. (Goldman Sachs Commodities Research, May 2026) of total capacity, to be developed as a largeinfrastructure, while Starwood contributes engineering, procurement, construction, and development quarterly G&A run-rate, excluding stock-based $27.7 from $28.7 in Q2 2025. land, and compute. We do not sell electrons. We convert them into higher-value compute or make maximize the value of every megawatt we own. 2027, with all third-party hosting arrangements Time) of high-performance computing applications, from AI to Technology Initiatives items that we do not believe directly reflect our core operations or may statements relating to our strategic joint venture with Starwood, including the structure, timing and expected benefits of scale digital infrastructure campus. another example of the disciplined capital Finally, mining continues to serve as one of our greatest sources of operational insight. not be indicative of our recurring operations. These items may vary The $1.4 billion increase in net loss was capabilities backed by more than seven gigawatts of delivered infrastructure for many of the world’s compensation and acquisition and integration the edge. that infrastructure available to customers. What separates MARA from peers is that we already have to conclude by Q1 2028. These expirations are the partnership; plans to develop, finance and operate digital infrastructure projects; our ability to fund, scale and allocate Against that backdrop, our objective is straightforward: own scarce powered assets and maximize - Net loss was ($611.3 million), or ($1.60) per Energized hashrate ("EH/s") increased 22%TO 70.3 EH/S IN Q2 2026from 57.4 EH/s in Q2 2025.Bitcoin holdings decreased 29%TO 35,577 BTC (C. $2.1B)Including 9,270 BTC loaned or pledged as collateral as of June 30, 2026. Registration link: LINK We began this letter by saying that artificial intelligence is no longer constrained by capital. It is allocation approach we've outlined to investors. significantly over time and across companies within our industry - Subsequent to quarter-end, we entered into Building and operating large-scale compute infrastructure has generated more than digital assets. It *including BTC loaned, actively managed or pledged as collateral diluted share, compared to net income of capital to joint venture projects; expected demand from enterprise, hyperscale and AI customers; expansion into artificial primarily driven by a ($343.0 million) unrealized leading hyperscalers and frontier AI companies. Together, we offer prospective customers a costs, to continue to trend lower as these what most are still trying to secure: active utility-scale power, a decade of operating experience expected to eliminate third-party hosting costs their long-term value. The same disciplines that made MARA one of the industry's leading Bitcoin miners, optimizing power independent of core operating performance. We believe that excluding Historically, we held the bitcoin we produced two BTC-backed credit facilities with Coinbase constrained by power. Alongside lending and opportunistic $808.2 million, or $1.84 per diluted share, in Q2 has created intellectual property that we are now beginning to commercialize outside MARA. intelligence, inference and high-performance compute; anticipated benefits of our investment in Exaion; and potential Cash and cash equivalents totaled $421.3 these items allows for more meaningful period-over-period bitcoin mark-to-market loss in Q2 2026, combination of operational experience and development expertise that few competitors can match. savings are realized over time. at scale, and disciplined capital allocation. over time and improve our cost per kWh. and Two Prime for a total facility of $600.0 consumption, improving compute efficiency, and operating mission-critical infrastructure at scale, as a long-term investment and in 2025, we 2025. Net loss during the quarter includes a Our recent agreement to acquire rights to a strategically located powered site in Matagorda County, monetization, these facilities represent another comparisons and improved comparability relative to other companies. domestic and international expansion opportunities. Such forward-looking statements are based on management's If you have any difficulty connecting with the conference Over the past decade, MARA has assembled one of the industry's largest portfolios of powered digital million. In addition, we refinanced our existing million, down from $547.1 million as of compared to a $1.2 billion gain in the prior year As the operator of one of the world’s largest distributed compute platforms, MARA has developed $343.0 million loss related to the fair value of directly inform how we build and manage AI infrastructure today. began selling bitcoin to fund operations. As Commercial momentum across the portfolio continues to build. Our objective is to build a diversified DEPRECIATION AND AMORTIZATION Our evolution into AI infrastructure is not a departure from our past. It is the natural progression of COST PER PETAHASH current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause Texas, is expected to add approximately two gigawatts in one of the country's most attractive call, please contact MARA's investor relations team at $150.0 million facility with Coinbase and way we can deploy our digital assets to support Adjusted EBITDA is not a recognized financial measure under GAAP. infrastructure. Today, we are transforming those assets into a platform built to support the next digital assets. December 31, 2025. Combined, our balance of period, representing approximately $1.5 billion We produced an average of 26.6 BTC per day, deep expertise in power management, infrastructure optimization, and digital asset management. consolidated it into the new Coinbase facility. Source: Public Company reports. 2026 progresses, we expect to continue to our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent Investors should consider Adjusted EBITDA in addition to, but not as a ir@mara.com customer base across hyperscalers, AI-native cloud providers, silicon vendors, and enterprise Our owned sites maintained a cost per kWh of what we have built. markets, subject to ERCOT and interconnect approvals. Just as importantly, we expect it will provide We remain committed to continuously improving the efficiency of our mining operations through growth while remaining disciplined in our generation of compute. Depreciation and amortization was $174.7 For more information, visit www.mara.com, or follow us cash and BTC (including bitcoin loaned and Our cost per petahash per day improved 4% to year-over-year change, reflecting a 45% substitute for, the most directly comparable financial results calculated The financings selectively activate our bitcoin - Adjusted EBITDA was ($360.9 million), up from 25.9 BTC in Q2 2025, resulting in 2,422 What began as solutions built to improve our own operations are increasingly becoming commercial events and developments, including actual results or changes in our assumptions, may cause our views to change. We do monetize bitcoin opportunistically to enhance 1.Site power capacity of up to 2,000 MW secured via a definitive agreement; subject to FERC and interconnect approval. customers - balancing credit quality, returns, and long-term portfolio value. Working alongside $0.04. Purchased energy cost per bitcoin for sufficient wholly owned capacity to complete our transition away from hosted mining as existing disciplined fleet modernization and intelligent power management. As newer, more efficient hardware capital allocation. on: and presented in accordance with GAAP. Because our calculation of reserves as a non-dilutive funding source for compared to $1.2 billion in Q2 2025, primarily million, a $12.9 million increase compared to the pledged as collateral) was approximately $2.5 $27.7 from $28.7 in Q2 2025, and has improved 2.Includes MARA’s existing capacity at Hannibal and expanded grid and onsite generation capacity (active permits for both). not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are decline in BTC price over the same period. BTC mined compared to 2,358 or 3% more BTC products, allowing us to leverage our operational expertise to serve the broader industry. Vertebr.AI, Bitcoin mining provided the foundation. We believe digital Infrastructure, along with our Exaion and our financial flexibility, including to provide Adjusted EBITDA may differ from that of other companies, our Starwood, lease discussions are progressing across multiple sites, and we remain confident in our our owned and operated sites was $38,690, the Long Ridge acquisition while retaining due to a decrease in the fair value of our bitcoin agreements expire, increasing operational control, improving unit economics, and giving us greater replaces older equipment, we continue to increase computing capacity while operating within the prior year period. The 15% increase was billion at quarter end. cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included X@MARALinkedInMARAHoldingsFacebookMARAHoldingsInstagram@MARAHoldingsInc As our strategy has evolved, our focus has become clearer. 27% over the past nine quarters. presentation of Adjusted EBITDA may not be comparable to similarly mined year-over-year. Blocks won also Total blocks won increased 1% to 700IN Q2 2026from 694 in Q2 2025.Purchased energy cost per BTC was $38,690 IN Q2 2026for our owned sites. our intelligent power optimization platform, continuously manages power allocation and infrastructure exposure to BTC's potential long-term holdings. technology initiatives, will expand the value we create from that foundation. Together, they position liquidity or to fund capital projects and other ability to sign at least one lease before year-end. Our objective is not simply to sign tenants, but to compared to $33,735 in Q2 2025, primarily flexibility in how we allocate capital. same electrical footprint, further improving the economics of our business. herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ titled measures of other companies. primarily driven by the $28.1 million of appreciation. increased 1% over the same period. performance in real time. As power becomes an increasingly scarce and valuable resource, we believe MARA to participate across multiple layers of the AI infrastructure value chain while remaining MARA operates an integrated digital infrastructure platform built around power, land, and compute. initiatives that we believe enhance long-term - $2.5 billion of combined unrestricted cash and establish long-term customer relationships that maximize the value of our infrastructure for decades driven by higher power costs and global materially from those included in these forward-looking statements as a result of various factors, including, but not limited accelerated depreciation of certain mining rigs The pending acquisition of Long Ridge is equally important. We believe this transaction will transform Ultimately, we do not view Bitcoin mining and AI infrastructure as competing businesses. cash equivalents and BTC (including bitcoin the opportunity extends well beyond Bitcoin mining. AI data centers, independent power producers, disciplined in how we allocate capital. Digital Infrastructure is our primary growth focus. Exaion and our technology initiatives provide shareholder value, subject to market conditions to, the factors set forth under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other to come. network difficulty outpacing our hashrate MARA Chief Financial Officer and the expansion of our business, partially our existing Hannibal campus by adding adjacent land while immediately contributing positive and other energy-intensive industries can use the same technology to maximize infrastructure periodic reports that we may file with the SEC. targeted capabilities that can help us serve specialized customer needs, improve infrastructure They are complementary applications of the same underlying asset: power. and our capital allocation priorities. growth. Power costs increased relative to the Second Quarter Production Highlights Ultimately, our shareholders should judge us not by our vision, but by our execution. The AI We believe our combination of scarce powered assets, speed, certainty, reliability, capital efficiency, offset by lower depreciation as mining rigs EBITDA upon closing. With more than 70% of its power output contracted under long-term utilization, improve operational efficiency, and lower operating costs. utilization, and extend the value of our core assets. Prior Quarter ComparisonMetricQ2 2026Q1 2026% ΔNumber of Blocks Won7006537%BTC Produced2,4222,2478%Average BTC Produced per Day26.625.07%Share of Available Miners Rewards (1)5.9%5.5%N/AEnergized Hashrate (EH/s) (2)70.372.2(3%) prior quarter due to adverse weather events, infrastructure market is moving quickly, and credibility will be earned by consistently delivering Our capital allocation philosophy remains straightforward. Every megawatt should be deployed into MARA Company Contacts: CAPITAL ALLOCATION strategic partnerships, and proven operating expertise positions MARA to become one of the reached the end of their useful lives. agreements, we expect Long Ridge will enhance our earnings profile while significantly expanding our while kWh consumed remained relatively Hashrate Under Management (HUM) is our blockchain financial infrastructure platform. While this is results. We manage these capabilities as part of one integrated platform and allocate capital across them its highest-value application. In some markets, that will continue to be Bitcoin mining. In others, it will industry’s leading digital infrastructure companies. AI infrastructure opportunity. Subsequent to quarter-end, we further ADJUSTED EBITDA Telephone: 1.800.804.1690 consistent with the prior year period. the first time we are discussing the platform publicly, we do so from a position of demonstrated based on expected returns, customer demand, execution risk, and their contribution to long-term be AI infrastructure, sovereign cloud, or enterprise computing. Our advantage lies in having the Cost per kWh: $0.04FOR Q2 2026.Mined 2,422 BTCIN Q2 2026.No BTC was purchased in Q2 2026 We believe the companies that control power will define the next generation of AI infrastructure. Exaion advanced the Long Ridge acquisition by Together, these acquisitions reflect the investment philosophy that guides our infrastructure strategy. commercial traction rather than future potential, reflecting a broader objective of leveraging software Email: ir@mara.com shareholder value. flexibility, expertise, and infrastructure to make those decisions dynamically as market conditions Adjusted EBITDA was ($360.9 million) in Q2 OPERATING AND MAINTENANCE COSTS entering into two bitcoin-backed credit We seek to acquire scarce powered assets, enhance their strategic value, develop high-quality digital Our objective is simple: to be among the leaders. and financial infrastructure to create higher value services around digital assets. Owning power is only part of the opportunity. evolve. 2026, compared to $1.2 billion in Q2 2025. The For nearly a decade, we have developed and operated one of the world's largest Bitcoin mining MARA Media Contact: Digital Infrastructure facilities with Coinbase and Two Prime at a Operating and maintenance costs totaled infrastructure, and secure long-term customers. As our mining sites convert into AI/HPC campuses, loss was primarily driven by a significant platforms with 19 data centers across four continents. That experience has enabled us to assemble Together, HUM and Vertebr.AI reinforce our broader investment philosophy: every innovation should As AI moves from experimentation into mission-critical operations, enterprises are looking beyond Email: mara-jf@joelefrank.com That flexibility is one of MARA's greatest competitive strengths and a key driver of long-term weighted average cost of debt of 7.56% for $26.9 million compared to $22.4 million in the we expect they will become durable cash-flow generators that can remain in our portfolio or be Demand for AI infrastructure continues to accelerate, but the supply of power-ready sites is not negative mark-to-market change in the fair strategic power and land assets, develop expertise in large-scale distributed computing, build increase the value of the infrastructure we own, and create value for customers as well. traditional public cloud for infrastructure with greater control, security, and flexibility - where data shareholder value. 1.Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by incremental borrowings under these facilities prior year period, an increase of $4.5 million. monetized, allowing us to recycle capital into future opportunities. This approach resembles This chart illustrates the close relationship between the mark-to- keeping pace. the Bitcoin network during the period. value of digital assets, reflecting the decrease *including BTC loaned, actively managed and pledged as collateral relationships across the energy and infrastructure ecosystem, and establish the disciplined capital MARA Chairman & CEO governance, regulatory compliance, and operational resilience have become as important as compute market impact on the company's bitcoin holdings relative to its of $600.0 million. In addition, we refinanced The increase was primarily due to higher site institutional infrastructure investing more than traditional data center development. 2.Defined as the amount of hashrate that could theoretically be generated if all miners that have been energized are currently in operation including miners that may be temporarily offline. reported net income (loss). in bitcoin price over the period. allocation framework that guides our business today. Hashrates are estimates based on the manufacturers’ specifications. All figures are rounded. performance. This shift is creating a growing market for sovereign AI infrastructure.