Open the filing on EDGARSHAREHOLDER LETTER Q3 2026 3 SHAREHOLDER LETTER Q3 2026 4 SHAREHOLDER LETTER Q3 2026 5 SHAREHOLDER LETTER Q3 2026 6 SHAREHOLDER LETTER Q3 2026 7 SHAREHOLDER LETTER Q3 2026 8 SHAREHOLDER LETTER Q3 2026 9 SHAREHOLDER LETTER Q3 2026 10 SHAREHOLDER LETTER Q3 2026 11 SHAREHOLDER LETTER Q3 2026 12 SHAREHOLDER LETTER Q3 2026 13 SHAREHOLDER LETTER Q3 2026 14 SHAREHOLDER LETTER Q3 2026 15 SHAREHOLDER LETTER Q3 2026 16 SHAREHOLDER LETTER Q3 2026 17 SHAREHOLDER LETTER Q3 2026 18 SHAREHOLDER LETTER Q3 2026 19
Key Highlights To Our Shareholders shareholders. We have spent years building a differentiated portfolio spanning power, land and compute, and we We see three transformational paths to value: The competencies it takes to run a large mining fleet (power procurement, modular deployment, infrastructure We now see a similar opportunity with data center developers, who often secure power 18 to 24 months before their Third Quarter Financial and Operational Discussion REVENUE PURCHASED ENERGY COSTS year period, a decrease of $4.8 million. The expenses from the operating costs of our billion based on a spot price of $83,556 per operations and in 2026 we expanded this After the quarter-end, our Board of Directors Earnings Webcast and Conference Call MARA Holdings, Inc. and Subsidiaries Three Months Ended September 30,Nine Months Ended September 30,(in thousands)2026202520262025Reconciliation to Adjusted EBITDA:Net income (loss) attributable to common stockholders$634,357$123,128$(1,234,947)$398,164Net income (loss) attributable to noncontrolling interests(2,286)6(6,696)(268)Net income (loss)632,071123,134(1,241,643)397,896Interest expense (income), net4,204(4,929)393(3,779)Income tax expense (benefit)(1,005)37,678(31,357)127,010Depreciation and amortization154,068170,521526,759496,437EBITDA789,338326,404(745,848)1,017,564Stock-based compensation expense28,44638,466105,635142,237Change in fair value of derivative instrument18,9524,42261,766(42,717)Impairment of goodwill and other assets - - - 26,253Restructuring costs18,97920,90566,61720,905Acquisition and integration costs1,9441,47528,4071,475Litigation settlement - - 10,200 - Net gain from extinguishment of debt - (1,029)(70,557)(1,029)Net gain on investments - - - (12,429)Early termination expenses - 5,000 - 5,000Adjusted EBITDA (1)$857,659$395,643$(543,780)$1,157,259 (1) Non-GAAP Financial Measures. In order to provide a more Investor Notice comprehensive understanding of the information used by our remain focused on turning that foundation into contracted returns and durable free cash flow. We will stay optimization and real-time load management) are the same competencies that digital infrastructure tenants require. facilities can use it while paying for a minimum share of it regardless. With Vertebrai now live, we are focused on bringing decrease was primarily due to realized gains recently acquired majority-owned subsidiary, bitcoin. strategy to allow for sales of bitcoin held on our authorized MARA’s share repurchase program •Bitcoin mining remains a core business. It generates cash flow, keeps energized sites productive, and gives us 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 Revenue was $164.2 million, a decrease of We define purchased energy costs as the Condensed Consolidated Statements of Operations (unaudited) disciplined in how we allocate capital, deploying it where we believe it can create the greatest value for you. Modular deployment is a good example. It lets us bring capacity online faster than a traditional build and at lower cost, this model to additional power producers and data center developers. from energy derivative contracts and lower Exaion, and administrative costs supporting our balance sheet. We expect to continue to of up to $500.0 million of our common stock. It supplement our Condensed Consolidated Financial Statements that flexibility as other infrastructure is developed. consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most $88.2 million, or approximately 35%, from amount paid to power providers for power Under the program, we may repurchase shares from time to time through open market purchases, privately which matters to customers who need compute up and running quickly. We believe MARA is one of the largest operators Highlights have been prepared in accordance with generally accepted Bitcoin built the foundation. Power created the opportunity. Our strategy now is simple: maximize the value of every Balance Sheet and Capital Allocation recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange shipping costs, partially offset by higher site expanded footprint. monetize bitcoin to enhance our financial reflects the Board’s and management’s
- AI and HPC infrastructure put our proposition of Speed, Certainty and Reliability into practice, converting Three Months Ended September 30,Nine Months Ended September 30,(in thousands, except share and per share data)2026202520262025Revenues$164,233$252,410$513,728$704,779Costs and operating expenses (income)Purchased energy costs48,12443,080141,606128,291Operating and maintenance costs21,48126,31079,01868,466Third-party hosting and other energy costs71,51175,664210,715212,876General and administrative75,81585,296277,373264,109Depreciation and amortization150,851167,312517,071486,950Change in fair value of digital assets(421,853)(234,240)542,383(686,105)Change in fair value of derivative instrument18,9524,42261,766(42,717)Impairment of goodwill and other assets - - - 26,253Taxes other than on income1,3332,3545,2847,886Early termination expenses - 5,000 - 5,000Research and development2,4958,71617,91626,560Restructuring costs18,97920,90566,61720,905Total costs and operating expenses (income)(12,312)204,8191,919,749518,474Operating income (loss)176,54547,591(1,406,021)186,305Other incomeChange in fair value of digital assets - receivable, net463,478108,85966,110339,339Net gain from extinguishment of debt - 1,02970,5571,029Interest income9,26817,68930,06339,315Interest expense(13,472)(12,760)(30,456)(35,536)Equity in net earnings of unconsolidated affiliate(2,822)(1,711)(7,849)(2,626)Other(1,931)1154,596(2,920)Total other income454,521113,221133,021338,601Income (loss) before income taxes631,066160,812(1,273,000)524,906Income tax benefit (expense)1,005(37,678)31,357(127,010)Net income (loss)$632,071$123,134$(1,241,643)$397,896Less: net (income) loss attributable to noncontrolling interest, including redeemable noncontrolling interest2,286(6)6,696268Net income (loss) attributable to common stockholders$634,357$123,128$(1,234,947)$398,164Net income (loss) per share of common stock - basic$1.64$0.33$(3.23)$1.13Weighted average shares of common stock - basic385,698,449372,073,173382,494,083352,315,857Net income (loss) per share of common stock - diluted$1.28$0.27$(3.23)$0.90Weighted average shares of common stock - diluted496,385,479470,126,290382,494,083450,081,096 negotiated transactions or other means in accordance with SEC regulations. The timing and amount of any of modular Bitcoin mining digital infrastructure in the United States, and we intend to apply that experience as we accounting principles in the United States ("GAAP") with the non- $252.4 million in the prior year period. Bitcoin consumed related to our owned Bitcoin mining megawatt ("MW") we control. Commission (the "SEC"). If any of these risks were to occur, our business, financial condition or results of operations would MARA will hold a webcast and conference call today, Revenues decreased 35% to $164.2 millionIN Q3 2026from $252.4 million in Q3 2025.Net income increased to $632.1 millionIN Q3 2026from $123.1 million in Q3 2025. and miner repair and maintenance costs. flexibility, including to provide liquidity or to confidence in our long-term strategy and is an GAAP financial measure of Adjusted EBITDA. powered land into long-duration, contracted infrastructure for hyperscalers and other large compute customers. repurchases will depend on market conditions, share price, capital availability and other factors, and the program transition towards AI/HPC. Each of these priorities depends on a strong balance sheet. DEPRECIATION AND AMORTIZATION - Our energized hashrate was 71.2 EH/s, increasing - We advanced our power portfolio by securing the mining revenue accounted for $83.1 million of operations. Our purchased energy costs were likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The November 9, 2026, at 5:00 p.m. Eastern Time (2:00 p.m. In Q3 2026, we started transforming the platform we have assembled into a business designed to produce durable, 15,133 BTC sold to retire ~$1.0B of converts does not obligate us to repurchase any particular amount and may be modified, suspended or terminated at any fund capital projects and other initiatives that additional tool in our capital allocation toolkit to The Company defines Adjusted EBITDA as GAAP net income (loss) 18% from 60.4 EH/s as of Q3 2025. rights to develop a Matagorda County, Texas site
- Exaion provides private cloud infrastructure, inference and GPU-as-a-service, enabling MARA to capture the full We continue to modernize the fleet where the gain in efficiency and the expected payback justify the investment. When THIRD-PARTY HOSTING AND OTHER risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we the decrease. A 37% decline in the average $48.1 million, compared to $43.1 million in the Our balance sheet has to support the obligations we have today and the opportunities we are building for tomorrow. So Pacific Time) to discuss its financial results for the plus adjustments to add back the impacts of (1) interest, (2) income contracted returns. Over the past several years, MARA has built a difficult-to-replicate portfolio of powered assets, with up to 2 GW, structured so that payments Depreciation and amortization was $150.9 time. we believe enhance long-term shareholder enhance shareholder returns. Under the value stack all the way up to the enterprise customer, maximizing the value of every electron while moving up the ENERGY COSTS equipment pricing is weak, we have been selective, acquiring machines that raise output without increasing total mining currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be - Revenue was $164.2 million, a decrease of 35% from we manage cash, bitcoin, debt, and access to capital as parts of one balance sheet. Since the beginning of the year, we quarter ended September 30, 2026. taxes, (3) depreciation and amortization and (4) adjustments for non- follow regulatory approvals and development price of bitcoin mined lowered revenue by prior year period. The 12% increase was operating infrastructure, and technical capability. Our priority now is to convert those advantages into signed customer million, a $16.5 million decrease compared to $252.4 million in Q3 2025. value and margin curve. value, subject to market conditions and our program, we may repurchase shares from time •After quarter-end, we repaid $750M of BTC-backed debt with proceeds from Bitcoin sales. The repayment power consumption. We weigh each of these investments against the timing of the next halving and the payback over the 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 progress. The site was classified as a studied load have reduced our total debt by $1.4 billion, or 37%. agreements, completed projects, and durable free cash flow. $94.8 million, partially offset by an $11.7 million primarily driven by the growth of our owned Third-party hosting and other energy costs based compensation expense, (ii) change in fair value of derivative by ERCOT in the Batch Zero process. After quarter- the prior year period. The 10% decrease was ContentsTo Our Shareholders3Financial and Operational Discussion9Earnings Webcast and Conference Call15Statements of Operations16Investor Notice19Forward-Looking Statements19 released all BTC that had been pledged as collateral, leaving less than 5% of our BTC holdings loaned or pledged. full cycle. "Forward-Looking Statements" below. - We held 34,012 BTC (including digital assets - capital allocation priorities. to time through open market purchases, We view bitcoin as a strategic asset and a source of financial flexibility. Depending on market conditions and the expected end, we obtained a $100.0 million letter of credit for instrument, (iii) impairment of goodwill and other assets, (iv) benefit from higher bitcoin production. mining operations through a site acquisition primarily consist of colocation services related receivable, net) and produced 2,247 BTC at an Together with the $1.4 billion, or 37% of total debt reduced since the beginning of the year, this repayment To register to participate in the conference call or to driven by lower depreciation as certain mining privately negotiated transactions or other the interconnection study deposit. restructuring costs, (v) acquisition and integration costs, (vi) litigation Our objective is to increase computing output within the existing electrical footprint, and to preserve the option to direct return on the use of proceeds, we may hold it, monetize a portion, or borrow against it. That capital can support operations, About MARA average price of $71,688. We sold 3,891 BTC at an CAPITAL ALLOCATION during the year and increased utilization of to third-party hosted sites. Third-party hosting decreased our exposure to bitcoin price volatility. We intend to continue using bitcoin to build cash for purposes listen to the live audio webcast, please use this link. The settlement, (vii) net gain from extinguishment of debt, (viii) net gain on rigs reached the end of their useful lives. power to the use that offers the best risk-adjusted return. At some sites, that will remain Bitcoin mining. At others, The Quarter: Progress on Many Fronts average price of $75,300. reduce debt, fund acquisitions, or advance projects we believe will increase long-term shareholder value. We used this means in accordance with SEC regulations. - After quarter-end, we received FERC approval for Forward-Looking Statements such as AI infrastructure opportunities, to satisfy the puts on our convertible notes that become exercisable next investments, and (ix) early termination expenses. webcast will also be broadcast live and available for capacity at our newest Central Nebraska and and other energy costs were $71.5 million, *including BTC loaned, actively managed and pledged as collateral contracted AI/HPC infrastructure may be the better long-term use. We do not have to choose one or the other. During the quarter, we entered into our Long Ridge acquisition, which we expect to flexibility earlier in the year to repurchase convertible notes at a discount, and we continue to monitor the put dates on our The timing and amount of any repurchases will *Average Price of BTC over the quarter - Total blocks won increased 2% to 644 from 633 in A lease does not start with a signature. It starts with power, a buildable site, a capable partner, and a financeable customer. ADJUSTED EBITDA MARA Holdings, Inc. (NASDAQ: MARA) is a global, year, and potential share repurchases. replay via the investor relations section of our website. Adjusted EBITDA increased to $857.7 millionIN Q3 2026compared to $395.6 million in Q3 2025.Total debt reduction of $1.4 billionAS OF SEPTEMBER 30, 202637% of total debt reduced since the beginning of the year. Management uses Adjusted EBITDA, together with the supplemental our Central Ohio sites, partially offset primarily close by year end. Once completed, Long Ridge is compared to $75.7 million in Q3 2025, a $4.2 remaining obligations. Q3 2025. $750.0 million of Bitcoin-collateralized Vertebrai This quarter, we advanced each of those pieces. NET INCOME energy-backed digital infrastructure enterprise. We depend on market conditions, share price, information provided herein, to understand, manage and evaluate expected to generate significant adjusted EBITDA, To put these milestones in context, it helps to start with the market in which we are building. by weather-related downtime at certain sites. million decrease driven by lower hosting costs, DIGITAL ASSET MANAGEMENT Adjusted EBITDA increased to $857.7 million, business performance and to inform operating decision-making. The with roughly 70% of its output under long-term borrowings, consisting of $600.0 million of new acquire, develop, and operate scarce powered assets at We will keep balancing growth against leverage and dilution. The Starwood model reduces the corporate equity required - Our cost per kWh was $0.04 for our owned sites. This shareholder letter contains forward-looking statements within the meaning of the federal securities laws. All *including BTC loaned, actively managed or pledged as collateral capital availability and other factors. The Earnings Webcast and Conference Call Details •Sites and development: Since the end of last quarter, we have made great progress and our discussions with We recently launched Vertebrai, MARA's flexible computing platform built on nearly a decade of running power-intensive Company relies primarily on its Condensed Consolidated Financial We reported net income of $632.1 million, or contracts. Total energized hashrate increased 18% to 71.2 partially offset by higher energy consumption Purchased energy cost per bitcoin was $39,674, The Market up 117%, from $395.6 million compared to Q3 scale, with 1.9 GW of energized capacity today across for qualifying data center projects, and our bitcoin holdings and other sources of liquidity add capacity. We expect our statements, other than statements of historical fact, included in this shareholder letter are forward-looking statements. capital and $150.0 million that refinanced an tenants are in advanced stages. Our engineering and operations teams have hosted prospective tenants across We held a total of 34,012 bitcoin, including program does not obligate us to repurchase Statements to evaluate financial performance and uses non-GAAP computing across energy markets. Power and demand rarely arrive at the same time, and Vertebrai's software decides, slightly up from $39,235 in Q3 2025. $1.28 per diluted share, compared to net EH/s from 60.4 EH/s in Q3 2025, primarily Subject to closing, required approvals and customary conditions. Descriptions are forward-looking and may change. nearly 20 sites on 4 continents, and a clear path to at certain third-party hosted sites. direct spending to stay focused on site control, interconnection, development work, targeted infrastructure upgrades, and - After quarter-end, we sold 13,597 bitcoin around 2025. The increase was primarily driven by a The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or financial measures only supplementally. Cash and cash equivalents totaled $946.5 existing facility, to fund the Long Ridge nearly all of our sites and we feel particularly proud of the development team's progress at Kearney, where pre- Exaion Date: Monday, November 9, 2026 19,260 bitcoin that were loaned or pledged as Investor sentiment toward AI infrastructure has become more cautious as the market assesses the pace of AI adoption, moment to moment, where power should go. It absorbs power that would otherwise sit idle or sell at a loss, then scales any particular amount and may be modified, $81,039, with proceeds of approximately $1.1 billion. - Cost per petahash per day improved 2% to $30.8 approximately 4.8 GW. Our vertically integrated model selected project equity where the prospective return warrants it. income of $123.1 million, or $0.27 per diluted variations or negatives of these words are intended to identify forward-looking statements, although not all forward- through improvements in miner efficiency. mark-to-market change in the fair value of development is well advanced. While we are targeting signing two leases before year-end, market conditions are We believe that Adjusted EBITDA is useful to us and to our investors million, up from $547.1 million as of December acquisition. Subsequent to quarter end, we community opposition, higher financing costs, and the credit structures behind some projects. These issues matter, but back when the grid needs that power elsewhere. We used $750.0 million to fully repay our Bitcoin- Our most significant third-party hosting from $31.3 in Q3 2025. collateral. As such, approximately 57% of our suspended or terminated at any time. Our future business model already has traction, and it integrates the entire MARA enterprise stack. As we build out our Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific spans power, land, and compute, designed to deliver the looking statements contain these identifying words. Such forward-looking statements include, among other things, share, in the third quarter of 2025. because it excludes certain financial, capital structure and/or non-cash fluid and that timing could slip into next year. We will continue to advance the power, permitting, site, and collateralized term loans. The repayment resulted in The capital markets remain open for well-structured developments. We price each project to reflect the customer’s credit, digital assets, primarily reflecting a larger they have not reduced the need for power. 31, 2025. Combined, our balance of cash and fully repaid the loans, releasing all bitcoin arrangements, representing approximately 29% digital infrastructure platform, Exaion gives us the opportunity to capture a greater share of the value chain, from providing Time) total holdings were activated through our speed, certainty, and reliability that AI, HPC, cloud, and 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 - Net income was $632.1 million, or $1.28 per diluted the return of 17,477 bitcoin previously pledged as financing work required to support these agreements and look forward to updating the market as we have news Every capital decision we make follows the the support available from a parent or technology provider, and the financing needed to build the facility. increase in bitcoin prices during the quarter. power and infrastructure to providing the compute and cloud services that run on top of it. not be indicative of our recurring operations. These items may vary The $508.9 million increase in net income was share, compared to $123.1 million, or $0.27 per BTC (including bitcoin loaned and pledged as previously pledged as collateral. We borrowed collateral. enterprise customers need. Backed by almost a decade Our customer conversations show that demand remains strong and increasingly favors sites that can deliver power on a of our total energy capacity, are scheduled to the partnership; plans to develop, finance and operate digital infrastructure projects, including at our Kearney and digital asset management strategy. Under our Energized hashrate ("EH/s") increased 18%TO 71.2 EH/S IN Q3 2026from 60.4 EH/s in Q3 2025.Cost/petahash per day improved by 2%IN Q3 2026from Q3 2025. Registration link: LINK to share. same discipline: deploy capital where we significantly over time and across companies within our industry diluted share, in Q3 2025. Net income during the Looking Ahead of operating power-intensive compute at industrial scale, credible schedule. Customers are also asking about capacity in locations once considered peripheral, including our Hannibal sites; our ability to fund, scale and allocate capital to joint venture projects; our target of signing leases with primarily driven by an $885.3 million unrealized collateral) was approximately $3.8 billion at against bitcoin while it was trading around expire, beginning in the third quarter of 2027 Over time, that creates the potential for MARA to participate in higher-margin AI compute services, enhancing the margin BALANCE SHEET - Year to date, we deleveraged our balance sheet by lending arrangements, a total of 1,408 bitcoin independent of core operating performance. We believe that excluding quarter includes an $885.3 million gain related to
- Power: At Long Ridge, we recently received FERC approval, and we expect to close the transaction in the believe it can create the greatest value for Bitcoin mining is our operating foundation, providing a international portfolio. tenants by year-end; the expected closing, timing, financing and benefits of our acquisition of Long Ridge, including its reducing $1.4 billion, or 37% of total debt. per megawatt while leveraging the same underlying power and infrastructure assets at the foundation of our strategy. the fair value of digital assets. these items allows for more meaningful period-over-period bitcoin mark-to-market gain in Q3 2026, quarter end. $64,000, and after quarter-end, sold 13,597 and expected to fully conclude during the first were loaned to counterparties, generating The next stage will be measured by execution. Demand for compute capacity remains strong, but the market is becoming coming weeks, subject to customary conditions. We are excited to add a highly efficient natural gas plant to our source of flexibility and keeping sites operating and At quarter end, we held 34,012 bitcoin, you. comparisons and improved comparability relative to other companies. expected generation capacity, contracted output and contribution to Adjusted EBITDA; the development of the site in If you have any difficulty connecting with the conference What has changed is that the market is applying a higher standard. Customers need power, land, permits, financing, and a - After quarter-end, our Board authorized MARA’s compared to a $343.1 million gain in the prior bitcoin at an average price of approximately more selective about how that demand is financed and delivered. We believe that selectivity is constructive. It should quarter of 2028. These expirations are - Adjusted EBITDA was $857.7 million, compared to Exaion takes MARA above the infrastructure layer. It provides private cloud infrastructure, open-weight model approximately $2.5 million of interest income portfolio that is currently authorized to sell 485 MW and expected to increase to the full 505 MW nameplate In July, we sold 3.8 million shares of common We produced an average of 24.4 BTC per day, generating revenue while we develop higher-value Matagorda County, Texas, including the outcome and timing of ERCOT’s Batch Zero interconnection study process and call, please contact MARA's investor relations team at including 19,260 bitcoin loaned or pledged as share repurchase program of up to $500.0 million, Adjusted EBITDA is not a recognized financial measure under GAAP. $395.6 million in Q3 2025. development partner who can meet a committed schedule. Lenders and investors are applying the same test. favor companies with real power, credible sites, strong partners, and the patience to structure projects properly. MARA Power remains the foundation of our strategy. year period, representing approximately $542.2 orchestration, and inference as a service for customers who need greater control over their data, infrastructure, and $81,039 , generating $1.1 billion in proceeds. capacity in the first half of 2027. Long Ridge will not only immediately strengthen our financial profile with expected to eliminate third-party hosting costs Why MARA is Positioned to Win during the quarter. infrastructure paths. reflecting confidence in our long-term strategy and the verification and audit directed by the Governor of Texas, the amount and timing of any power allocated to the site and Investors should consider Adjusted EBITDA in addition to, but not as a ir@mara.com stock representing our year-to-date ATM up from 23.3 BTC in Q3 2025, resulting in 2,247 collateral. During Q3 2026, we mined 2,247 has spent years building exactly that. jurisdiction. Those needs are especially important for governments, regulated industries and enterprises in Europe, and contracted cash flows from power generation but also provides us over 1,600 contiguous acres with access to - $3.8 billion of combined unrestricted cash and cash adding a tool to enhance shareholder returns. We have built a portfolio of approximately 1.9 That environment favors MARA. million year-over-year change, reflecting a 27% substitute for, the most directly comparable financial results calculated Disciplined and patient execution enabled us to and improve our cost per kWh over time as the the milestone payments under our purchase agreement with HIF; the expected growth of our power portfolio; expected usage. We had approximately $1.5 billion of BTC mined compared to 2,144 or 5% more BTC equivalents and BTC (including bitcoin loaned or MARA's BTC HoldingsAs of September 30, 2026QuantityBitcoin, unrestricted14,752Bitcoin - ReceivableBitcoin - Loaned1,408Bitcoin - Pledged as Collateral17,85219,260Total34,012 BTC. As of September 30, 2026, our BTC Three advantages set MARA apart. other markets where sovereignty and security shape technology decisions. and presented in accordance with GAAP. Because our calculation of power, water, fiber, and rail, supporting a premier data center campus. Together with our existing Bitcoin mining When we think about MARA’s future, the opportunity is bigger than monetizing the megawatt. It is about increasing the GW, with a clear path to 4.8 GW. We have demand from enterprise, hyperscale and AI customers, including Exaion’s customer pipeline; expansion into artificial improvement in BTC price during the quarter. capture an estimated net benefit of $170.0 arrangements expire. MARA built our platform around these requirements. Bitcoin mining gave us deep expertise in power, infrastructure and pledged as collateral) Adjusted EBITDA may differ from that of other companies, our capacity remaining as of September 30, 2026. mined year-over-year. Blocks won also operations at the site, we will have over 1 GW of total potential capacity. We look forward to completing the holdings were valued at approximately $2.8 For more information, visit www.mara.com, or follow us value we can capture from that megawatt as we move from power to infrastructure to compute, and ultimately to fully intelligence, inference and high-performance compute; anticipated benefits of our investment in Exaion, including its We have the power and the ability to scale. Once we complete the first phase of a campus, most of the hard work on Exaion also lets us share in the value created by the compute itself. Its operating model can utilize GPUs across their secured the foundation of MARA's digital large-scale compute, and it is where we cut our teeth acquiring powered land. Today, we own and operate approximately presentation of Adjusted EBITDA may not be comparable to similarly million. Total blocks won increased 2% to 644IN Q3 2026from 633 in Q3 2025.Purchased energy cost per BTC was $39,674 IN Q3 2026for our owned sites. - Loaned 1,408 BTC under our digital asset increased 2% over the same period. transaction and beginning the next phase of Long Ridge’s development as part of our strategy to expand into data on: COST PER PETAHASH integrated cloud solutions. GPU-as-a-service business; the deployment and expected benefits of Vertebrai; our share repurchase program, including land, interconnection, permitting, and campus infrastructure is behind us. A customer that begins with 200 MW may titled measures of other companies. lifecycle, extending their utility and cash flow well beyond initial contract durations. That improves utilization and returns We believe our existing liquidity resources 1 GW across a diversified portfolio of sites in the US and international markets. Subject to the closing of Long Ridge and infrastructure transformation. With power, management strategy, generating approximately center infrastructure. In addition, we advanced our power portfolio by securing the rights to develop a site in Since the beginning of 2026, we have the timing and amount of any repurchases; our bitcoin strategy, including holdings, sales, lending and borrowing and the ultimately want 400 MW, 600 MW or more, and we increase the value of the site without starting over somewhere else. across the life of the asset. X@MARALinkedInMARAHoldingsFacebookMARAHoldingsInstagram@MARAHoldingsInc $2.5 million of interest income for the quarter. energization of Matagorda, we expect that portfolio to reach over 4 GW. provide us with sufficient flexibility to meet our We entered 2026 focused on expanding the platform. We are ending the year focused on converting that platform into Our cost per petahash per day improved 2% to partners, and capital in place, we are executing Matagorda County, Texas with up to 2 gigawatts ("GW") of power capacity. The site was recently classified as a use of proceeds; our ability to satisfy holder put rights under our convertible notes; our capital allocation priorities and Large campuses can also host a mix of customers (hyperscalers, AI cloud providers and direct enterprise workloads), deleveraged our balance sheet by $1.4 billion, contracted leases and free cash flow. Bitcoin built the foundation and our power portfolio broadened the opportunity. Our This is no longer simply a future-state thesis. We now have an early proof point with Exaion recently signing a major GPU- obligations and fund our growth initiatives over As AI and HPC demand grows, power-ready infrastructure has become the critical constraint. New generation and $30.8 from $31.3 in Q3 2025, and has improved studied load by ERCOT in the Batch Zero process and we are working with the utility to bring power online. Any our strategy to deliver long term shareholder Third Quarter Production Highlights Our owned sites maintained a cost per kWh of liquidity; and potential domestic and international expansion opportunities. Such forward-looking statements are based on which improves utilization and economics. or 37% of total debt, lowering our exposure to partnerships expand the ways we can capture value from each megawatt. Our responsibility now is to execute with as-a-service contract with total contract value of $79 million over four years, on 100% take-or-pay terms. The customer transmission take years to build, and permitting and community opposition can stretch the timeline further. Customers are payments to the sellers are contingent on power being approved and, to date, we have made none. the next twelve months and beyond. Prior Quarter ComparisonPrior Year Period ComparisonMetricQ3 2026Q2 2026% ΔQ3 2025% ΔNumber of Blocks Won644700(8%)6332%BTC Produced2,2472,422(7%)2,1445%Average BTC Produced per Day24.426.6(8%)23.35%Share of Available Miners Rewards (1)5.4%5.9%(9%)5.0%9%Energized Hashrate (EH/s) (2)71.270.31%60.418% 20% over the past eight quarters. value. management's current expectations about future events as of the date hereof and involve many risks and uncertainties $0.04. Purchased energy cost per bitcoin for discipline and to show you the returns these assets can produce. We can serve the full range of customers. MARA plus Exaion gives us capabilities across the full compute stack, from commits to pay for the capacity whether or not it uses it, which gives us predictable, contracted revenue for the life of the bitcoin price volatility while funding the paying a premium for sites that are already energized or have a credible path to near-term power. That makes what MARA that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. •Exaion signed a four-year $79M GPU-as-a-service contract on 100% take-or-pay terms with its first US our owned and operated sites was $39,674, powered infrastructure and traditional colocation to private cloud and AI services. We can lease infrastructure to a agreement. has built significantly more valuable. acquisition on a non-dilutive basis. Thank you for your continued support. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to customer. Customer demand has built a pipeline of over $3 billion in total contract value, with approximately $1 GENERAL AND ADMINISTRATIVE hyperscaler at a lower yield on cost or accept more risk for a higher return with frontier model providers and others. We are compared to $39,235 in Q3 2025, primarily This agreement is also a signal of demand. Exaion’s customers and prospects have expressed demand for more than 30 MARA Company Contacts: change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. That shift has shaped how we are evolving the business. billion of that targeted for delivery by the end of 2027. These are indications of demand and are not yet contracted By using our bitcoin to fund Long Ridge and Cost per kWh: $0.04FOR Q3 2026.Mined 2,247 BTCIN Q3 2026.No BTC was purchased in Q3 2026 open to new technology solutions that help our customers. And Exaion gives us a footprint and leverage in Europe and For the nine months ended September 30, driven by higher power costs and global MW of compute capacity for delivery by the end of 2027. We view this contract as an early proof point of the model we are Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements General and administrative ("G&A") expenses or committed. Canada, where it can be harder for a U.S. company to go directly. Based on the site's settlement data, April 1 to September 30, 2026. Percentages are shares of potential generation. "Without Vertebrai" assumes all potential generation during economic curtailment Where We Are Now then reduce leverage, we put our digital assets 2026, we sold approximately 26,984 bitcoin for network difficulty outpacing our hashrate building: MARA provides the energy-backed infrastructure, and Exaion turns it into compute and cloud services. Telephone: 1.800.804.1690 included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes MARA Chief Financial Officer periods, mostly hours when real-time prices were negative, would have been curtailed. Vertebrai's on-site computing used 53% of that energy. were $75.8 million compared to $85.3 million in
- After quarter-end, our Board of Directors authorized a share repurchase program of up to $500M of our to work while strengthening our balance sheet. MARA Chairman & CEO We watched as aggressive pricing, rising rates, and uncertain delivery schedules eroded project economics for others. $1.9 billion in proceeds. Subsequent to quarter- could differ materially from those included in these forward-looking statements as a result of various factors, including, but growth. We proved it first at our own wind farm in Hansford County, Texas. From April through September 2026, we estimate that We are evolving into an energy-backed digital infrastructure enterprise spanning power, land, and compute. This is how we intend to move up the value chain: not by trying to own every layer on our own, but through strategic the prior year period. The $9.5 million or 11% Email: ir@mara.com common stock, which reflects the Board’s and management’s confidence in our long-term strategy and gives us That experience reinforced our decision to prioritize contracts that can be financed and delivered at acceptable returns. In Alongside lending and monetization, Bitcoin- not limited to, the factors set forth under the heading "Risk Factors" in our most recent annual report on Form 10-K and any end, we sold 13,597 bitcoin at approximately Vertebrai helped our Texas wind farm cut curtailment by more than half. Without Vertebrai, an estimated 46% of potential partnerships. That gives us a unique, differentiating right to win. an additional tool to enhance shareholder returns. In the current environment, we are always looking to deploy our decrease primarily reflects a $9.8 million It is important to remember that this is not a pivot away from bitcoin. Bitcoin remains our operating foundation and a OPERATING AND MAINTENANCE COSTS 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 MARA Media Contact: our experience, waiting has improved the terms available to us. other periodic reports that we may file with the SEC. backed financing remains one more tool we wind generation would have been curtailed. By using on-site computing to absorb power that otherwise would have gone $81,039, with proceeds of approximately the Bitcoin network during the period. This chart illustrates the close relationship between the mark-to- capital where it can earn the highest and best return, and at times that may mean repurchasing our shares. While flexible way to monetize power while we develop higher-value infrastructure opportunities. Our strategic advantage is Bitcoin Mining reduction in stock-based compensation unused, Vertebrai reduced that figure to 22%, putting more of the farm’s generation to productive use and creating an market impact on the company's bitcoin holdings relative to its Email: mara-jf@joelefrank.com have and can use in the future to support 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. Operating and maintenance costs were $21.5 $1.1 billion. In 2025, we changed our strategy to markets have declined, bitcoin has remained resilient, and our balance sheet gives us the flexibility to act on those optionality: we can deploy each megawatt toward the use that creates the greatest risk-adjusted return. Hashrates are estimates based on the manufacturers’ specifications. All figures are rounded. expense. This was partially offset by G&A reported net income (loss). additional source of revenue. All of this rests on the business that built MARA, which remains core to our strategy. growth with the same discipline. opportunities when they arise. We intend to use it deliberately, in the way that creates the most advantage for our million compared to $26.3 million in the prior permit sales of bitcoin generated from
Open the filing on EDGARMARA Announces Third Quarter 2026 Results
Miami, FL - November 9, 2026 - MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a global, energy-backed digital infrastructure enterprise, today announced its third quarter 2026 unaudited financial results in a letter to shareholders.
Investors are invited to access the third quarter 2026 shareholder letter at MARA’s website at ir.mara.com. A copy of the letter will also be furnished to the Securities and Exchange Commission on a Form 8-K.
MARA will hold a webcast and conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss these financial results. To register to participate in the conference call, please use the link below.
Earnings Webcast and Conference Call Details
Date: Monday, November 9, 2026
Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time)
Registration link: LINK
The webcast will also be available for replay at MARA’s website at ir.mara.com. If you have any difficulty connecting to the conference call, please contact MARA’s investor relations team at ir@mara.com.
About MARA
MARA Holdings, Inc. (NASDAQ: MARA) is a global, energy-backed digital infrastructure enterprise. We acquire, develop, and operate scarce powered assets at scale, with 1.9 GW of energized capacity today across nearly 20 sites on 4 continents, and a clear path to approximately 4.8 GW. Our vertically integrated model spans power, land, and compute, designed to deliver the speed, certainty, and reliability that AI, HPC, cloud, and enterprise customers need. Backed by almost a decade of operating power-intensive compute at industrial scale, Bitcoin mining is our operating foundation, providing a source of flexibility and keeping sites operating and generating revenue while we develop higher-value infrastructure paths.
For more information, visit www.mara.com, or follow us on:
X: @MARA
LinkedIn: www.linkedin.com/company/MARAHoldings
Facebook: www.facebook.com/MARAHoldings
Instagram: @MARAHoldingsInc
MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com
MARA Media Contact:
Email: mara-jf@joelefrank.com