MARA reported a $1.71 billion quarterly loss as Bitcoin fair‑value markdowns hit earnings and the company laid out a major push into AI and high‑performance compute.
MARA Holdings (MARA) reported a fourth quarter 2025 net loss of $1.71 billion, or $4.52 per diluted share, compared with net income of $528.3 million, or $1.24 per diluted share, in the same period a year earlier.
Its shareholder letter filed with the US Securities and Exchange Commission (SEC) said revenue in Q4 fell 6% to $202.3 million from $214.4 million in the year-earlier period, as a lower average Bitcoin (BTC) price outweighed the impact of a higher hashrate.
For the full year 2025, MARA booked a net loss of $1.31 billion, compared with net income of $541 million in 2024, even though its revenue rose to $907.1 million from $656.4 million.
