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MARA Reports $632M Q3 2026 Net Income Despite Revenue Decline

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MARA Reports $632M Q3 2026 Net Income Despite Revenue Decline

MARA Holdings posted $632M net income in Q3 2026, driven by $885.3M in digital asset gains, despite a 35% revenue drop to $164.2M.

MARA Holdings, Inc. (NASDAQ: MARA), a global energy-backed digital infrastructure enterprise, announced its third-quarter 2026 unaudited financial results on November 9, 2026. The company reported a net income of $632.1 million, a significant increase from $123.1 million in Q3 2025, despite a 35% year-over-year revenue decline to $164.2 million.

The revenue drop, from $252.4 million in Q3 2025, was attributed primarily to lower bitcoin prices during the period. However, MARA's net income was bolstered by $885.3 million in non-cash gains related to changes in the fair value of digital assets and related receivables. Adjusted EBITDA also rose sharply to $857.7 million, compared to $395.6 million in the same quarter last year.

Operationally, the company reported an 18% increase in its energized hashrate, reaching 71.2 EH/s. MARA also reduced its total debt by $1.4 billion, representing a 37% reduction since the start of 2026. The cost of energy per bitcoin mined at MARA-owned sites averaged $39,674, supported by power costs of $0.04 per kWh.

MARA continues to expand its vertically integrated digital infrastructure model, which spans power, land, and compute resources. 8 GW. Bitcoin mining remains a foundational component of MARA's operations, providing flexibility and revenue generation as the company develops higher-value infrastructure for AI, HPC, cloud, and enterprise customers.



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