MARA Reports $632.1 Million Q3 Profit on $885.3 Million Bitcoin Paper Gain as Revenue Falls 35%

Since the start of 2026, MARA Holdings has cut its total debt by $1.4 billion, or 37%. Its third-quarter results, released today, Nov. 9, show how that deleveraging sits next to a shrinking mining business.

Profit built on a paper gain

MARA reported net income of $632.1 million, or $1.28 per diluted share, up from $123.1 million in the third quarter of 2025. Adjusted EBITDA rose to $857.7 million from $395.6 million.

The driver was an $885.3 million non-cash gain from changes in the fair value of digital assets and related receivables. A year earlier, the comparable gain was $343.1 million. Accounting rules let MARA count the rising value of coins it holds as income, whether or not it sells them.

Consensus estimates called for a loss of $0.10 per share. Revenue was the weak spot: $164.2 million, down from $252.4 million a year earlier and below the $176.1 million consensus.

Why revenue fell

MARA blamed a 37% drop in the average price it realized on mined Bitcoin. That swing alone subtracted $94.8 million from revenue, according to the company's figures.

Production actually rose. MARA mined 2,247 BTC in the quarter, about 24.4 per day versus 23.3 a year earlier. Energized hashrate climbed 18% to 71.2 EH/s, and cost per petahash per day improved 2% to $30.8.

Purchased energy cost per BTC was $39,674 at owned sites paying $0.04 per kWh. Revenue has now declined for four straight quarters.

MARA mined more coins and got more efficient, yet it earned less money. A smaller rival shows the same pattern. HIVE Digital mined 49% more Bitcoin in the quarter, yet its mining revenue fell 7.4% to $76 million, as its average realized price dropped to $71,003 from $114,382.

The post-quarter sale

After the quarter closed, MARA sold 13,597 BTC for about $1.1 billion, roughly $81,039 per coin. Of that, $750 million went to repay term loans secured by Bitcoin.

The repayment freed between 17,477 and 18,750 BTC from collateral. Pledged Bitcoin now stands below 5% of total holdings.

As of Sept. 30, MARA held 34,012 BTC, including receivables, and $946.5 million in cash and equivalents. The board also authorized a share repurchase program of up to $500 million. Convertible note holders have puts exercisable next year, the company noted.

The pivot to power and compute

MARA now describes itself as a "global, energy-backed digital infrastructure enterprise" with 1.9 GW of energized capacity across nearly 20 sites and a path to about 4.8 GW. The company says Bitcoin mining is its "operating foundation," keeping sites running while it develops higher-value infrastructure.

The concrete steps this quarter:

• Long Ridge: the natural gas plant acquisition received FERC approval and is expected to close by year-end. Authorized output is set to rise from 485 MW toward the 505 MW nameplate capacity in the first half of 2027.
• Exaion: the subsidiary signed a four-year, $79 million take-or-pay GPU-as-a-service contract with its first U.S. customer. The Exaion pipeline represents more than $3 billion in total contract value, but that figure is not contracted or committed.

Management has flagged a target of closing two data center leases before the end of 2026, while cautioning the timing could slip into 2027.

The skeptic's read

The sharpest criticism comes from the numbers themselves. 24/7 Wall St. argued that the bitcoin paper gain "masks" a revenue slide, noting the earnings beat was almost entirely explained by one line item. TradingView's analysis made a similar point: with an $885.3 million fair-value gain dwarfing $164.2 million in revenue, headline profit is tightly linked to where Bitcoin trades at quarter-end.

The counterweight is MARA's own argument. Contracts like the $79 million Exaion deal, it says, are meant to produce income that does not move in lockstep with Bitcoin, and the debt cuts reduce its exposure to forced selling.

MARA scheduled a webcast and conference call for 5:00 p.m. ET today to discuss the results, and said its shareholder letter would be furnished to the SEC on Form 8-K.

What comes next

Three dates now matter. Long Ridge is expected to close by year-end. The two data center leases carry the same year-end target, with management openly allowing for 2027. And the convertible note puts arrive next year, when the company's remaining cash, Bitcoin and any new contract income will be tested against what holders ask to be repaid.