MARA
Operates energy-linked Bitcoin mining and develops AI and high-performance computing infrastructure.
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Profile
Mines bitcoin through owned and hosted data centers, earning block rewards and transaction fees, while operating hosting and mining-technology businesses. Bitcoin mining supplies nearly all operating revenue; private-cloud, AI, and high-performance computing expansion remains early and depends on customer development, power access, and infrastructure approvals.
Mines bitcoin at owned and third-party-hosted data centers and earns block rewards and transaction fees. Smaller activities include hosting, other digital-asset mining, and MARA Technology Solutions products spanning firmware, transaction-submission tools, control boards, and immersion cooling.
Operates across North America, the Middle East, Europe, and Latin America, with most capacity now owned rather than hosted. The operating model combines power procurement, fleet deployment, site operation, grid participation, and management of a substantial bitcoin treasury. Exaion adds private-cloud and high-performance-computing capabilities, while the Starwood partnership and planned Long Ridge acquisition expand an AI-oriented infrastructure pipeline.
Bitcoin mining still generates nearly all operating revenue. Economics depend on bitcoin prices, network difficulty, block rewards, electricity availability and cost, equipment uptime, digital-asset custody and financing, and regulatory approvals for energy and data-center projects.
Company facts
Categories
Key statistics
Year to date +7.6% · Average volume (30d) 50.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Morgan Stanley | Reiterate | Underweight | $5.50 | $6 |
| Aug 7, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $10 | $12 |
| Jul 31, 2026 | UBS | Downgrade | Sell | ||
| Jul 17, 2026 | Piper Sandler | Reiterate | Overweight | $16 | $13 |
| Jul 8, 2026 | Morgan Stanley | Reiterate | Underweight | $7 | $5.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.17 | −$1.60 | −1,060.4% | $209.4M | $174.9M | −16.5% | −5.26% |
| May 11, 2026Q1 FY26 | −$0.46 | −$0.61 | −32.6% | $181.9M | $174.6M | −4.0% | −5.00% |
| Feb 26, 2026Q4 FY25 | −$0.23 | −$0.46 | −100.0% | $252.2M | $202.3M | −19.8% | +5.80% |
| Nov 4, 2025Q3 FY25 | −$0.26 | −$0.32 | −23.1% | $251.5M | $252.4M | +0.4% | +3.07% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $213.9M | $238.5M | $252.4M | $202.3M | $174.6M | $174.9M | |
| Gross profit | $170.4M | $196.8M | $209.3M | −$241.1M | −$162.4M | $126.1M | |
| Operating income | −$541.1M | $679.8M | $47.6M | −$331.8M | −$248.9M | −$268.0M | |
| Net income | −$533.2M | $808.2M | $123.1M | −$1.71B | −$1.26B | −$609.7M | |
| Diluted EPS | −$1.55 | $1.84 | $0.27 | −$4.81 | −$3.31 | −$1.60 | |
| Gross margin | 79.7% | 82.5% | 82.9% | -119.2% | -93.0% | 72.1% | |
| Operating margin | -253.0% | 285.0% | 18.9% | -164.0% | -142.5% | -153.2% |
Fiscal years (4-quarter sums)FY21 $150.5M · FY22 $117.8M · FY23 $387.5M · FY24 $656.4M · FY25 $907.1M
Revenue by product · Q1 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $421.3M · Total debt $2.47B · Total assets $4.35B · Shareholders' equity $1.66B
Dividends
No dividends on record.
Ownership
Shares outstanding 381.27M · Float 372.61M · 97.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 64.10M | 16.81% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 27.40M | 7.19% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 16.54M | 4.34% | 13F | Aug 13, 2026 |
| State Street Corp | 15.90M | 4.17% | 13F | Aug 7, 2026 |
| Geode Capital Management, LLC | 10.87M | 2.85% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Zabi Nowaid | officer: General Counsel | −8,376 | $12.00 |
| Aug 17, 2026 | Salman Hassan Khan | officer: Chief Financial Officer | −16,000 | $9.21 |
| Aug 17, 2026 | Frederick G. Thiel | director, officer: Chief Executive Officer | −27,505 | $9.21 |
| Jul 17, 2026 | Salman Hassan Khan | officer: Chief Financial Officer | −16,000 | $10.90 |
| Jul 20, 2026 | Zabi Nowaid | officer: General Counsel | −8,376 | $12.00 |
Peers
- CleanSpark
U.S. Bitcoin miner expanding power sites toward AI/HPC compute
- Riot Platforms
Bitcoin mining peer with power-rich data center buildout
- Bitdeer
Bitcoin mining and AI-cloud operator with SEALMINER hardware
- IREN
Bitcoin mining and AI cloud overlap with renewable data centers
- Cipher Digital
Bitcoin miner shifting power-rich sites into HPC data centers
- Core Scientific
Bitcoin mining and high-density colocation overlap
- TeraWulf
Low-carbon Bitcoin mining and contracted HPC hosting overlap
- Hut 8
Power-first Bitcoin, colocation, and AI data-center platform
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MARA | $10.68 | +0.19% | $4.07B | — | — | 5.1 | −26.7% |
| CleanSpark | $11.65 | −0.08% | $2.99B | — | — | 4.4 | −30.5% |
| Riot Platforms | $18.96 | −0.16% | $7.18B | — | — | 10.6 | +13.9% |
| Bitdeer | $10.32 | +0.10% | $2.41B | — | — | 3.0 | +47.1% |
| IREN | $35.60 | +0.46% | $12.65B | — | — | 16.7 | −26.8% |
| Cipher Digital | $15.18 | +0.06% | $6.21B | — | — | 32.5 | −43.0% |
| Core Scientific | $16.58 | +0.28% | $5.31B | — | 312.6 | 12.0 | +108.8% |
| TeraWulf | $15.43 | +0.42% | $7.61B | — | — | 46.0 | −6.0% |
| Hut 8 | $79.75 | +0.41% | $8.94B | — | — | 30.8 | +81.4% |
| Median | — | 312.6 | 14.4 | +3.9% |