MARA Holdings, Inc. (MARA) Q4 2025 Earnings Call

Concluded Feb 26, 2026

Feb 26, 2026 0 turns

Period: FY2025 Q4
Runtime: —
Sources: 3 artifacts

Slides 15 8-K 10-K

Executive readout · one minute

Webcast research workspace

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Starwood Digital Ventures Joint Venture 77 Exaion Acquisition and Global AI/HPC Strategy 52 Energy and Power Infrastructure 38 Nebraska Data Center Acquisition 21 Geographic Expansion 9 Execution and Tenant Leasing Risk 5

Management tone

Confident

Net tone +72 · low hedging

Grounding quotes

“Demand signals are already strong. MARA and Starwood have been engaged in active discussions with hyperscalers and leading HPC tenants, reflecting meaningful early interest in power-advantaged AI-ready capacity across our sites.”
“The joint platform is expected to deliver more than 1 gigawatt of near-term IT capacity with a pathway to more than 2.5 gigawatts.”
“we are already well down the path towards securing a tenant”
“We anticipate this process will move quickly, and we expect to provide updates on leases sooner than most would anticipate.”

Research coverage

3 live sources

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Revenue · derived Q4 $202.31M -5.6% YoY

Net income · derived Q4 -$1.71B -423.4% YoY

Research materials

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Presentation 15 pages 8-K earnings release Filed Feb 26, 2026 10-K report Filed Mar 2, 2026 Company webcastOpen the original investor-relations page

Quarter detail

How the reported period landed and where the business moved.

Capital returned

Buybacks · derived: $3.70M

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