MARA Produces 2,247 Bitcoin in Third Quarter as Revenue Falls 35% to $164.2 Million
Key Facts
MARA Holdings produced about 2,247 bitcoin in the third quarter of 2026, up 5% year over year and down 7% from the previous quarter, according to its shareholder letter and quarterly report filed with the U.S. Securities and Exchange Commission. Revenue in the same period fell 35% to $164.2 million from $252.4 million in the third quarter of 2025. The company said a lower average price for mined bitcoin was the biggest factor behind the drop in mining revenue. The decline in that average price reduced revenue by about $94.8 million, while higher production added $11.7 million and offset part of the impact. Analysts had expected revenue of $181.07 million and a loss of 37 cents a share before the results were announced, according to an earlier report by Investing.com citing Reuters.
On the operating side, activated hashrate rose 18% to 71.2 exahashes per second, compared with 60.4 exahashes per second a year earlier. MARA attributed the improvement mainly to greater efficiency in its mining machines. This came alongside a decline in quarterly production, which fell 7% from the second quarter despite increasing from the same period a year earlier. Net income was $632.1 million, or $1.28 per diluted share, compared with $123.1 million and $0.27 per share a year earlier. Third-quarter net income included an unrealized gain of $885.3 million from remeasuring digital assets at fair value.
Adjusted earnings before interest, taxes, depreciation and amortization were $857.7 million, up 117% from $395.6 million in the third quarter of 2025. The company said the increase was mainly due to changes in the fair value of digital assets. Much of the improvement in the measure was therefore tied to the valuation of holdings, while quarterly revenue declined from a year earlier. As of September 30, MARA’s bitcoin holdings had an estimated fair value of about $2.8 billion, based on a spot price of $83,556 per coin. These figures distinguish revenue from operations during the quarter from the impact of asset revaluation on the company’s results.
Expanding beyond bitcoin mining, Exaion signed a four-year contract to provide graphics processing unit computing services, with a total value of $79 million, with its first U.S. customer. MARA said the contract terms require the customer to pay or commit to pay the full value. It added that prospective customer demand had built a pipeline with more than $3 billion in contractual value, with about $1 billion targeted for delivery by the end of 2027. The company said these opportunities indicate demand but have not yet become contracts or commitments. The announced agreement is a signed contract, while the remaining value cited by the company is still in the pipeline and has not been contracted.
MARA said it has 1.9 gigawatts of activated capacity across about 20 sites on four continents, and a path to reach about 4.8 gigawatts. On the balance sheet, the company reduced total debt by $1.4 billion, or 37%, from the start of 2026 through September 30. It also said a restructuring plan launched in the first quarter cut its workforce by about 15%, with expected annual savings of $12 million. After the quarter ended, the company sold 13,597 bitcoin at an average price of about $81,039 per coin, generating proceeds of about $1.1 billion. It used $750 million of the proceeds to repay loans secured entirely by bitcoin, according to the shareholder letter.
On power expansion, MARA’s acquisition of the Long Ridge facility received approval from the U.S. Federal Energy Regulatory Commission, the company said. The facility is currently authorized to sell 485 megawatts, and MARA expects to raise capacity to 505 megawatts, its full nameplate capacity, in the first half of 2027. The company said it is targeting the signing of two lease agreements before the end of 2026. It cautioned, however, that market conditions are changing and the agreements could be delayed until the following year. MARA is scheduled to hold its third-quarter earnings conference call on November 9, 2026, at 5:00 p.m. Eastern time, with a replay available through its investor relations website.