MARA (MARA) Q2 2026 Earnings Call Transcript

MARA Holdings reported a Q2 2026 loss-heavy quarter as Bitcoin’s lower average price pressured revenue and earnings, but the company emphasized a strategic pivot toward AI-ready digital infrastructure. Revenue fell 27% year over year to $174.9 million, while net loss widened to $611.3 million, driven largely by a $343 million unrealized mark-to-market loss on digital assets. Despite weaker financials, operating scale improved: energized hashrate rose 22% to 70.3 EH/s and Bitcoin production increased 8% to 2,422 BTC. The company ended the quarter with $1.21 billion in cash and $2.5 billion combined cash and Bitcoin, and it secured $600 million in Bitcoin-backed financing at a 7.56% weighted average cost to help fund the Long Ridge acquisition. Management said pending transactions and the Matagorda County site could expand the power portfolio to 4.8 GW, strengthening its position as a digital infrastructure and AI compute provider. Investor focus remains on execution, lease signings, and converting power assets into long-term cash flow.