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MARA Holdings, Inc. Quarterly Report Released - What you need to know
MARA HOLDINGS, INC.
Quarter Ended June 30, 2025 – Investor Summary
Key Financial Metrics
- Revenue for Q2 2025 was $238.5 million, up 64% from $145.1 million in Q2 2024.
- Six-month revenue ended June 30, 2025, was $452.4 million versus $310.3 million in the prior year period.
- Net income attributable to common stockholders for Q2 2025 was $808.2 million, compared to a net loss of $199.7 million in Q2 2024. For the six months, net income was $275.0 million (vs. $137.5 million in 2024).
- Adjusted EBITDA for Q2 2025 was $1,245.5 million (vs. $(125.5) million prior year).
- Cash, cash equivalents, and restricted cash totaled $121.5 million as of June 30, 2025, down from $403.8 million at year-end 2024.
- Digital assets held at quarter-end were 49,951 bitcoin (fair value $5.35 billion), up from 44,893 bitcoin ($4.19 billion) at December 31, 2024.
- Shareholder equity increased to $4.80 billion, up from $4.14 billion at year-end.
- Long-term debt was $2.25 billion, with an additional $350 million outstanding on the line of credit.
- Weighted average diluted shares outstanding for Q2 2025 was 440.9 million.
Operating and Strategic Highlights
- Record hashrate achieved: 57.4 EH/s (up from 31.5 EH/s a year prior).
- Mining rig fleet: approx. 450,000 units globally.
- Expansion into wind energy and AI data infrastructure through recent acquisitions and partnerships.
- As of quarter-end, 31% of bitcoin holdings activated in asset management strategies, generating yield via lending and trading.
- Key partnerships: LG-backed PADO AI, TAE Power Solutions.
Segment Performance
- Bitcoin mining revenue (Q2): $228.8 million; (six months): $436.5 million.
- Hosting services revenue declined to $1.2 million (Q2) and $2.3 million (six months), reflecting a strategic exit from hosting operations.
- Average BTC produced per day: 25.9 in Q2 2025 (22.9 in Q2 2024).
- Cost per Petahash improved to $28.7/day (down from $37.8), though purchased energy cost per BTC increased to $33,735 (from $31,065), attributed in part to higher energy rates and increased hashrate.
- Non-cash gains: $846.0 million recognized on fair value of digital assets in Q2.
Risks
- Bitcoin Lending Risks: As of June 30, 2025, 7,877 bitcoin were on loan in lending arrangements; management notes exposure to non-repayment, operational failures, and counterparty risks. The allowance for credit losses on digital asset receivables was raised to $20.1 million (from $8.4 million).
- Bitcoin Price/Production Volatility: Revenue and asset values remain highly sensitive to fluctuations in bitcoin prices and network difficulty. A 5% decrease in bitcoin production (4,644 BTC mined vs. 4,869 prior year) was noted, contextually significant given higher average BTC prices and record hashrate.
- Concentration in Digital Assets: 49,951 bitcoin held at quarter-end—second largest corporate position globally—represents substantial asset concentration risk.
- Energy Cost and Infrastructure: Energy is the largest expense, at 34.1% of total costs; volatility in energy pricing or outages (e.g., severe storm at Garden City site resulting in impairment charges of $26.3 million in Q2 2025) directly impact margins.
- Credit and Market Access: Significant leverage with $2.25 billion in long-term notes and $350 million drawn on lines of credit, mostly collateralized by bitcoin. Failure to access favorable capital markets or refinancing could impact liquidity.
- Legal/Regulatory: Ongoing legal actions, including class action and shareholder derivative lawsuits, are disclosed but not assessed as requiring loss accrual at this time.
Management Discussion & Outlook
- Management attributes improved results to increased bitcoin prices and enhanced operational efficiency (hashrate/energy optimization, expansion of managed asset strategies).
- The company’s bitcoin asset management strategy (lending, trading, treasury) generated $690.9 million in income over six months, including $13.1 million in interest income.
- Substantial operating and investing cash outflows ($715.9 million YTD) were partially offset by $433.6 million from financing activities, primarily equity raises.
- Management expects future bitcoin holdings to grow but remain volatile; liquidity is considered sufficient, though dependent on bitcoin values, market access, and cost control.
- Future risks are closely tied to bitcoin price, energy cost volatility, regulatory changes, and the company’s ability to execute growth and asset management strategies.
- Post-quarter subsequent events: $950 million new convertible notes issued; about 7.9 million additional shares issued under ATM program.
Investor Takeaway
MARA Holdings delivered record quarterly profits and achieved operational milestones with robust bitcoin price tailwinds and greater mining efficiency. However, high leverage, substantial asset concentration, dependence on bitcoin price, and new lending/trading strategies introduce new risks. The company is positioned for continued growth but faces industry volatility and execution risk. Investors should weigh the impressive current profitability against the significant sensitivity to digital asset markets, evolving regulatory landscape, and operational risks.
For more granular insights and analysis check out Publicview AI here
I’m building Notificamy: smart reminders from plain English prompts 🚀— Here’s where I’m at, what I’ve learned, and what I need help with 💬
Hey builders! 👋
For the past few months, I’ve been working on a side project called Notificamy, born from a simple frustration: why do most reminder systems feel either too dumb (just fixed time/date) or too complex (Zapier-style workflows)?
So I asked myself:
“What if I could just write what I want, in natural language, and the system figures out when, how and where to remind me?”
That’s the core of Notificamy: you write prompts like:
“Remind me to sell bitcoin if they reach 150k.”
or
“Send me a summary about upcoming juggling events in Dublin every month”
…and the assistant: • parses the intent with AI, • validates the logic, • turns it into a recurring or conditional notification, • and sends it through your preferred channel (Slack, Email, WhatsApp, Telegram, etc.)
⸻
🔧 Development Progress
✅ MVP back-end with Spring Boot + Lambda + SQS + SES ✅ Prompt parser with OpenAI + rules validator ✅ CRON and conditional triggers implemented ✅ Slack + Email integration complete 🧪 Currently testing WhatsApp and Telegram delivery 🔜 Working on front-end (React + TS) to make the UI less “engineer-only”
⸻
🧠 What I learned so far • Language is messy – parsing natural language reliably means finding a balance between GPT’s creativity and strict rule validation. I had to build a “prompt validator” to avoid logic errors like “remind me yesterday”. • Not all notifications are equal – time-based reminders are easy, but conditional reminders (e.g. “only if X hasn’t happened”) required rethinking the data model entirely. • People don’t want 100 reminders, they want the right one at the right moment. This has been my guiding principle while designing triggers.
⸻
😬 Challenges I’m still figuring out • 🔄 Recurring conditional triggers (e.g. “Every Friday unless…”) • 🤖 Custom validation policy per user/team • 📱 Making the UX smooth for non-techies without losing flexibility
⸻
🙏 How you can help
I’m looking for early testers and feedback from people who: • work in async teams (e.g. product managers, ops, remote devs) • often forget things not for lack of tools, but because their tools don’t understand context • love experimenting with AI + productivity • have strong opinions on what makes reminders useful vs annoying
💬 If that’s you, I’d love to give you early access and hear your thoughts. Just comment below or DM me — happy to show you what’s live!
—
🔗 If you’re curious: https://notificamy.com (But no pressure — this post is more about the journey than the landing page)
Thanks for reading! Happy to answer any questions 🙌
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