Cautious Hold Rating for Marathon Digital Holdings Amid Strategic Shifts and Revenue Discrepancies10:30 AM 2025 ESTIMATE CHANGE Inc (MARA) RATING HOLD PRICE TARGET NA PREV CLOSE $16.62 52-WEEK RANGE $9.81 - $30.28 Pivoting More Towards HPC/AI, but Details are Left Wanting MARA posted a modest top-line beat, but missed our Adj EBITDA estimate (excluding fair value gains on BTC held on its balance sheet). MARA generated $53m of Adj EBITDA (ex- BTC holdings) vs our $92m estimate. Elevated expenses offset the top-line beat, primarily due to costs associated with ongoing strategic expansion efforts. The company is pivoting more towards HPC/AI, in particular converting ASICs for inference workloads, but is stopping short of committing data center capacity to signing HPC co-lo agreements at its owned & operated data centers.