MARA Holdings (MARA) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Aug 12, 2026

TBA (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

0.25

Last Year’s EPS

1.84

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 10 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:May 11, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presents a mixed but strategically forward-looking picture: strong operational progress and major strategic moves (Starwood JV execution, Exaion acquisition, Long Ridge deal, record energized hashrate, and debt/dilution reduction) position MARA to scale AI/critical IT infrastructure and monetize powered land. However, material near-term financial headwinds persist — Q1 revenue declines, a large net loss and negative adjusted EBITDA driven by Bitcoin price markdowns, lower BTC holdings, higher per-BTC costs and elevated G&A/restructuring charges. The company has actionable financing plans and capital-efficient JV structures to convert assets to contracted cash flows, but short-term results remain volatile and sensitive to BTC prices.

Company Guidance

MARA’s guidance emphasized accelerating AI/data‑center commercialization and near‑term financings: management expects to sign multiple tenant leases by year‑end and will disclose contracted megawatts as they convert, with the Starwood JV able to monetize sites (an illustrative 200 MW project could generate ~$50M–$100M of net annualized stabilized cash flow at a 9%–15% yield on cost and construction financing that can support ~80% LTV); Long Ridge adds ~1,600 contiguous acres and an existing 200 MW of capacity with a 505 MW nameplate combined‑cycle plant (76% contracted) that produced $144M annualized adjusted EBITDA in H2 2025, gives a path from ~1.3 GW energized capacity to ~2.2 GW at close (≈65% increase) and up to ~2.4 GW with expansion, with a pathway to >1 GW on site and an initial 200 MW AI build‑out targeted to start construction H1 2027 with initial capacity mid‑2028, paired with very low incremental power cost (~$15/MWh) and a plan to retain the plant’s ~25 FTEs; Long Ridge pro‑forma debt is expected to be about $900M (down from $1.1B) with ~185M in tack‑on notes and a $785M Barclays bridge commitment if needed. Financial/operational context and balance‑sheet guidance included targeting a lower quarterly G&A run‑rate post‑restructuring, realizing ~$12M annualized savings from a 15% workforce reduction, having retired ~30% of convertible notes (≈33% of outstanding debt) to reduce dilution by ~46M shares (~9% FD), selling ~$1.5B of Bitcoin in Q1 to repurchase >$1B face value of 2030/2031 notes and cut a credit line by $200M while refinancing $150M of the line at 7% (from 10.5%); company reiterated that every $10,000 move in BTC price changes digital‑asset fair value by ~$350M, and operational metrics from Q1 included revenue $174.6M, record energized hashrate 72.2 EH/s (+33% YoY), mined 2,247 BTC (25 BTC/day), 35,303 BTC held (28% loaned/pledged), net loss $1.3B (‑$3.31/sh), and adjusted EBITDA of ‑$1.0B.

Strategic M&A and Partnerships Accelerating Execution

Moved Starwood joint venture from announcement to execution (permitting, site prep, active tenant discussions across ~90% of owned/operated sites). Closed majority acquisition of Exaion and announced definitive agreement to acquire Long Ridge Energy & Power, positioning MARA to scale AI and critical IT infrastructure.

Long Ridge Acquisition: Immediate Cash Flow and Large Capacity Upside

Long Ridge adds ~1,600 contiguous acres, existing 200 MW at Hannibal with a path to >1 GW generation and an approx. 505 MW combined-cycle plant. Plant generated $144 million of annualized adjusted EBITDA in H2 2025 with 76% contracted. Transaction increases owned/operated energized capacity ~65% (from ~1.3 GW to ~2.2 GW at close, expansion to ~2.4 GW) and provides a path to ~600 MW of AI/critical IT load.

Record Energized Hashrate and Improved Market Share

Delivered record energized hashrate of 72.2 EH/s in Q1 2026, up 33% from 54.3 EH/s in Q1 2025. Share of available mining rewards increased to 5.5% from 4.8% in Q4 2025.

Capital Structure Actions to Reduce Dilution and Cost

Retired roughly 30% of outstanding convertible debt (Salman noted retiring ~33% of outstanding debt including ~30% convertible note reduction) at a discount, reducing potential dilution by approximately 46 million shares (~9% on a fully diluted basis) and increasing financial flexibility.

Bitcoin Monetization Used to Delever

Sold approximately $1.5 billion of Bitcoin in the quarter to repurchase >$1.0 billion face value of 2030/2031 notes and reduce the line of credit by $200 million. Refinance activity included $150 million of line refinanced at 7% vs prior 10.5%.

Competitive Energy Costs and Operational Efficiency

Owned-site cost per kilowatt-hour reported at $0.04 (competitive at scale). Daily cost per petahash per day improved 3% YoY to $27.6 from $28.5 and is improved 42% over the past 11 quarters.

Starwood JV Capital Efficient Monetization Pathway

JV structure allows MARA to contribute powered sites and receive pre-agreed site-specific equity credit, with illustrative economics suggesting a 200 MW project could generate ~$50M–$100M net annualized stabilized cash flow (9%–15% yield on cost) with little incremental equity required beyond site value.

Operational Continuity and Talent Retention

Plan to retain about 25 full-time employees from Long Ridge to supplement MARA energy asset operating expertise; Long Ridge operations to continue serving PJM grid while enabling behind-the-meter compute build-outs.

MARA Holdings (MARA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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MARA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 12, 2026	2026 (Q2)	0.24 / -	1.84	―	―	―
May 11, 2026	2026 (Q1)	-1.51 / -3.50	-1.55	-125.55% (-1.95)	―
Feb 26, 2026	2025 (Q4)	-1.18 / -4.52	1.24	-464.52% (-5.76)
Nov 04, 2025	2025 (Q3)	0.03 / 0.27	-0.42	163.81% (+0.69)
Jul 29, 2025	2025 (Q2)	-0.07 / 1.84	-0.72	355.56% (+2.56)
May 08, 2025	2025 (Q1)	-0.52 / -1.55	1.26	-223.02% (-2.81)
Feb 26, 2025	2024 (Q4)	-0.13 / 1.24	0.74	67.57% (+0.50)
Nov 12, 2024	2024 (Q3)	-0.34 / -0.42	0.379	-210.82% (-0.80)
Aug 01, 2024	2024 (Q2)	-0.13 / -0.72	-0.104	-592.31% (-0.62)	―
May 09, 2024	2024 (Q1)	0.02 / 1.26	-0.05	2620.00% (+1.31)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MARA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 11, 2026	$13.39	$12.72	-5.00%
Feb 26, 2026	$8.45	$8.94	+5.80%
Nov 04, 2025	$17.81	$16.62	-6.68%
Jul 29, 2025	$16.61	$16.55	-0.36%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.