v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenues $ 907,093 $ 656,378 $ 387,508
Costs and operating expenses      
Purchased energy costs 179,041 98,160 0
Operating and maintenance costs 95,984 63,828 14,316
Third-party hosting and other energy costs 292,243 257,276 212,322
General and administrative 349,941 253,964 83,611
Depreciation and amortization 772,768 429,185 179,578
Change in fair value of digital assets 304,627 (813,814) (331,484)
Change in fair value of derivative instrument (40,372) 2,043 0
Impairment of goodwill and other assets 109,030 0 0
Taxes other than on income 9,168 8,335 5,442
Early termination expenses 5,000 38,061 0
Research and development 30,117 13,229 2,812
Restructuring costs 23,796 0 0
Total costs and operating expenses 2,131,343 350,267 166,597
Operating income (loss) (1,224,250) 306,111 220,911
Other income (loss)      
Change in fair value of digital assets - receivable, net (121,042) 299,796 0
Net gain from extinguishment of debt 1,029 13,121 82,267
Interest income 55,855 16,711 2,809
Interest expense (48,381) (12,996) (10,350)
Equity in net earnings of unconsolidated affiliate (4,699) (1,505) (617)
Other (26,780) (4,735) (17,421)
Total other income (loss) (144,018) 310,392 56,688
Income (loss) before income taxes (1,368,268) 616,503 277,599
Income tax benefit (expense) 56,376 (75,495) (16,426)
Net income (loss) (1,311,892) 541,008 261,173
Less: Net loss attributable to noncontrolling interest 412 245 0
Net income (loss) attributable to MARA (1,311,480) 541,253 261,173
Series A preferred stock accretion to redemption value 0 0 (2,121)
Net income (loss) attributable to common stockholders $ (1,311,480) $ 541,253 $ 259,052
Net income (loss) per share of common stock - basic (in dollars per share) $ (3.69) $ 1.87 $ 1.41
Weighted average shares of common stock - basic (in shares) 355,167,578 289,961,989 183,855,570
Net income (loss) per share of common stock - diluted (in dollars per share) $ (3.69) $ 1.72 $ 1.06
Weighted average shares of common stock - diluted (in shares) 355,167,578 311,841,347 192,293,277

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