Results
Key Highlights
7Revenues decreased 27% to $174.9 million
IN Q2 2026
from $238.5 million in Q2 2025 .
2Net income (loss) decreased to ($611.3 million)
from $808.2 million in Q2 2025 .
4Adjusted EBITDA decreased to ($360.9 million)
compared to $1.2 billion in Q2 2025 .
8Cost/petahash per day decreased by 4%
from Q2 2025 .
Energized hashrate ("EH/s") increased 22%
TO 70.3 EH/S IN Q2 2026
from 57.4 EH/s in Q2 2025 .
1Bitcoin holdings decreased 29%
TO 35,577 BTC (C. $2.1B )
Including 9,270 BTC loaned or pledged as collateral as of June 30, 2026 .
3Total blocks won increased 1% to 700
IN Q2 2026
from 694 in Q2 2025 .
Purchased energy cost per BTC was $38,690
for our owned sites.
Cost per kWh: $0.04
Mined 2,422 BTC
IN Q2 2026 .
No BTC was purchased in Q2 2026
Management commentary
Artificial intelligence is no longer constrained by capital
alone.
It is constrained by power.
That simple reality is
reshaping the economics of digital infrastructure.
Capital is abundant.
Power-ready sites are scarce.
The
challenge is no longer attracting investment, it is
securing energized, permitted power and transforming it
into compute.
We believe that the companies that
control power, not simply capital, will define the next
generation of compute.
This is the business MARA is building.
"These AI data centers
are going to require
more power than
anything we could ever
have imagined . . .
don't have enough
power in the G7."
- Larry Fink, CEO BlackRock
land, and compute.
We do not sell electrons.
We convert them into higher-value compute or make
that infrastructure available to customers.
What separates MARA from peers is that we already have
what most are still trying to secure: active utility-scale power, a decade of operating experience
at scale, and disciplined capital allocation .
Our evolution into AI infrastructure is not a departure from our past.
It is the natural progression of
what we have built.
For nearly a decade, we have developed and operated one of the world's largest Bitcoin mining
platforms with 19 data centers across four continents.
That experience has enabled us to assemble
strategic power and land assets, develop expertise in large-scale distributed computing, build
relationships across the energy and infrastructure ecosystem, and establish the disciplined capital
allocation framework that guides our business today.
Those capabilities are increasingly valuable in the AI sector where access to power is the defining
constraint on AI deployments.
The second quarter marked another important step in our evolution.
We continued to advance the
Corporate events
Long Ridge transaction and are currently awaiting FERC approval.
Subsequent to quarter-end, we
secured the rights to a 2 GW powered land site in Matagorda County, Texas — an acquisition that,
Management commentary
5upon ERCOT and interconnect approvals, would more than double our powered land portfolio.
Outlook
6Together, these actions are expected to expand our power portfolio up to 4.8 GW, establishing one of
Management commentary
the largest powered land portfolios in the industry.
We believe this platform positions us to create
significant long-term shareholder value .
Corporate events
Site power capacity of up to 2,000 MW secured via a definitive agreement; subject to FERC and interconnect approval.
Management commentary
As our strategy has evolved, our focus has become clearer.
MARA operates an integrated digital infrastructure platform built around power, land, and compute.
Digital Infrastructure is our primary growth focus.
Exaion and our technology initiatives provide
targeted capabilities that can help us serve specialized customer needs, improve infrastructure
utilization, and extend the value of our core assets.
We manage these capabilities as part of one integrated platform and allocate capital across them
based on expected returns, customer demand, execution risk, and their contribution to long-term
shareholder value.
Digital Infrastructure
Demand for AI infrastructure continues to accelerate, but the supply of power-ready sites is not
keeping pace.
Outlook
The four largest hyperscalers alone are expected to invest approximately $725 billion in AI
infrastructure during 2026, with annual capital expenditures projected to exceed $1 trillion by 2027.
the same time, U.S. data center electricity demand is expected to increase from approximately 31
gigawatts in 2025 to 41 gigawatts in 2026 before reaching 66 gigawatts in 2027, while new power
Management commentary
generation and transmission continue to lag demand.
The result is a growing premium on existing
energized infrastructure.
(Goldman Sachs Commodities Research, May 2026)
Against that backdrop, our objective is straightforward: own scarce powered assets and maximize
their long-term value.
Corporate events
Our recent agreement to acquire rights to a strategically located powered site in Matagorda County,
Outlook
Texas, is expected to add approximately two gigawatts in one of the country's most attractive
markets, subject to ERCOT and interconnect approvals.
Just as importantly, we expect it will provide
Management commentary
sufficient wholly owned capacity to complete our transition away from hosted mining as existing
agreements expire, increasing operational control, improving unit economics, and giving us greater
flexibility in how we allocate capital.
Corporate events
The pending acquisition of Long Ridge is equally important.
We believe this transaction will transform
our existing Hannibal campus by adding adjacent land while immediately contributing positive
Management commentary
EBITDA upon closing.
With more than 70% of its power output contracted under long-term
agreements, we expect Long Ridge will enhance our earnings profile while significantly expanding our
AI infrastructure opportunity.
Together, these acquisitions reflect the investment philosophy that guides our infrastructure strategy.
We seek to acquire scarce powered assets, enhance their strategic value, develop high-quality digital
infrastructure, and secure long-term customers.
As our mining sites convert into AI/HPC campuses,
we expect they will become durable cash-flow generators that can remain in our portfolio or be
monetized, allowing us to recycle capital into future opportunities.
This approach resembles
institutional infrastructure investing more than traditional data center development.
We measure success not simply by the number of megawatts we develop, but by the long-term value
we create from every megawatt we own.
Speed.
Certainty.
Reliability.
These principles define how we invest, how we build, and how we aim to serve customers.
Speed, because customers cannot wait years for power to become available.
Our portfolio of
energized sites allows us to deliver earlier in-service dates than many competing developments that
are still beginning the power procurement and interconnection process, giving prospective customers
access to capacity sooner.
Certainty, because digital infrastructure must be delivered on time, on budget, to specification, and
with disciplined capital allocation.
Our development strategy, relationships with utilities and
equipment providers, and partnership with Starwood will provide customers with confidence that
projects will be executed efficiently while allowing us to scale with proportional capital support from
Reliability, because mission-critical AI infrastructure requires trusted partners with proven operational
expertise.
MARA has spent years designing, owning, and operating large-scale compute
infrastructure, while Starwood contributes engineering, procurement, construction, and development
capabilities backed by more than seven gigawatts of delivered infrastructure for many of the world’s
leading hyperscalers and frontier AI companies.
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