MARA Holdings announced robust third-quarter 2025 financial results, with revenues soaring 92% year-over-year to $252 million, a significant turnaround from a net loss of $125 million in Q3 2024. Net income reached $123 million, while adjusted EBITDA surged an impressive 1,671% to $395.6 million. The company's Bitcoin holdings nearly doubled to 52,850 BTC, and its energized hashrate climbed 64% to 60.4 EH/s, with cost per petahash per day improving 15% to $31.3.
In a strategic shift, MARA signed a letter of intent with MPLX to supply natural gas from Delaware Basin plants to new gas-fired power facilities in West Texas. The project starts with 400 MW of capacity and is scalable to 1.5 GW, supporting both Bitcoin mining operations and advanced AI workloads. This partnership leverages low-cost regional gas to enhance energy reliability and operational efficiency, with plans to transition power usage from mining to AI and high-performance computing over time.
MARA's CEO emphasized the long-term vision of diversifying into AI-driven computing infrastructure, positioning the company at the intersection of blockchain, AI, and energy. Additionally, MARA deployed its first ten AI inference racks in Granbury, Texas, and agreed to acquire approximately 64% of Exaion, a Paris-based AI and high-performance computing subsidiary, expected to close in Q4 2025. Despite the strong results, MARA's shares fell 2.3% amid a broader market sell-off.
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