Mara (MARA 0.12%), a bitcoin mining and digital infrastructure operator, released its second-quarter results on July 29, 2025. The headline was a dramatic turnaround in profitability, as Mara reported GAAP earnings per share of $1.84, compared to analyst expectations of a ($0.07) loss, and revenue (GAAP) hit $238.5 million, surpassing estimates and climbing 64% from the prior year. These results were fueled by a sharp rise in bitcoin prices, expanded operational scale, and large mark-to-market gains on digital asset holdings. Compared to last year, Mara’s results swung from deep losses to significant profit. The quarter showed record growth but also highlighted continued volatility and increased spending in areas like administration and research.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $1.84 | ($0.07) | ($0.72) | NM |
| Revenue (GAAP) | $238.5 million | $227.9 million | $145.1 million | 64.3% |
| Adjusted EBITDA | $1.25 billion | ($125.5 million) | NM | |
| Net Income (GAAP) | $808.2 million | ($199.7 million) | NM | |
| BTC Mined | 2,358 | 2,058 | 14.6% |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Business Overview and Strategic Focus
Mara operates one of the world’s largest bitcoin mining fleets, generating digital assets by validating transactions on the bitcoin network. Its business relies on having access to large quantities of low-cost electricity and advanced computer hardware known as mining rigs. Mara’s strategy centers on building vertically integrated infrastructure, meaning it owns much of the energy and technology used for its operations, possibly increasing efficiency and stability.
Currently, Mara focuses on four areas: managing exposure to bitcoin price volatility, reducing energy costs, advancing mining and data center technology, and expanding into services like artificial intelligence (AI) infrastructure. Key drivers of success are access to cheap energy, operational scale, technological innovation, and the ability to adapt quickly to regulatory changes. Recent quarters have featured more investment in research and expansion, aiming to lessen dependence solely on bitcoin mining by branching into related fields.
Quarter Highlights: Operations, Growth, and Financial Results
Mara’s net profit was driven by strong operational execution and bitcoin’s appreciation to $107,173 by June 30, 2025. This led to $1.2 billion in gains from digital asset holdings—more than offsetting operating costs and turning a prior-year loss into a substantial GAAP profit. Mara’s management pointed out that each $10,000 change in bitcoin price now swings earnings by as much as $500 million, underscoring the sharp sensitivity of profits to crypto market moves.
Operationally, Mara ramped up its mining fleet. Energized hashrate—a measure of computational power—jumped 82% to 57.4 exahash per second in Q2 2025, and daily bitcoin production rose to 25.9 BTC, up from 22.9 BTC in Q2 2024. In total, 2,358 bitcoins were mined, 14.6% more than in Q2 2024. The number of “blocks won,” which indicates successful mining events, increased by more than 50% year over year. Management cited site improvements, like advanced cooling systems and efficient energy use, for major gains in uptime and output.
Cost management was another focus. Purchased energy cost per bitcoin dropped 5.6% compared to Q1 2025, reaching $33,735 at company-owned sites. At $0.04 per kilowatt hour, Mara’s electricity rate stands among the lowest in the industry. Efforts to buy or build infrastructure, such as a new wind-powered data center in Texas and full deployment of its Ohio site, allowed greater control over both energy sourcing and costs. Cost per petahash per day—a key mining efficiency metric—improved by 24% year-over-year, signaling substantial operational progress.
Technology investments also increased, with research and development spending more than doubling to $8.5 million. Mara began producing its own custom mining rigs using domestic chips, partnering with U.S.-based developer Auradine. The company’s cooling technology—such as its two-phase immersion system—is being used to further boost performance and potentially support new data center services for AI and high-performance computing workloads. Mara also solidified partnerships with tech firms like TAE Power Solutions and PADO AI, aiming to create hybrid facilities combining AI and mining. According to management, these initiatives align with forecasts that AI “inference” servers—a type of system that quickly processes trained machine learning models—could see 42% compound annual growth through 2028, according to Gartner research cited in MARA's Q2 2025 shareholder letter.
Financially, Mara’s bitcoin holdings stood at 49,951 BTC worth about $5.3 billion as of Q2 2025, Bitcoin holdings increased by over 170% from approximately 18,500 BTC in Q2 2024 to 49,951 BTC. About 31% of these coins are used to generate extra income via lending or as collateral. The company raised $319.3 million through stock offerings during the quarter and issued $950.0 million in convertible notes after period-end (on July 25, 2025), further strengthening its liquidity but creating the potential for future share dilution. Cash plus bitcoin holdings now total $5.4 billion. Operating costs, especially general and administrative expenses including stock-based compensation, rose significantly—totaling $92.9 million (GAAP), an increase of 74% from Q2 2024. This reflects larger staff and the company’s move towards controlling more of its technology and energy supply chain.
Looking Ahead: Outlook and Key Considerations
Mara maintains its goal of reaching a 75 exahash per second hashrate by year-end 2025, aiming to stay at the forefront of operational scale in the industry. Management did not provide specific revenue or earnings guidance for the year. Instead, leaders emphasized continued investment in international expansion and technology, especially in areas that could diversify future revenue, such as AI data centers and advanced asset management for its bitcoin treasury. The company plans to continue its “full HODL” strategy, retaining nearly all mined bitcoin to benefit from potential price appreciation and related income streams from lending or other financial strategies.
Extreme sensitivity to bitcoin price, rising operating costs, and the risk of future equity dilution are the main issues for investors to watch in coming quarters. As several one-time gains this period reflect favorable price swings rather than steady business growth, both profitability and cash flow will remain exposed to market volatility until newer business initiatives become a larger share of earnings. MARA does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
