MARA Q2 2025 earnings call highlights

MARA released its Q2 earnings yesterday, and the company reported growth for its total hashrate under management, BTC mined, and revenue. MARA also reported a massive increase to its EBITDA thanks to the change in fair market value of its 50,000 BTC treasury.

Here are MARA’s KPIs for Q2 (with quarter-over-quarter changes:

Total hashrate: 54.3 EH/s → 57.4 EH/s (+5.7%)
Bitcoin mined during the quarter: 2,286 BTC → 2,358 BTC (+3.2%)
MW under management: 1.7 GW → 1.7 GW (0%)
Revenue: $213,884,000 → $238,485,000 (+11.5%)
EBITDA: -$493,423,000 → $1,184,857,000 (+$1.6 billion)
SG&A: $85,865,000 → $92,948,000 (+8.3%)
SG&A/Revenue: 40.14% → 38.99% (-2.9%)
Gross profit: $82,426,000 → $105,364,000 (+27.8%)

MARA also discussed a number of operational updates including new power management partnerships, yield-generating strategies for its bitcoin holdings, and a $950 million convertible note to fund expansion.

Strategic AI/HPC Partnerships: Announced collaborations with TAE Power and Pado AI to develop grid-responsive load-balancing platforms for AI infrastructure.
New Behind-the-Meter Data Center: Completed construction at its wind-powered Hansford County, TX site, securing ultra-low-cost power directly at the source.
Bitcoin Treasury Milestone: Holdings surpassed 50,000 BTC, making MARA the world’s second-largest corporate Bitcoin treasury.
Energized Hashrate: Reached 57.4 EH/s, up 82% year-over-year.
Bitcoin Production: Averaged 25.9 BTC/day, a 13% increase versus Q2 2024.
Revenue: Delivered $238.5 million, up 64% year-over-year.
Net Income and Digital Asset Gains: Generated $808.2 million in net income (vs. a $199.7 million loss) and recorded a $1.2 billion gain on digital assets.
Cost Efficiency: Achieved a purchase-energy cost of $33,735 per BTC.
Asset Management: Transferred 2,004 BTC into a Two Prime SMA, generating 4 BTC in yield within six weeks.
Expanded Liquidity: Issued $950 million of 0% convertible senior notes due 2032 for opportunistic BTC purchases, M&A, or infrastructure growth.
Growth Pipeline: Secured a 3 GW global project pipeline and remains on track for 75 EH/s energized hashrate by year-end, with funding in place for all but $150 million of planned CapEx.

MARA’s Q2 results set new company records across revenue, adjusted EBITDA, net income, and operational efficiency. In the earnings call on July 29, CEO Fred Thiel emphasized MARA’s evolution into “digital energy,” leveraging its mining-grade infrastructure for emerging AI inference workloads and sovereign computing. He highlighted strategic partnerships with power management firm TAE Power and AI grid services company Pado AI to co-develop grid-responsive load-balancing solutions. Thiel also noted the company’s completion of a behind-the-meter data center at Hansford County, Texas, to secure ultra-low-cost wind power and improve margins.

Thiel also underscored the milestone of surpassing 50,000 BTC in treasury, while cautioning that current Bitcoin markets feel “a little frothy.” He also affirmed MARA’s strong balance sheet and flexibility following its upsized convertible notes offering.

CFO Salman Khan detailed 82% YOY growth in energized hashrate to 57.4 EH/s and a 64% revenue increase to $238.5 million, driven by a 50% rise in average Bitcoin price. He reported 25.9 BTC/day production (+13% YoY), 52% more blocks won, and a net income of $808.2 million versus a prior-year loss. Operating cost per Bitcoin was $33,735, supported by a 70% owned-and-operated fleet.

On treasury management, Khan noted that nearly one-third of MARA’s Bitcoin stack is now “activated” in yield-generating strategies. With over $5 billion in liquid assets and a 3 GW growth pipeline, MARA reiterated its goal of 75 EH/s by year-end and its first Investor Day this fall to lay out its multi-pronged “digital energy” roadmap.

At time of publication, MARA is up 3.6% during pre-market hours.