Bitcoin miner MARA (Nasdaq: MARA) reported third-quarter 2025 revenue of $252.4 million, up 92% from $131.6 million in the same period last year, according to the company’s shareholder letter released Tuesday.
Net income was $123.1 million, or $0.27 per diluted share, compared with a net loss of $124.8 million, or $0.42 per share, in the third quarter of 2024. Adjusted EBITDA rose to $395.6 million from $22.3 million a year earlier. The company said the increase was primarily due to higher bitcoin prices, production growth, and lower operating costs.
The company also announced a signed letter of intent with MPLX, a midstream oil and gas service, to supply an initial capacity of 400 megawatts (MW) of power for data campuses in West Texas. The agreement can scale to 1.5 GW, MARA said in a press release.
MARA’s Financial & Operations
MARA’s energized hashrate grew 64% year over year to 60.4 exahashes per second (EH/s), up from 36.9 EH/s a year earlier. The company deployed roughly 5,000 new miners during the quarter and achieved an average energy efficiency of 18.6 joules per terahash, placing it closer to peer Bitcoin miners like IREN (Nasdaq: IREN) and CleanSpark (Nasdaq: CLSK) in terms of fleet efficiency.
Bitcoin production totaled 2,144 during the quarter, compared with 2,070 in the third quarter of 2024. MARA held 52,850 bitcoin as of Sept. 30, up 98% from 26,747 at the same point last year. The company valued those holdings at approximately $6.0 billion, based on a bitcoin price of $114,068.
MARA’s cost per petahash per day improved to $31.3 from $37.0 in the same quarter a year ago. Purchased energy costs totaled $43.1 million, up from $27.0 million in 2024. Purchased energy cost per bitcoin was $39,235, compared with $32,433 last year. The company’s owned sites maintained an average electricity cost of $0.04 per kilowatt-hour.
However, operational costs went up across the board compared to one year prior. Operating and maintenance expenses were $26.3 million, compared with $9.4 million in the prior-year period. Depreciation and amortization rose to $167.3 million from $101.9 million. General and administrative expenses (SG&A), excluding stock-based compensation, totaled $47.6 million, compared with $35.4 million a year earlier.
The company ended the quarter with combined unrestricted cash, cash equivalents, and bitcoin valued at $6.8 billion. MARA issued $1.025 billion in zero-coupon convertible senior notes due 2032 and repurchased $19.4 million of its 1% convertible senior notes due 2026 for $18.3 million in cash.
MARA also operates its own Bitcoin mining pool. MARA The company won 633 blocks during the quarter, compared with 604 in the same period last year.
The company also plans to continue developing infrastructure for high-density compute applications, particularly at its Granbury location in West Texas.
