Marathon Digital (NASDAQ:MARA) Issues Quarterly Earnings Results

Marathon Digital (NASDAQ:MARA) issued its earnings results on Thursday. The business services provider reported ($4.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($4.29), FiscalAI reports. The company had revenue of $202.31 million during the quarter, compared to the consensus estimate of $250.74 million. Marathon Digital had a negative return on equity of 2.59% and a net margin of 100.82%.Marathon Digital’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.24 earnings per share.

Here are the key takeaways from Marathon Digital’s conference call:

• The company announced a Starwood Digital Ventures joint venture to develop AI/HPC data centers on MARA’s power-rich sites, targeting >1 GW near-term with a pathway to >2.5 GW and the option to retain up to 50% ownership, which should accelerate hyperscaler tenancy and access to institutional capital.
• MARA completed acquisition of a 64% stake in Exaion, gaining sovereign/private-cloud and enterprise AI capabilities (particularly in Europe) to pursue regulated and edge inference workloads that complement the Starwood partnership.
• Q4 produced a reported net loss of $1.7 billion driven largely by a $1.5 billion fair-value write-down on digital assets and an $82.8 million non‑cash goodwill impairment, highlighting material earnings volatility tied to Bitcoin price moves.
• Operational scale and cost efficiency improved — energized hash rate rose ~25% to 66.4 EH/s, Bitcoin holdings increased ~20% to ~53,822 BTC, site cost/kWh was ~$0.04, and petahash-per-day costs improved year-over-year, supporting lower mining costs and flexibility to monetize BTC opportunistically.

Marathon Digital Stock Performance

Shares of MARA opened at $8.45 on Friday. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.63. The firm has a market cap of $3.20 billion, a PE ratio of 4.69 and a beta of 5.56. Marathon Digital has a 12 month low of $6.66 and a 12 month high of $23.45. The stock has a fifty day moving average price of $9.35 and a 200-day moving average price of $13.54.

Insider Activity

In other news, CEO Frederick G. Thiel sold 27,505 shares of Marathon Digital stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $10.80, for a total transaction of $297,054.00. Following the completion of the sale, the chief executive officer directly owned 3,517,566 shares in the company, valued at approximately $37,989,712.80. The trade was a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Salman Hassan Khan sold 34,732 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $11.48, for a total value of $398,723.36. Following the sale, the chief financial officer owned 248,566 shares in the company, valued at approximately $2,853,537.68. The trade was a 12.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 133,247 shares of company stock worth $1,325,255. Corporate insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Marathon Digital

A number of institutional investors have recently modified their holdings of the stock. Danske Bank A S acquired a new position in shares of Marathon Digital in the third quarter worth about $55,000. Osaic Holdings Inc. increased its stake in shares of Marathon Digital by 38.6% in the 2nd quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider’s stock valued at $76,000 after purchasing an additional 1,340 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Marathon Digital by 303.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 5,013 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 3,771 shares in the last quarter. NewEdge Advisors LLC raised its holdings in Marathon Digital by 65.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after purchasing an additional 3,032 shares during the period. Finally, Wiregrass Investment Management LLC purchased a new position in Marathon Digital during the fourth quarter worth approximately $90,000. Hedge funds and other institutional investors own 44.53% of the company’s stock.

Marathon Digital News Summary

Here are the key news stories impacting Marathon Digital this week:

• Positive Sentiment: Starwood partnership to build AI data centers (near‑term target ~1 GW, longer‑term ambitions up to ~2.5 GW), repositioning Marathon toward AI/HPC infrastructure and away from pure Bitcoin price exposure. MARA’s AI Data Center Pivot: Starwood Partnership Targets 2.5 GW
• Positive Sentiment: Market reaction: shares rose on the AI infrastructure venture and investor optimism that the move creates a steadier, higher‑margin revenue opportunity beyond mining. Marathon Digital surges 13% on AI infrastructure venture
• Neutral Sentiment: Management emphasized strategic partnerships and capital redeployment on the earnings call; slide deck and transcript are available for details on the pivot and capital plan. MARA Holdings, Inc. 2025 Q4 – Results – Earnings Call Presentation
• Neutral Sentiment: Brokerage consensus remains modestly positive (consensus “Moderate Buy”), reflecting mixed views on execution vs. long‑term opportunity. Marathon Digital Receives Consensus Rating of “Moderate Buy”
• Negative Sentiment: Q4 GAAP results: EPS of -$4.52 (vs. consensus -$0.23) and revenue $202.3M (vs. est. ~$250.7M); the big EPS miss was driven by non‑cash Bitcoin fair‑value adjustments, but it still hit reported profitability and headlines. MARA Holdings Inc (MARA) Q4 2025 Earnings Call Highlights
• Negative Sentiment: Analysts and reporters warn the AI/data‑center thesis depends on securing long‑term tenants and proving execution; until projects sign anchor customers, revenue visibility and cash generation remain uncertain. MARA Shares Rise After Bitcoin Miner Strikes AI Data Center Deal

Analyst Ratings Changes

MARA has been the topic of several research analyst reports. Weiss Ratings raised Marathon Digital from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Piper Sandler dropped their price target on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 14th. Rosenblatt Securities cut their price target on Marathon Digital from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Compass Point raised shares of Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Monday, November 24th. Finally, Morgan Stanley started coverage on shares of Marathon Digital in a report on Monday, February 9th. They set an “underweight” rating and a $8.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Marathon Digital presently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

About Marathon Digital

Marathon Digital Holdings, Inc is a digital asset technology company specializing in the mining and acquisition of bitcoin. Headquartered in Las Vegas, Nevada, the firm employs high-performance application-specific integrated circuit (ASIC) miners and proprietary software to secure the Bitcoin network and expand its crypto-mining footprint. Marathon Digital focuses on operational efficiency and scalability, while maintaining rigorous standards for regulatory compliance and corporate governance.

The company operates multiple large-scale mining facilities throughout North America, including sites in Texas, Montana and New York.