MARA Revenue Dips 6% in Q4 as Production Slows and Asset Values Tumble

Marathon Holdings’ Q4 2025 revenue declined 6% to $202.3 million, primarily due to a 14% drop in the average price of bitcoin mined. The company also reported a $1.7 billion loss in the quarter.

Annual Revenue Growth

In its latest financial report, Marathon Holdings revealed a 6% decrease in revenues, totaling $202.3 million for the fourth quarter of 2025, down from $214.4 million in the same period of the previous year. This decline is primarily attributed to a 14% drop in the average price of bitcoin mined over the quarter.

For the full year ending Dec. 31, 2025, the company achieved revenues of $907.1 million, marking a substantial increase of $250.7 million, or approximately 38%, compared to $656.4 million in 2024. This growth was fueled mainly by a 53% increase in the average price of bitcoin mined, which contributed $301.4 million to revenue. However, this positive trend was somewhat offset by a $28.4 million decrease in bitcoin production and a $22.3 million decline in other revenue, primarily stemming from reduced hosting services compared to the prior year.

During the fourth quarter, the company produced an average of 21.9 BTC daily, a decrease from 27.1 BTC in the previous year, resulting in 481 fewer BTC mined during this period. For all of 2025, Marathon produced 8,799 BTC, down from 9,430 BTC in 2024. Additionally, there was a 15% decrease in the number of blocks won compared to the fourth quarter of 2024.

Financial Losses and Impacts

The financial downturn was stark, with the company reporting a net loss of $1.7 billion, or $4.52 per diluted share, for Q4 2025. This contrasts sharply with a net income of $528.3 million, or $1.24 per diluted share, recorded in the same quarter of 2024. For the full year, the net loss stood at $1.3 billion, compared to net income of $541 million in the previous year.

This dramatic decrease in net income was largely driven by a $1.5 billion drop in operating income, propelled by higher depreciation and amortization expenses, including accelerated depreciation of $772.8 million and unfavorable Bitcoin mark-to-market adjustments of $425.7 million. Furthermore, there was an impairment of goodwill amounting to $82.8 million.

Meanwhile, in its Q4 letter to shareholders, Marathon announced its shift from “a pure-play Bitcoin miner to an energy and digital infrastructure company.” It stated that its partnership with Starwood Digital Ventures would involve the development, financing, and operation of next-generation digital infrastructure capable of meeting growing demand from enterprise, hyperscale, and AI customers across its power-rich portfolio. Marathon also explained how bitcoin’s recent challenges prompted it to pivot toward AI.

“Given the recent decline in Bitcoin prices and the impact of our joint venture with Starwood, which we believe will be accretive, we are prioritizing capital allocation toward the highest-value near-term opportunities,” Marathon stated in the letter.

However, the company insists that bitcoin remains a core pillar of its strategy. To demonstrate this commitment, it recently increased its hashrate from 53.2 EH/s to 66.4 EH/s during the year. Marathon added that its bitcoin holdings also represent a liquid balance sheet asset that provides strategic optionality and liquidity management flexibility.

“While the timing of a recovery in bitcoin prices is difficult to predict, our long-term conviction in the asset class remains unchanged. We believe that recent volatility reflects broader macro uncertainty rather than a deterioration in bitcoin’s underlying fundamentals,” the company explained.

FAQ ❓

• Why did Marathon’s Q4 revenue fall? A 14% drop in bitcoin prices cut earnings.
• How big was Marathon’s Q4 loss? The miner posted a $1.7B net loss.
• Is Marathon leaving bitcoin mining? No, it boosted hashrate to 66.4 EH/s.
• Why is Marathon pivoting to AI? To offset bitcoin volatility and tap new demand.