MARA (Marathon Digital Holdings, Inc.) Stock Financials & Earnings | Market Cap Arena

MARA (Marathon Digital Holdings, Inc.) Stock Financials & Earnings | Market Cap Arena

MARAMarathon Digital Holdings, Inc.

Mkt Cap$3B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Revenue (TTM)$907M

Net Income (TTM)-$1.3B

EPS (TTM)-$4.25

Free Cash Flow (TTM)-$312M

Gross Margin37.0%

Op. Margin-16.0%

Net Margin-144.6%

FCF Margin-34.4%

P/S Ratio (TTM)3.7x

P/E Ratio (TTM)—

YoY Rev Growth+38.2%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$51M	$22K	$122M
Q2 23	$82M	-$11M	-$6M
Q3 23	$98M	-$15M	-$80M
Q4 23	$157M	$11M	-$29M
Q1 24	$165M	$159M	$370M
Q2 24	$145M	$51M	-$232M
Q3 24	$132M	-$67M	-$172M
Q4 24	$214M	-$53M	$341M
Q1 25	$214M	$170M	-$541M
Q2 25	$238M	$197M	$680M
Q3 25	$252M	$209M	$48M
Q4 25	$202M	-$241M	-$332M

Valuation

Quarter	P/S	P/E
Q1 23	28.4x	—
Q2 23	19.2x	—
Q3 23	12.9x	—
Q4 23	8.6x	10.0x
Q1 24	6.6x	6.0x
Q2 24	5.9x	9.2x
Q3 24	5.6x	14.1x
Q4 24	5.1x	6.2x
Q1 25	4.7x	—
Q2 25	4.2x	4.9x
Q3 25	3.6x	3.6x
Q4 25	3.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$29M	-$46M
Q2 23	-$51M	-$57M
Q3 23	-$82M	-$84M
Q4 23	$64M	$62M
Q1 24	$56M	$47M
Q2 24	$21M	$4M
Q3 24	-$441M	-$479M
Q4 24	-$313M	-$503M
Q1 25	-$215M	-$254M
Q2 25	-$163M	-$282M
Q3 25	-$199M	-$284M
Q4 25	$673M	$508M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$17M
Q2 23	$6M
Q3 23	$2M
Q4 23	$2M
Q1 24	$9M
Q2 24	$17M
Q3 24	$38M
Q4 24	$189M
Q1 25	$39M
Q2 25	$119M
Q3 25	$85M
Q4 25	$164M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-1.1%	-207.1%
Q2 23	+228.0%	-60.6%
Q3 23	+671.1%	+213.9%
Q4 23	+451.6%	-59.1%
Q1 24	+223.1%	-188.3%
Q2 24	+77.5%	+329.9%
Q3 24	+34.5%	+70.7%
Q4 24	+36.8%	-168.3%
Q1 25	+29.5%	+469.2%
Q2 25	+64.3%	-216.9%
Q3 25	+91.7%	-32.6%
Q4 25	-5.6%	+521.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$4M	7.7%
Q2 23	$4M	5.4%
Q3 23	$6M	5.6%
Q4 23	$19M	12.0%
Q1 24	$52M	31.4%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$54M	25.2%
Q1 25	$49M	23.0%
Q2 25	$55M	22.9%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A
Q1 23	$209K	$15M
Q2 23	$651K	$20M
Q3 23	$713K	$19M
Q4 23	$1M	$39M
Q1 24	$2M	$69M
Q2 24	$4M	$57M
Q3 24	$3M	$64M
Q4 24	$4M	$78M
Q1 25	$9M	$86M
Q2 25	$9M	$93M
Q3 25	$9M	$85M
Q4 25	$4M	$86M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$125M	$0	$125M
Q2 23	$114M	$0	$114M
Q3 23	$101M	$0	$101M
Q4 23	$357M	$0	$357M
Q1 24	$324M	$0	$324M
Q2 24	$256M	$0	$256M
Q3 24	$164M	$0	$164M
Q4 24	$392M	$0	$392M
Q1 25	$196M	$0	$196M
Q2 25	$109M	$0	$109M
Q3 25	$826M	$0	$826M
Q4 25	$547M	$2M	$550M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	159M	+27.1%
Q2 23	168M	+5.8%
Q3 23	190M	+12.5%
Q4 23	233M	+23.1%
Q1 24	268M	+14.8%
Q2 24	279M	+4.0%
Q3 24	295M	+5.8%
Q4 24	420M	+42.4%
Q1 25	344M	-18.0%
Q2 25	441M	+28.1%
Q3 25	470M	+6.6%
Q4 25	355M	-24.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$3M	8
FY 15	$3M	6
FY 16	$2M	15
FY 17	$173K	3
FY 18	$521K	3
FY 19	$395K	3
FY 20	$1M	3
FY 21	$18M	9
FY 22	$4M	30
FY 23	$6M	60
FY 24	$4M	152
FY 25	$3M	266