MARA Holdings Reports 30% Revenue Growth to $213.9 Million in Q1 2025

MARA Holdings, Inc. reported significant financial results for the first quarter of 2025, with revenues reaching $213.9 million, a 30% increase from $165.2 million in the same period last year. This growth was primarily driven by a substantial rise in bitcoin mining revenue, which increased by $68.9 million, largely due to a 77% increase in the average bitcoin price. However, the company experienced a decrease in bitcoin production, mining 2,286 bitcoin during the quarter, down from 2,811 in the prior year, attributed to the halving event in April 2024.

The company's total costs and operating expenses surged to $754.9 million, compared to a negative $204.5 million in the previous year, reflecting a significant increase in purchased energy costs, which rose to $43.5 million from $6.1 million. General and administrative expenses also increased by 25% to $85.9 million, driven by a rise in employee headcount and professional fees associated with strategic expansion. The company reported a net loss of $533.4 million, a stark contrast to a net income of $337.2 million in the prior year, largely due to a $394.2 million loss on digital assets and increased depreciation and amortization expenses.

Strategically, MARA has made notable acquisitions, including a wind farm in Texas, which adds 240 megawatts of capacity, and two operational bitcoin mining sites in Granbury, Texas, and Kearney, Nebraska. These acquisitions are expected to enhance operational efficiencies and support the company's transition to self-mining. Additionally, the company secured a $150 million line of credit, collateralized by bitcoin, to support its corporate needs.

Operationally, MARA's bitcoin holdings as of March 31, 2025, totaled 47,531 bitcoin, with a fair value of approximately $3.9 billion. The company continues to adopt a "HODL" strategy, retaining all mined bitcoin as a long-term investment. The average price of bitcoin mined during the quarter was $93,317, reflecting the volatility in the cryptocurrency market. The company also reported an increase in its energized hashrate to 54.3 exahashes per second, indicating a focus on scaling operations amid rising competition in the bitcoin mining sector.

Looking ahead, MARA Holdings remains optimistic about its growth trajectory, emphasizing its commitment to expanding its energy portfolio and enhancing operational efficiencies. The company plans to leverage its substantial bitcoin holdings and access to capital markets to fund future growth initiatives, while also navigating the challenges posed by market volatility and operational costs.