Q2 2026 MARA Holdings Inc Earnings Call Transcript
Key Points
- MARA Holdings Inc (MARA) is expanding its power portfolio to approximately 4.8 GW, more than doubling its current capacity and positioning it as one of the largest holders of digital infrastructure power capacity.
- The pending Long Ridge acquisition is expected to contribute approximately $144 million in annualized EBITDA and durable free cash flow, with roughly 70% of its output secured under long-term contracts.
- MARA Holdings Inc (MARA) secured $600 million in non-dilutive Bitcoin-backed credit facilities with Coinbase and Two Prime, preserving exposure to Bitcoin's potential appreciation while funding the Long Ridge acquisition.
- The company's daily cost per petahash improved 4% year-over-year to $27.7, and its cost per kilowatt-hour for own sites was $0.04, maintaining one of the lowest cost structures in the industry.
- Commercial momentum is building, with lease discussions progressing across multiple sites and management confident in signing at least two leases before year-end, supported by the Starwood partnership.
- The Matagorda County site acquisition adds up to 2 GW of potential capacity, with no required utility infrastructure improvements, and is expected to support the transition away from hosted mining, improving operational control and unit economics.
- MARA Holdings Inc (MARA) reported a net loss of $611.3 million for Q2 2026, driven largely by a $343 million unrealized mark-to-market adjustment on digital assets due to the drop in Bitcoin price.
- Revenues declined to $174.9 million from $238.5 million in the prior year period, primarily due to a 28% decrease in Bitcoin's average price, which reduced revenue by $65.9 million.
- The company's adjusted EBITDA was negative at -$360.9 million, dominated by the Bitcoin mark-to-market change, compared to $1.2 billion in the prior year period.
- General and administrative expenses increased significantly to $69.5 million from $40.1 million, including $15.4 million in acquisition and integration costs and a $10.2 million litigation settlement.
- The Bitcoin price environment remains challenging, with continued pressure on mining economics and higher network difficulty driving purchased energy cost per Bitcoin up to $38,690 from $33,735 year-over-year.
- MARA Holdings Inc (MARA) has pledged 54% of its Bitcoin holdings as collateral under borrowings, increasing financial leverage and exposure to Bitcoin price volatility.
Greetings. Welcome to MARA's second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will turn the conference over to your host today, Robert Samuels, VP of Investor Relations. Thank you. You may begin.
Thank you, operator. Good afternoon, everyone. Welcome to MARA's second quarter fiscal year 2026 earnings call. Thanks so much for joining us today. With me on today's call are our Chairman and Chief Executive Officer, Fred Thiel, and our Chief Financial Officer, Salman Khan. Today's call includes forward-looking statements, including those about our growth plans, liquidity, and financial performance. These involve risks and uncertainties. Actual results may differ materially. We disclaim any obligation to
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