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Dec 31, 2025
Marathon Digital Q4 2025 Earnings Report
Marathon Digital reported lower revenue and a significant net loss in the fourth quarter of 2025, primarily driven by a negative fair value adjustment on digital assets.
Key Takeaways
In Q4 2025, Marathon Digital generated 202314000 in revenue, down 6% year over year, and reported a net loss of 1709788000 largely due to a 1500000000 negative change in the fair value of digital assets, despite increasing energized hashrate and bitcoin holdings.
Revenue decreased 6% year over year to 202314000.
Net loss was 1709788000, impacted by a 1500000000 fair value loss on digital assets.
Energized hashrate increased 25% year over year to 66.4 EH/s.
Bitcoin holdings rose to 53822 BTC as of December 31, 2025.
Forward Guidance
The company emphasized capital discipline, opportunistic bitcoin monetization in 2026, and continued expansion into AI and high-performance compute through its Starwood joint venture.
Positive Outlook
- Record energized hashrate of 66.4 EH/s at quarter end.
- Strategic joint venture with Starwood to develop AI and HPC infrastructure.
- Increased bitcoin holdings to 53822 BTC.
- Acquired 64% stake in Exaion to expand AI capabilities.
- First quarter since 2022 with no ATM usage.
Challenges Ahead
- Significant exposure to bitcoin price volatility.
- Large fair value losses on digital assets in Q4 2025.
- Purchased energy cost per bitcoin increased to 48611.
- Net loss of 1709788000 in the quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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