MARA’s Q3 Revenue Falls 35% as Bitcoin Gains Lift Profit
MARA reported $632.1 million in Q3 net income despite a 35% revenue decline. After quarter-end, it sold 13,597 BTC and repaid $750 million in secured loans.
Key Notes
- MARA’s revenue fell 35% while Bitcoin revaluation helped lift quarterly net income to $632 million.
- Post-quarter sales of 13,597 BTC funded full repayment of $750 million in Bitcoin-backed loans.
- Exaion signed a four-year GPU contract worth $79 million with its first US customer.
MARA Holdings reported a sharp decline in third-quarter revenue but a much larger net profit, as an $885.3 million unrealized Bitcoin gain lifted its accounts. After September 30, the company sold roughly $1.1 billion of BTC and used part of the proceeds to repay its Bitcoin-backed loans.
The November 9 disclosures show how differently mining revenue, accounting gains and treasury sales can affect the same business. MARA is also expanding into AI infrastructure, with subsidiary Exaion securing its first US customer for GPU capacity.
Bitcoin Revaluation Drives the Quarterly Profit
Revenue fell 35% to $164.2 million from $252.4 million a year earlier. Net income rose to $632.1 million from $123.1 million, while diluted earnings reached $1.28 per share, according to MARA’s shareholder letter.
The company attributed the earnings increase primarily to an $885.3 million unrealized gain from revaluing Bitcoin, compared with $343.1 million in the prior-year quarter. That gain reflects changes in asset values, rather than cash generated by selling coins.
Mining output improved despite the revenue decline. MARA produced 2,247 BTC, up 5% from 2,144 a year earlier. A 37% fall in the average price of Bitcoin mined more than offset that increase.
Its quarterly filing also shows that adjusted EBITDA of $857.7 million includes the BTC fair-value gains. The non-GAAP figure therefore should not be read as a measure that strips out Bitcoin revaluation effects. For the first nine months of 2026, MARA recorded a $1.24 billion net loss.
Post-Quarter Bitcoin Sales Repay Secured Debt
After the quarter ended, MARA sold 13,597 BTC at an average price of approximately $81,039, raising around $1.1 billion. It used $750 million to repay its Bitcoin-collateralized term loans in full.
The repayments released 17,477 BTC previously pledged as collateral. Those coins were already MARA’s assets, rather than newly purchased Bitcoin. The company said less than 5% of its holdings subsequently remained loaned or pledged.
MARA held 34,012 BTC on September 30. That balance predates the newly disclosed sales and should not be presented as its current treasury total.
The company said it expects to keep monetizing Bitcoin to support liquidity, capital projects and other initiatives, depending on market conditions and its allocation priorities.
Exaion Adds a Four-Year GPU Contract
Exaion signed a $79 million GPU-as-a-service agreement with its first US customer. The four-year contract requires payment for committed capacity whether or not the customer uses it. Its value covers the full term, rather than one quarter’s revenue.
MARA separately described more than $3 billion in prospective contract value as indications of demand, not signed or committed business.
Unlike Core Scientific’s plan to exit mining by year-end, MARA says Bitcoin remains its operating foundation. Its strategy preserves the ability to direct power toward mining or contracted AI infrastructure, according to the expected return.
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