MARA

MARA Holdings is an energy and digital-infrastructure company whose foundation is Bitcoin mining, operating roughly 1.9 GW of capacity across 18 data centers and now pushing into AI/HPC compute. The business is effectively a leveraged proxy on the Bitcoin price: it mines and holds large Bitcoin reserves, and its earnings swing violently with crypto-asset fair-value remeasurement. That is starkly visible in the results — net income swung from +$541M in FY2024 to a loss of $1.31B in FY2025 (diluted EPS -$3.69), with operating income of -$1.22B. (Note the SEC-tagged 'revenue' line of $58.7M reflects a narrow item, not the company's mining output, so the headline P/S is not meaningful.)

The financial profile is precarious for a fundamentals-driven investor. Operating cash flow was deeply negative at -$803M, capex rose 62.3% to $407M, and depreciation & amortization jumped 80.1% to $773M as the mining fleet scales. The company funds itself with heavy leverage and dilution: long-term debt rose 30.9% to $3.20B (including $1.0 billion of 0.0% senior notes issued in July 2025, part of which bought 860 bitcoin at an average $116,117), it has a $2.0 billion at-the-market equity program, and shares outstanding rose 10.0%. Tellingly, in the second half of 2025 MARA began selling bitcoin to fund operations, and 9,377 bitcoin were loaned to counterparties (generating $32.1M of interest income) — signs of a business reliant on its treasury and external capital rather than self-funding operations.