Marathon Digital (NASDAQ:MARA) Releases Quarterly Earnings Results

Marathon Digital (NASDAQ:MARA) issued its quarterly earnings data on Thursday. The business services provider reported ($4.52) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($4.29), FiscalAI reports. The company had revenue of $202.31 million during the quarter, compared to the consensus estimate of $250.74 million. Marathon Digital had a negative net margin of 144.58% and a negative return on equity of 17.88%. Marathon Digital’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.24 earnings per share.

Here are the key takeaways from Marathon Digital’s conference call:

• The company announced a Starwood Digital Ventures joint venture to develop AI/HPC data centers on MARA’s power-rich sites, targeting >1 GW near-term with a pathway to >2.5 GW and the option to retain up to 50% ownership, which should accelerate hyperscaler tenancy and access to institutional capital.
• MARA completed acquisition of a 64% stake in Exaion, gaining sovereign/private-cloud and enterprise AI capabilities (particularly in Europe) to pursue regulated and edge inference workloads that complement the Starwood partnership.
• Q4 produced a reported net loss of $1.7 billion driven largely by a $1.5 billion fair-value write-down on digital assets and an $82.8 million non‑cash goodwill impairment, highlighting material earnings volatility tied to Bitcoin price moves.
• Operational scale and cost efficiency improved — energized hash rate rose ~25% to 66.4 EH/s, Bitcoin holdings increased ~20% to ~53,822 BTC, site cost/kWh was ~$0.04, and petahash-per-day costs improved year-over-year, supporting lower mining costs and flexibility to monetize BTC opportunistically.

Marathon Digital Price Performance

Marathon Digital stock traded up $0.49 during mid-day trading on Friday, reaching $8.94. 102,246,522 shares of the company were exchanged, compared to its average volume of 46,681,264. The firm has a market cap of $3.38 billion, a PE ratio of -2.26 and a beta of 5.56. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.09 and a quick ratio of 2.09. The company has a fifty day simple moving average of $9.33 and a 200-day simple moving average of $13.49. Marathon Digital has a 12 month low of $6.66 and a 12 month high of $23.45.

Key Marathon Digital News

Here are the key news stories impacting Marathon Digital this week:

• Positive Sentiment: Major strategic pivot: MARA announced a partnership with Starwood to convert Bitcoin-mining campuses into AI/HPC-ready data centers (targeting ~1 GW near-term, larger ambitions after). This reframes Marathon as an AI/infra play and reduces pure Bitcoin-price exposure. MARA’s AI Data Center Pivot: Starwood Partnership Targets 2.5 GW
• Positive Sentiment: Market reaction to the AI venture: reporters and traders bid the stock up after the partnership was disclosed, citing the potential for steadier, higher-margin revenue from AI infrastructure. Marathon Digital surges 13% on AI infrastructure venture
• Positive Sentiment: Unusual bullish options flow: investors bought ~346,617 call contracts (≈36% above typical daily call volume), signaling speculative/hedged bullish positioning that can amplify upside moves intraday. (No external link provided.)
• Neutral Sentiment: Cantor Fitzgerald adjusted its model: the firm lowered its price target from $21 to $11 but kept an “overweight” rating — the new PT still implies upside from current levels, though the cut signals raised near-term uncertainty. Cantor Fitzgerald price target cut
• Neutral Sentiment: HC Wainwright reaffirmed a “neutral” rating on MARA, leaving analyst sentiment mixed across the street. HC Wainwright rating
• Negative Sentiment: Weak quarter and large non‑cash loss: Q4 results missed expectations — EPS well below estimates and revenue below consensus — driven in part by Bitcoin price-related fair‑value adjustments. The miss increases short-term volatility risk and gives analysts reason to trim models. MARA Q4 2025 Earnings Call Highlights

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Piper Sandler lowered their price target on shares of Marathon Digital from $26.00 to $16.00 and set an “overweight” rating on the stock in a report on Wednesday, January 14th. Morgan Stanley assumed coverage on Marathon Digital in a research report on Monday, February 9th. They issued an “underweight” rating and a $8.00 target price on the stock. Compass Point raised Marathon Digital from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a report on Monday, November 24th. JPMorgan Chase & Co. reduced their price target on Marathon Digital from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, November 24th. Finally, Weiss Ratings raised Marathon Digital from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Insider Buying and Selling at Marathon Digital

In related news, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $7.66, for a total value of $210,688.30. Following the completion of the transaction, the chief executive officer owned 3,381,861 shares of the company’s stock, valued at $25,905,055.26. The trade was a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Salman Hassan Khan sold 16,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $7.66, for a total transaction of $122,560.00. Following the sale, the chief financial officer directly owned 359,165 shares of the company’s stock, valued at $2,751,203.90. This represents a 4.26% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 133,247 shares of company stock worth $1,325,255. 0.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MARA. State Street Corp boosted its holdings in shares of Marathon Digital by 1.4% in the 2nd quarter. State Street Corp now owns 13,455,176 shares of the business services provider’s stock valued at $210,977,000 after purchasing an additional 191,380 shares in the last quarter. UBS Group AG lifted its position in shares of Marathon Digital by 104.1% during the 3rd quarter. UBS Group AG now owns 12,098,686 shares of the business services provider’s stock worth $220,922,000 after buying an additional 6,172,110 shares during the last quarter. Marex Group plc lifted its position in shares of Marathon Digital by 2.6% during the 4th quarter. Marex Group plc now owns 10,137,713 shares of the business services provider’s stock worth $91,037,000 after buying an additional 259,210 shares during the last quarter. Voloridge Investment Management LLC acquired a new stake in Marathon Digital in the third quarter valued at about $93,066,000. Finally, Charles Schwab Investment Management Inc. grew its position in Marathon Digital by 8.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,390,797 shares of the business services provider’s stock valued at $39,429,000 after acquiring an additional 337,704 shares during the last quarter. 44.53% of the stock is owned by institutional investors.

Marathon Digital Company Profile

Marathon Digital Holdings, Inc is a digital asset technology company specializing in the mining and acquisition of bitcoin. Headquartered in Las Vegas, Nevada, the firm employs high-performance application-specific integrated circuit (ASIC) miners and proprietary software to secure the Bitcoin network and expand its crypto-mining footprint. Marathon Digital focuses on operational efficiency and scalability, while maintaining rigorous standards for regulatory compliance and corporate governance.

The company operates multiple large-scale mining facilities throughout North America, including sites in Texas, Montana and New York.