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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Chris Brendler | Rosenblatt Securities | 13 questions · 23% challenging |
| Reginald Smith | JPMorgan | 9 questions · 11% challenging |
| Brett Knoblauch | Cantor Fitzgerald | 7 questions · 0% challenging |
| Paul Golding | Macquarie | 6 questions · 0% challenging |
| Steve Glagola | KBW | 6 questions · 0% challenging |
| Greg Lewis | BTIG | 3 questions · 0% challenging |
| Mike Donovan | Compass Point Research and Trading | 2 questions · 0% challenging |
| Ben Sommers | BTIG | 2 questions · 0% challenging |
| Kevin Dede | H.C. Wainwright | 2 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Rosenblatt Securities | 1 analyst | 13 questions · 23% challenging |
| JPMorgan | 1 analyst | 9 questions · 11% challenging |
| Cantor Fitzgerald | 1 analyst | 7 questions · 0% challenging |
| KBW | 1 analyst | 6 questions · 0% challenging |
| Macquarie | 1 analyst | 6 questions · 0% challenging |
| BTIG | 2 analysts | 5 questions · 0% challenging |
| Compass Point Research and Trading | 1 analyst | 2 questions · 0% challenging |
| H.C. Wainwright | 1 analyst | 2 questions · 0% challenging |
MARA reported first-quarter revenue of $174.6 million, down from $213.9 million a year earlier, as an 18% decline in Bitcoin's average price cut revenue by $33.1 million even as energized hashrate reached a record 72.2 exahash per second, up 33%. GAAP results swung to a net loss of $1.3 billion, or $3.31 per diluted share, with approximately $1 billion of the loss driven by an unrealized mark-to-market adjustment on digital assets tied to the drop in Bitcoin price; adjusted EBITDA was negative $1 billion. Management used the quarter to accelerate a pivot toward AI and HPC infrastructure, advancing the Starwood joint venture into active tenant discussions across 90% of its sites, closing a majority stake in Exaion, and announcing the acquisition of Long Ridge Energy, whose roughly 505-megawatt gas plant adds owned generation and a path to over 1 gigawatt of capacity. The company also strengthened its balance sheet, retiring about 33% of outstanding debt and reducing potential dilution by roughly 46 million shares by selling approximately $1.5 billion of Bitcoin rather than tapping its ATM. The headline loss reflects Bitcoin-price marks rather than operating deterioration, but reported results remain highly sensitive to crypto prices.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $214M | +36.8% | $1.25 | +30.2% | 159.1% | 246.5% |
| FY2025 Q1 | $214M | +29.5% | $-1.55 | -223.0% | -253.0% | -249.3% |
| FY2025 Q2 | $238M | +64.3% | $1.84 | +355.6% | 285.0% | 338.9% |
| FY2025 Q3 | $252M | +91.7% | $0.27 | +164.3% | 18.9% | 48.8% |
| FY2025 Q4 | $202M | -5.6% | $-4.81 | -484.8% | -697.2% | -845.0% |
| FY2026 Q1Selected | $175M | -18.4% | $-3.31 | -113.5% | -607.9% | -721.4% |
| FY2026 Q2 | $175M | -26.7% | $-1.60 | -187.0% | -298.0% | -348.6% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Capital Allocation | Cloud & AI | Capex Investment | Competitive Dynamics | Geographic Expansion | Demand | Cost Pressure | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 1 | 1 | 3 | 1 | 1 | |||
| 2025Q1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | |
| 2025Q2 | 3 | 2 | 3 | 1 | 2 | 1 | ||
| 2025Q3 | 3 | 1 | 2 | 3 | 1 | |||
| 2025Q4 | 3 | 6 | 1 | 1 | 2 | |||
| 2026Q1 | 3 | 5 | 1 | 1 | 1 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Capital Allocation | 1 | 2 | 3 | 3 | 3 | 3 |
| Cloud & AI | 1 | 1 | 1 | 6 | 5 | |
| Capex Investment | 3 | 1 | 2 | 2 | 1 | 1 |
| Competitive Dynamics | 1 | 3 | 3 | 1 | 1 | |
| Geographic Expansion | 1 | 1 | 1 | 2 | 1 | |
| Demand | 1 | 2 | 2 | |||
| Cost Pressure | 1 | 1 | 1 | |||
| Margin | 1 | 1 | 1 |
Calendar quarter Q1 2026Earnings call May 11, 2026
FY2026 Q1 in brief
MARA reported first-quarter revenue of $174.6 million, down from $213.9 million a year earlier, as an 18% decline in Bitcoin's average price cut revenue by $33.1 million even as energized hashrate reached a record 72.2 exahash per second, up 33%.
Sources. Tellvest earnings-call sentiment score for Marathon Digital Holdings, Inc. (MARA), FY2026 Q1: 2/10. Scores: Marathon Digital Holdings, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: MARA daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY -18.4% → base 2. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What MARA and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“closed our acquisition of a majority interest in Exaion”
MARA closed its acquisition of a majority interest in Exaion (an EDF-origin platform) to serve sovereign, enterprise, and private-cloud AI compute in regulated markets across Europe and Canada. Exaion is not a tracked ticker.
“we announced a definitive agreement to acquire Long Ridge Energy & Power from FTAI Infrastructure”
MARA announced a definitive agreement to acquire Long Ridge Energy & Power from FTAI Infrastructure, adding an ~505MW combined-cycle gas plant (generating $144M annualized adjusted EBITDA in 2H25) plus 1,600 acres adjacent to Hannibal, with a path to over 1 gigawatt. Neither Long Ridge nor FTAI Infrastructure is a tracked ticker.
“our strategic partnership with Starwood, which has made meaningful progress during the quarter”
MARA advanced its data-center joint venture with Starwood (Starwood Digital Ventures), which contributes development/EPC capability and hyperscaler tenant relationships while MARA contributes powered sites; MARA expects to sign multiple tenant leases by year-end. Starwood's platform is private, not a tracked ticker.
“Some semiconductor vendors are investing directly and locking up demand as evidenced by NVIDIA's recent investments.”
MARA cites NVIDIA making direct investments to lock up AI compute demand as evidence that available power is the binding constraint on AI buildout, and separately notes inference workloads moving toward ASICs away from NVIDIA's traditional GPUs.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MARA Marathon Digital Holdings, Inc. | 2 | -18.4% | |
| BMNR Bitmine Immersion Technologies, Inc. | 6 | +627.6% | |
| CLSK CleanSpark, Inc. | 2 | -24.9% | |
| CRCL Circle Internet Group | 7 | +20.0% | |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 9 | +201.4% | |
| GS The Goldman Sachs Group, Inc. | 7 | +13.9% | |
| HOOD Robinhood Markets, Inc. | 8 | +15.1% | |
| MS Morgan Stanley | 9 | +18.8% | |
| RIOT Riot Platforms, Inc. | 6 | +3.6% | |
| RJF Raymond James Financial | 7 | +12.4% | |
| SCHW Charles Schwab Corporation | 9 | +9.8% |