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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 |
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Calendar quarter Q4 2025Earnings call Feb 26, 2026
FY2025 Q4 in brief
MARA reported fourth-quarter revenue of $202.3 million, down 5.63% year-over-year, as roughly 481 fewer Bitcoin were mined amid rising network difficulty (21.9 BTC per day versus 27.1 a year earlier).
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Marathon Digital Holdings, Inc. (MARA), FY2025 Q4: 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.
MARA reported fourth-quarter revenue of $202.3 million, down 5.63% year-over-year, as roughly 481 fewer Bitcoin were mined amid rising network difficulty (21.9 BTC per day versus 27.1 a year earlier). GAAP results swung to a net loss of $1.7 billion, driven almost entirely by a $1.5 billion non-cash change in the fair value of digital assets after Bitcoin fell from roughly $111,000 to about $87,000 during the quarter, plus an $82.8 million goodwill impairment. Management framed the period as a strategic inflection, announcing a data-center joint venture with Starwood Digital Ventures targeting more than 1 gigawatt of near-term AI/HPC capacity and closing a 64% stake in Exaion to build enterprise and sovereign-cloud offerings. Operationally the business kept expanding, with energized hashrate up 25% to 66.4 exahash, Bitcoin holdings above 53,800, and daily cost per petahash improved 4% to $30.5. The headline loss reflects Bitcoin-price marks rather than operating deterioration, but the reported figures remain highly sensitive to crypto prices heading into 2026.
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 |
GAAP revenue YoY -5.63% → base 3. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
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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 Q4Selected | $202M | -5.6% | $-4.81 | -484.8% | -697.2% | -845.0% |
| FY2026 Q1 | $175M | -18.4% | $-3.31 | -113.5% | -607.9% | -721.4% |
| FY2026 Q2 | $175M | -26.7% | $-1.60 | -187.0% | -298.0% | -348.6% |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 | $656M | — | $1.37 | — | 46.6% | 82.5% |
| FY2025Selected | $907M | +38.2% | $-4.25 | -410.2% | -135.0% | -144.6% |
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).
What MARA and other companies said about each other on FY2025 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We've announced previously a partnership with TAE Batteries, which is a very advanced battery technology that can switch at sub-millisecond rates such that we are able to essentially balance load within data centers.”
MARA uses TAE's fast-switching battery technology to load-balance Bitcoin mining alongside AI/HPC tenants on shared sites.
“While we are continuing to advance discussions with MPLX regarding development of integrated power and data campuses in West Texas, this is a longer-term project with significant capital expenses.”
MARA deprioritized its MPLX West Texas power-and-data campus project (scope evolved beyond the initial LOI) in favor of nearer-term Starwood JV opportunities.
“We also announced that we closed our investments in Exaion, acquiring a 64% stake and expanding our enterprise-grade AI and HPC capabilities.”
MARA closed a 64% stake in Exaion, the EDF-developed private/sovereign cloud and AI infrastructure operator, to serve enterprise and sovereign AI inference demand, particularly in Europe.
“Before we get into the results for the quarter, we're excited to discuss our just announced strategic partnership with Starwood Digital Ventures, the data center development platform of Starwood Capital Group and one of the premier data center developers and operators in the world.”
MARA and Starwood Digital Ventures formed a JV to develop AI/HPC data centers on MARA's powered sites (1 GW+ near-term, path to 2.5 GW), with MARA able to retain up to 50% and Starwood leading development and hyperscaler tenant sourcing.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MARA Marathon Digital Holdings, Inc. | 2 | -5.6% | |
| BMNR Bitmine Immersion Technologies, Inc. | 6 | +91.0% | |
| CLSK CleanSpark, Inc. | 6 | +11.6% | |
| CRCL Circle Internet Group | 8 | +76.9% | |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 9 | +16.0% | |
| GS The Goldman Sachs Group, Inc. | 6 | -6.6% | |
| HOOD Robinhood Markets, Inc. | 7 | +26.5% | |
| MS Morgan Stanley | 8 | +11.1% | |
| RIOT Riot Platforms, Inc. | 5 | +7.2% | |
| RJF Raymond James Financial | 5 | +4.9% | |
| SCHW Charles Schwab Corporation | 10 | +7.8% |