MARA heads into Q3 earnings: Here's what to expect

MARA Holdings (NASDAQ: MARA is scheduled to report its third-quarter 2026 financial results on Monday, November 9, after market close.

Wall Street expects a consensus non-GAAP EPS loss of $0.33 on revenue of $176.13M, with revisions leaning negative as six analysts slashed revenue estimates over the past three months.

The print comes amid mounting scrutiny over MARA’s strategic pivot from a pure-play Bitcoin BTCUSD miner to an artificial intelligence and digital infrastructure provider.

Earlier this year, the firm moved away from its long-standing Bitcoin holding strategy and began selling its reserves to raise cash and reduce debt. It has sold more than 18K Bitcoin since March. Its Bitcoin holdings fell from 53.8K BTC at the end of 2025 to 35.6K BTC by the end of the second quarter, reducing its Bitcoin holdings per share by about 34%.

Mining economics remain severely pressured. In the second quarter, MARA's total cost of mining reached about $59.8K per Bitcoin. Its adjusted EBITDA showed an $18M loss, excluding changes in Bitcoin's market value.

Although the company had 70.3 EH/s of mining capacity, higher network difficulty and energy costs continued to weigh on its business.

To reduce its reliance on mining, MARA is building an AI data center business, with plans for up to 4.8 GW of potential capacity. Its efforts include a partnership with Starwood Capital and the acquisition of the 505 MW Long Ridge site, which recently received FERC approval.