Marathon Digital (NASDAQ:MARA) Issues Quarterly Earnings Results

Marathon Digital (NASDAQ:MARA) announced its quarterly earnings results on Monday. The business services provider reported ($3.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.50) by ($2.81), FiscalAI reports. The firm had revenue of $174.61 million during the quarter, compared to analyst estimates of $181.90 million. Marathon Digital had a negative net margin of 144.58% and a negative return on equity of 19.01%.

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

• Long Ridge acquisition adds 1,600 contiguous acres, an operational ~505 MW combined?cycle gas turbine (generated ~$144M annualized adjusted EBITDA in H2 2025) and a path to >1 GW of capacity, boosting MARA’s energized capacity ~65% to ~2.2 GW and enabling an initial 200 MW AI build that could begin construction in H1 2027 with first capacity mid?2028.
• The Starwood joint venture moved from announcement to execution, providing a capital?efficient way to convert MARA’s powered land into institutional?grade AI/HPC campuses; MARA says an illustrative 200 MW project could generate ~$50M–$100M of net annualized stabilized cash flow with little incremental equity required.
• MARA closed on a majority interest in Exaion to pursue sovereign, enterprise and private?cloud AI workloads in regulated markets (Europe, Canada, etc.), creating a complementary pathway to hyperscaler colocation but still at an early stage of commercialization.
• Q1 results showed revenue of $174.6M and a net loss of $1.3B (loss per share $3.31), with roughly $1B of that driven by an unrealized Bitcoin mark?to?market adjustment; adjusted EBITDA was negative ~$1B, reflecting meaningful volatility tied to Bitcoin prices despite record energized hash rate.
• Management materially delevered and reduced dilution risk—retiring ~30% of outstanding convertible debt at a discount, selling ~$1.5B of Bitcoin to repurchase >$1B face value of notes and cut the credit line by $200M, and refinancing $150M at 7%—actions the company says lower leverage and increase financial flexibility.

Marathon Digital Stock Performance

Shares of Marathon Digital stock traded up $0.45 on Monday, hitting $13.39. The stock had a trading volume of 49,366,365 shares, compared to its average volume of 46,986,172. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of -3.38 and a beta of 5.41. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.92. Marathon Digital has a twelve month low of $6.66 and a twelve month high of $23.45. The business’s 50 day moving average is $9.69 and its two-hundred day moving average is $10.93.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MARA shares. HC Wainwright reiterated a “neutral” rating on shares of Marathon Digital in a research note on Friday, February 27th. Weiss Ratings downgraded Marathon Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Morgan Stanley began coverage on Marathon Digital in a research report on Monday, February 9th. They set an “underweight” rating and a $8.00 price target on the stock. Piper Sandler reduced their target price on Marathon Digital from $26.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, January 14th. Finally, Rosenblatt Securities boosted their target price on Marathon Digital from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Marathon Digital currently has an average rating of “Hold” and a consensus price target of $18.22.

Insider Activity at Marathon Digital

In related news, CFO Salman Hassan Khan sold 16,000 shares of the firm’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $11.68, for a total transaction of $186,880.00. Following the transaction, the chief financial officer directly owned 441,066 shares of the company’s stock, valued at approximately $5,151,650.88. This trade represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Frederick G. Thiel sold 27,505 shares of the business’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $11.68, for a total transaction of $321,258.40. Following the completion of the sale, the chief executive officer directly owned 4,725,219 shares of the company’s stock, valued at $55,190,557.92. This represents a 0.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 172,605 shares of company stock worth $1,745,843 in the last ninety days. 0.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC raised its holdings in Marathon Digital by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock valued at $127,000 after acquiring an additional 991 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Marathon Digital by 65.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,672 shares of the business services provider’s stock worth $88,000 after purchasing an additional 3,032 shares in the last quarter. United Services Automobile Association increased its position in shares of Marathon Digital by 8.2% in the first quarter. United Services Automobile Association now owns 20,634 shares of the business services provider’s stock worth $257,000 after purchasing an additional 1,569 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Marathon Digital by 11.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 643,311 shares of the business services provider’s stock worth $7,398,000 after purchasing an additional 63,903 shares during the period. Finally, Envestnet Asset Management Inc. acquired a new position in Marathon Digital in the second quarter valued at about $183,000. 44.53% of the stock is currently 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.