Q2 2026 MARA Earnings Call

In Q2 2026, we advanced our integrated digital infrastructure platform built around power, land, and compute. We moved our acquisition of Long Ridge Energy & Power toward closing, secured rights to a roughly 2 GW powered land site in Matagorda County, Texas, and expect our power portfolio to reach approximately 4.8 GW on completion of pending transactions. Working with Starwood Digital Ventures, we aim to sign at least two leases before year-end, while continuing to build Exaion into a sovereign AI infrastructure provider in Europe.

Operationally, we grew energized hash rate to 70.3 EH/s, mined 2,422 BTC, and held 35,577 BTC, while lowering cost per petahash per day to $27.7. A 28% decline in bitcoin's average price defined the revenue environment and drove a largely non-cash net loss, and we funded the Long Ridge acquisition through non-dilutive, bitcoin-backed financing.

The first half of 2026 was about expanding the platform, and the second half is about execution: signing customers, bringing assets online, and optimizing the value of every megawatt we own.