MARA Q4 & Fiscal Year 2025 Earnings Call

In Q4 2025, MARA outlined our evolution into an energy-dominant digital infrastructure platform, anchored by a new joint venture with Starwood Digital Ventures to develop more than 1 GW of near-term AI and HPC capacity across its power-rich portfolio, with a pathway to 2.5 GW. We also closed our 64% stake in Exaion to expand into enterprise and private AI infrastructure, reinforcing an international, energy-led strategy.

Operationally, we increased energized hash rate to 66.4 EH/s, grew bitcoin holdings to 53,822 BTC, expanded our Nebraska footprint, and doubled gas-to-power capacity, while selectively monetizing bitcoin to maintain financial flexibility amid price volatility.

We are focused on optimizing the value of every megawatt as markets evolve and strengthening cash flow visibility, infrastructure quality, and long-term shareholder value.