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Mara Holdings (MARA) guidance and outlook
Mara Holdings' 10-Q filed Nov 9, 2026 makes 36 forward-looking statements.
Guidance and outlook
Forward-looking statements, 10-Q filed Nov 9, 2026
- As our expansion progresses, we intend to allocate capacity across workloads based on economics and demand to optimize asset utilization.
- We believe the next phase of digital infrastructure value creation will be shaped by control of power: where it is located, how flexibly it can be deployed and what returns it can generate across compute markets.
- We intend to continue operating Bitcoin mining as a flexible, revenue-generating load across our sites while expanding our revenue base into AI, critical IT, and power markets over time.
- Subject to the closing of the pending Long Ridge acquisition and the full energization of the site in Matagorda County, Texas, we expect our potential portfolio of power capacity to expand to approximately 4.8 GW.
- • On July 2, 2026, pursuant to a membership interest purchase agreement (the “Purchase Agreement”), we acquired MAT 1177 LLC (the “Project Company”) from HIF USA LLC (“HIF”), as seller (the “HIF Acquisition”).
- We intend to develop the Site into a large-scale digital infrastructure campus supporting high-performance computing and Bitcoin mining operations.
- • During the quarter, we initiated a new restructuring plan (“Project Align”) to further streamline our operations and eliminate redundant functions, which included a workforce reduction, contract terminations and the write-off of certain long-lived assets no longer needed to support our strategic objectives.
- • Subsequent to quarter end, we received Federal Energy Regulatory Commission (“FERC”) approval for our Long Ridge acquisition, which we expect to close in the coming weeks.
- However, metrics cannot be tied directly to any production level expected to be actually achieved as (a) there may be delays in the energization of hashrate, (b) we cannot predict when operational mining
- Our most significant third-party hosting arrangements, representing approximately 29% of our total energy capacity, are scheduled to expire, beginning in the third quarter of 2027 and expected to fully conclude during the first quarter of 2028.
- These expirations are expected to eliminate third-party hosting costs and improve our cost per kWh over time as the arrangements expire.
- Under the Strategic Agreement, we will contribute certain sites to and retain up to a 50% ownership interest in newly formed joint ventures, while Starwood will lead engineering, procurement and construction activities, secure hyperscale tenancy and operate the assets.
Mara Holdings' latest quarter
Mara Holdings, Q3 2026: revenue $164M (-35% year over year), operating margin 107.5%, net earnings $634M, operating cash flow −$171M. The chart follows the revenue to costs, profit and cash.
Questions
What does Mara Holdings expect?
As our expansion progresses, we intend to allocate capacity across workloads based on economics and demand to optimize asset utilization. We believe the next phase of digital infrastructure value creation will be shaped by control of power: where it is located, how flexibly it can be deployed and what returns it can generate across compute markets. We intend to continue operating Bitcoin mining as a flexible, revenue-generating load across our sites while expanding our revenue base into AI, critical IT, and power markets over time.
Updated Nov 9, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.