Mara Holdings, Inc. · NASDAQ:MARA
Mara — Q4 2025 Earnings Presentation
15 slides from Mara's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Update
Q4 2025 UPDATE Strategic Partnership to Accelerate Delivery of Cutting Edge Hyperscale, Enterprise and AI-Capable Digital Infrastructure NASDAQ: MARA MARA.COM FEBRUARY 26, 2026
Slide 2: Disclosure
Disclosure Investor Notice Forward-Looking Statements Investing in our securities involves a high This presentation contains forward-looking statements within the meaning of the federal securities degree of risk. Before making an investment laws. All statements, other than statements of historical f
Slide 3: Transformational Partnership Converts Power Certainty into Capacity Certainty
Transformational Partnership Converts Power Certainty into Capacity Certainty Together, MARA and Starwood Digital Ventures (“Starwood”) will accelerate the conversion and expansion of select MARA sites into next generation AI, enterprise, and high-performance computing digital infrastructure POWER F
Slide 4: Joint Platform to Deliver AI Capacity at Scale Under Favorable Timelines
Joint Platform to Deliver AI Capacity at Scale Under Favorable Timelines • Leading energy and compute infrastructure • Data center development platform of Starwood company Capital Group • 16 operating campuses across the U.S. and UAE • Institutional capital base and disciplined • Energy-backed sites
Slide 5: A Capital Efficient Buildout of High-Density Compute Across MARA's Portfolio
A Capital Efficient Buildout of High-Density Compute Across MARA’s Portfolio • MARA contributes a dedicated data center while Starwood leads EPC MARA OPTION TO INVEST UP execution, secures customers and operates the asset TO 50% IN JV PROJECTS • Joint ownership of all projects • Shared upside and di
Slide 6: Operations Roadmap
Operations Roadmap STRONG EARLY LEVERAGING MARA’S INITIAL WORK UNDERWAY CUSTOMER DEMAND POWER-RICH SITES Already engaged in Design, permitting, and Joint platform is expected to discussions with prospective commercial leasing processes support more than 1 gigawatt AI and high-performance are underwa
Slide 7: The Intersection of Energy and Compute
The Intersection of Energy and Compute Data Center demand is accelerating The partnership directly targets the accelerating demand Data Center Power Demand From AI & for data centers, driven by factors including AI Non-AI Workloads Worldwide 250 • 255% increase in AI power demand expected from Capac
Slide 8: Why MARA's Energy-Backed Compute Wins
Why MARA’s Energy-Backed Compute Wins MARA’s power-rich sites give customers what they need most: Starwood’s development engine adds the strong • Predictable access to energy at scale execution and operating • Adjacent to generation and high-voltage infrastructure capabilities and deep • Existing op
Slide 9: Partnership Strengthens Our Position As a Leader in Digital Infrastructure
Partnership Strengthens Our Position As a Leader in Digital Infrastructure Accelerates MARA’s transition into a digital energy and compute infrastructure company Expands vertically integrated model unifying energy, Bitcoin mining and AI compute Brings together experienced operators and institutional
Slide 10: Advancing MARA's Strategy Across Energy-Backed Infrastructure and Diversified Compute
Advancing MARA’s Strategy Across Energy-Backed Infrastructure and Diversified Compute To Create Durable Value MARA’S FLEXIBLE PLATFORM: TURNING ENERGY INTO VALUE ENTERPRISE, HYPERSCALE, PRIVATE CLOUD AND AND HPC AS A ENERGY OWNERSHIP SOVEREIGN-GRADE VALUE CREATION ENGINE CAPABILITY The Starwood plat
Slide 11: Q4 2025 Financial & Operational Overview
Q4 2025 Financial & Operational Overview Revenues Energized Hashrate1 BTC Holdings Decreased 6% YoY to $202M Up 25% YoY to 66.4 EH/S Increased 20% to 53,822* from 44,893 at from 53.2 EH/S the end of Q4 2024 Net Income (Loss) Cost per Petahash / Day BTC Production ($1.7B), or ($4.52)/share, a decreas
Slide 12: Trending BTC Production & Holdings
Trending BTC Production & Holdings* 20% 31% 33% 30% 28% 23% 53,822 52,850 49,951 47,531 5,938 Pledged as Collateral 44,893 9,377 Loaned 38,507 Unrestricted 2,492 2,286 2,358 2,144 2,011 703 666 694 633 595 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 BTC Production BTC Blocks Won Total BTC Holdings (inc.
Slide 13: Appendix
Appendix
Slide 14: Quarterly Financials: Q4 2025 vs. Q4 2024
Quarterly Financials: Q4 2025 vs. Q4 2024 SUMMARY BALANCE SHEET (UNAUDITED) (in millions) December 31, 2025 December 31, 2024 CASH & CASH EQUIVALENTS $ 547.1 $ 391.8 RESTRICTED CASH 12.0 12.0 DIGITAL ASSETS, CURRENT PORTION 2.4 4.3 OTHER RECEIVABLES 18.5 6.3 DEPOSITS 19.5 18.8 DERIVATIVE INSTRUMENT,
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation (in thousands) UNAUDITED Q4 2025 Q4 2024 RECONCILIATION TO ADJUSTED EBITDA NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (1,709,644) $ 528,528 INTEREST EXPENSE (INCOME), NET (3,695) 93 INCOME TAX EXPENSE (BENEFIT) (183,386) 118,262 DEPRECIATION AND AMORTIZATION 289,