Mara Holdings, Inc. · NASDAQ:MARA
Mara — Q2 2026 Earnings Presentation
13 slides from Mara's earnings presentation, Aug 6, 2026
Slide 1: Q2 2026 Update
Q2 2026 UPDATE NASDAQ: MARA MARA.COM AUGUST 6, 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 laws. All degree of risk. Before making an investment statements, other than statements of historical f
Slide 3: Delivering on MARA's Digital Infrastructure Triad
Delivering on MARA’s Digital Infrastructure Triad AI Training, Inference, Token Factory POWER Owned & Operated Grid Connection Behind The Meter Critical IT Bitcoin Mining Public / Private Cloud Data Centers Digital Assets, Proof-of-Work 3
Slide 4: Q2 2026 Financial & Operational Overview
Q2 2026 Financial & Operational Overview Revenues Energized Hashrate1 BTC Holdings Decreased 27% YoY to $175M Up 22% YoY to 70.3 EH/S Decreased 29% to 35,577* from 49,951* at from 57.4 EH/S the end of Q2 2025 Net Income (Loss) Cost per Petahash / Day BTC Production ($611M), or ($1.60)/share, compare
Slide 5: Trending BTC Production & Holdings
Trending BTC Production & Holdings* Q2 2026 Bitcoin Holdings 33% 31% 28% 28% Pledged as 26% Collateral | 4,528 Loaned | 4,742 26% Activated Bitcoin 53,822 49,951 52,850 Holdings 35,303 35,577 Unrestricted | 26,307 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 *Subsequent to quarter end, 18,750 BTC were pl
Slide 6: Q2 2026 Financial Performance
Q2 2026 Financial Performance $ in millions REVENUES UNRESTRICTED CASH & TOTAL BTC HOLDINGS* $114,068 $252.4 $107,173 $238.5 $202.3 $87,498 $174.6 $174.9 $68,222 $58,524 $6,848.8 $5,442.8 $5,253.2 $2,502.7 $2,921.2 53,822 52,850 49,951 35,303 35,577 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3
Slide 7: Building a Scalable Energy Network Through Strategic Site Expansion
Building a Scalable Energy Network Through Strategic Site Expansion 1.4 GW 1.9 GW ~4.8 GW Operational Capacity Total Current Capacity Total Potential Capacity 1 Central Texas 417 MW 550 MW North Texas 78 MW 180 MW Owned Sites Central Ohio 30 MW 150 MW East Ohio 94 MW 227 MW Central Nebraska 124 MW 1
Slide 8: Building the Infrastructure Layer: Matagorda 2 GW Site to Anchor 4.8 GW Pipeline
Building the Infrastructure Layer: Matagorda 2 GW Site to Anchor 4.8 GW Pipeline 1,200+ 2 GW $600M $1.2B+ Thousands ACRES GRID CAPACITY PURCHASE PRICE1 IN TEXAS OF JOBS based on milestone powered land site by Apr 2028 developments invested to date construction + full-time GRID CAPACITY RAMP Late 202
Slide 9: Long Ridge's +1 GW Potential Capacity & 600 MW Critical IT Load / AI
Long Ridge’s +1 GW Potential Capacity & 600 MW Critical IT Load / AI Through 20301 AI Long-Term, HPC leases supported via MARA’s SDV partnership Critical IT Public / private cloud data centers Enterprise customers (Exaion expertise) 2 Grid Resiliency Demand response via flexible BTC mining load and
Slide 10: Appendix
Appendix
Slide 11: Quarterly Financials: Q2 2026 vs. Q4 2025
Quarterly Financials: Q2 2026 vs. Q4 2025 SUMMARY BALANCE SHEET (in millions) June 30, 2026 December 31, 2025 CASH & CASH EQUIVALENTS $ 421.3 $ 547.1 RESTRICTED CASH 12.0 12.0 DIGITAL ASSETS, CURRENT PORTION 2.1 2.4 OTHER RECEIVABLES 27.5 18.5 DEPOSITS 17.3 19.5 DERIVATIVE INSTRUMENT, CURRENT PORTIO
Slide 12: Non-GAAP Reconciliation
Non-GAAP Reconciliation (in thousands) UNAUDITED Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 RECONCILIATION TO ADJUSTED EBITDA NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS (609,685) (1,259,619) (1,709,644) 123,128 808,235 NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS (1,632) (2,778
Slide 13: Thank You
Thank You CONTACT US AT IR@MARA.COM