MARA Holdings Posts $611.3 Million Net Loss as Power Costs Soar

MARA Holdings (NASDAQ: MARA) reported a significant financial loss in Q2 2026, citing the high cost of securing power-ready sites as a major constraint on its business. The company incurred a net loss of $611.3 million, a decrease from the $808.2 million loss recorded in Q2 2025.

The firm's revenue dropped by 27% to $174.9 million, while its adjusted EBITDA decreased to $360.9 million compared to $1.2 billion in Q2 2025. MARA's cost per petahash per day also declined by 4%, but the company's energized hashrate increased by 22%.

The decline in Bitcoin holdings was another notable trend, with a decrease of 29% to 35,577 BTC (valued at approximately $2.1 billion). The firm loaned or pledged 9,270 BTC as collateral as of June 30, 2026. MARA's total blocks won increased by 1% to 700 in Q2 2026.