The financials
MARA Holdings, Inc. by the numbers
MARA Holdings, Inc. (MARA) reported revenue of $175M in Q1 2026 (quarter ended March 31, 2026), down 18% from the same quarter a year earlier. That came with net loss of $1.26B. For the full year FY2025, revenue was $907M (+38% year on year) and net income −$1.31B. Its largest product in 2026-Q2 was Participant at $13M, 92% of the disclosed total, just ahead of Operator Transaction Fees at 7.6%.
| Income statement | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | $175M | $214M | −18% |
| Operating income | −$1.06B | −$541M | n/a |
| Net income | −$1.26B | −$533M | n/a |
| Diluted EPS | −$3.31 | −$1.55 | n/a |
| Product | Revenue | Share |
|---|---|---|
| Participant | $13M | 92% |
| Operator Transaction Fees | $1.0M | 7.6% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Q2 2026Total $13.8M (-21%)
Participant grew +16% year on yearHosting Services -100% year on year
Segment Latestquarter on quarteryear on year
- Participant$12.8M$12.8MQoQ -17%year on year +16%-17%+16%
- Operator Transaction Fees$1.0M$1.0MQoQ +3.6%year on year -66%+3.6%-66%
- Hosting Services$0.00$0.00QoQ -100%year on year -100%-100%-100%