Mara Holdings Inc. reported third quarter 2025 revenues of $252.4 million, a 92% increase year-over-year, marking the highest revenue quarter in company history. Net income reached $123.1 million, compared to a net loss of $124.8 million in the same period last year. Adjusted EBITDA rose 1,671% year-over-year to $395.6 million. The company improved its cost per petahash per day by 15% to $31.3, and its purchased energy cost per bitcoin was $39,200. Energized hashrate increased 64% to 60.4 EH/s, and bitcoin holdings grew 98% to 52,850. Mara deployed its first ten AI inference racks at the Granbury site and announced strategic partnerships, including an investment in Exaion, a subsidiary of EDF, and a joint initiative with MPLX to develop integrated power generation and data center campuses in West Texas. Cash and bitcoin holdings totaled approximately $6.8 billion at the end of the quarter.