MARA Holdings stock climbed 0.9% in Monday after-hours trading after the bitcoin miner's Q3 earnings surged from the prior quarter and year ago as the current quarter reflected an increase in the fair value of its digital assets.
After the quarter ended, the company's board authorized a share repurchase program of up to $500M, it said.
Q3 GAAP EPS of $1.28, beating the average analyst estimate of -$0.33, rose/fell from -$1.60 in Q2 and $0.27 in last year’s Q3. Net income during the current quarter includes an $885.3M gain related to the fair value of digital assets.
Revenue of $164.2M, missing the $176.1M consensus, dropped from $174.9M in the prior quarter and $252.4M a year ago.
"Over the past several years, MARA has built a difficult-to-replicate portfolio of powered assets, operating infrastructure, and technical capability," said Chairman and CEO Fred Thiel. "Our priority now is to convert those advantages into signed customer agreements, completed projects, and durable free cash flow."
At the end of the quarter, MARA (MARA) held 34,012 bitcoins (BTC-USD) on its balance sheet. During the three-month period ended Sept. 30, 2026, the miner produced 2,247 bitcoins vs. 2,422 tokens in Q2 and below the 2,569 Visible Alpha consensus. It purchased no bitcoin in the quarter.
Its energized hash rate rose to 71.2 exahashes per second (EH/s) from 70.3 EH/s in Q2.
Adjusted EBITDA of $857.7M, exceeding/lagging the S&P Global Market Intelligence consensus of $197.2M, compared with $360.9M in the prior quarter and $395.6M a year ago.