Marathon Digital Holdings, Inc.

Q2 revenue was $175 million, down from $239 million in the prior-year period. Net loss was $611 million, or negative $1.60 per diluted share, versus net income of $808 million, or $1.84 per diluted share, a year ago. Adjusted EBITDA was negative $361 million versus $1 billion in the prior year period. MARA mined 2.42 thousand Bitcoin, held 35.6 thousand Bitcoin at quarter-end, and reported 70.3 exahash per second of energized hash rate. Looking ahead, management expects the power portfolio to reach approximately 4.8 GW after pending transactions; Long Ridge is expected to contribute about $144 million in annualized EBITDA, and the company said it has secured $600 million of incremental Bitcoin-backed borrowings at a weighted average cost of debt of 7.56% to help fund the deal.

Frederick G. Thiel framed the company’s core thesis around power as the critical bottleneck for AI infrastructure, arguing MARA’s decade of mining operations gave it scarce powered assets, operating know-how, and flexibility to serve both Bitcoin and AI workloads. He said the second half of the year is about execution: closing Long Ridge, advancing lease talks, expanding Exaion, and monetizing the platform the company has assembled. His tone was confident and strategic, with repeated emphasis on “speed, certainty, and reliability” and on converting megawatts into long-term shareholder value.

Salman H. Khan said Q2 was shaped by a difficult Bitcoin price environment and by major portfolio and capital-structure changes. He cited $175 million in revenue, a $611 million net loss, negative $361 million adjusted EBITDA, 35.6 thousand Bitcoin held, and 54% of Bitcoin holdings pledged as collateral under borrowings. He also noted $1.21 billion in cash and cash equivalents, approximately $2.5 billion in combined cash and Bitcoin, 4% year-over-year improvement in daily cost per petahash per day to $27.70, and $69.5 million of G&A excluding stock-based compensation, with $15.4 million of acquisition/integration costs and a $10.2 million litigation settlement included in that figure.

Analysts focused on Long Ridge timing, queue risk in Texas, and whether Matagorda and other sites could accelerate tenant demand. Management said it has received no negative feedback on Long Ridge, does not see any approval hurdle blocking the deal, and expects FERC action sooner than year-end; on Matagorda, it said the site has multiple transmission lines already in place and sits near generation in a major Texas power market. Questions on Exaion, HUM, and Slipstream drew a cautious response: management described HUM as an 8-digit annualized business but not material near-term, Exaion as still early with low-8-digit revenue this year and improving traction, and Slipstream as mainly a utility for the Bitcoin community rather than a significant revenue driver.