"The 92% revenue surge was almost entirely driven by an 88% increase in average Bitcoin prices year over year, not by mining volume gains. Marathon mined 2,144 BTC in Q3 and won 5% more blocks than the prior year, but the company's real growth engine was the appreciation of its existing holdings. As of September 30, the company held 52,850 BTC, valued at roughly $5.6 billion at current prices."
"Adjusted EBITDA surged to $395.6 million from $22.3 million, a 17.7x increase that underscores the operational leverage in the mining business when Bitcoin appreciates. The problem: this metric is heavily dependent on asset revaluation rather than sustainable operational improvement. Management is positioning Marathon as more than a Bitcoin miner. The company is expanding into AI infrastructure with new inference rack deployments and framing itself as a "vertically integrated digital energy and infrastructure company.""
Marathon reported Q3 2025 net income of $123.1 million versus a $124.8 million loss a year earlier, while revenue rose 92% to $252.4 million but missed consensus by $3.3 million. EPS of $0.27 fell 40% short of estimates, driving a 5.9% stock decline. Revenue growth reflected an 88% increase in average Bitcoin prices rather than meaningful mining volume gains; the company mined 2,144 BTC and held 52,850 BTC as of September 30. Adjusted EBITDA jumped to $395.6 million, driven largely by asset revaluation. Management is pursuing AI infrastructure as a diversification strategy, though execution remains unproven and earnings remain exposed to Bitcoin price swings.
Read at 24/7 Wall St.
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