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Earnings out, shares up 2.8%
Marathon Digital delivered a blowout Q2, crushing expectations and signaling meaningful post-halving profitability resilience. Revenue surged 64% YoY to $238 million, and net income skyrocketed +505% YoY to $808.2 million. While hash economics were under pressure industry-wide, MARA’s scale and diversification clearly paid off.
| Metric | Actual | Estimate | Beat/Miss |
|---|---|---|---|
| Revenue | $238M | $137.6M | Beat |
| EPS (Net Income) | $808.2M Net | ~$0.11 EPS est. | Massive Beat |
| BTC Holdings | 49,951 | — | ↑ +170% YoY |
“We transformed post-halving economics into net income growth by over 500%… and expanded BTC holdings to nearly 50,000. Our infrastructure and energy leverage are now clear differentiators.”
| KPI | Q2 2025 | YoY Change |
|---|---|---|
| Revenue | $238M | +64% |
| Net Income | $808.2M | +505% |
| BTC Holdings | 49,951 | +170% |
| Avg BTC Price | ~$59K | ↓ (flat YoY) |
Earnings on deck as MARA share drop
Marathon Digital stock is trending down as the trading day wraps up and 2Q earnings coming shortly. Stay on this page as we send live updates of earnings how the stock trends after-hours.
Marathon Digital (Nasdaq: MARA) will report Q2 2025 earnings after the close, offering a key read on post-halving profitability and operational execution. The stock has underperformed peers YTD, and while BTC prices held ~$59K range during the quarter, on-chain fees declined materially. That puts the focus on cost discipline, output per EH/s, and energy partnerships in the U.S., Paraguay, and UAE.
Consensus Estimates:
– Revenue: $137.6 million
– EPS (Normalized): $0.11
– FY 2025 Revenue: $602.3 million
– FY 2025 EPS: $0.71
Implied Q2 revenue would be down ~8% QoQ despite increased hash rate — a clear signal that BTC price, lower fees, and halving effects are compressing top-line growth.
Key Areas to Watch Tonight
- Cost per Bitcoin & Post-Halving Breakeven- Marathon’s profitability is tied to cost per BTC mined vs. market price.
Last quarter, management said cost per coin would rise ~30% post-halving. With Q2 now complete, investors expect clarity on actual realized costs, subsidy loss, and margin per BTC. - International JV Output and Ramp Pace- UAE and Paraguay JVs were forecast to materially boost ex-U.S. output.
UAE production was at ~90% of target by May. Analysts will look for final output figures, cost structures, and capacity utilization vs. Q1 guide. - Immersion Cooling and Efficiency Gains- Immersion was flagged as key to offsetting halving impact.
MARA has touted a ~20% efficiency improvement at immersion sites. Today’s call will need to confirm fleetwide rollout pace, uptime performance, and net power savings. - Energy Arbitrage and Grid Participation- Grid revenue and curtailment are emerging margin levers.
Q1 included $16M in grid-related revenue. Watch for updated curtailment economics, capacity monetization metrics, and forward participation outlook for peak summer periods.
What To Track
| KPI | Q1 FY25 | Q2 FY25E | Trend |
|---|---|---|---|
| BTC Mined | 2,811 | ~3,050 est. | ↑ modest |
| Avg Cost/BTC Mined | $23.3K | $28–30K est. | ↑ |
| Energized EH/s | 29.3 EH/s | ~30.5–31 EH/s | ↑ slightly |
What Changed Since Q2
-
UAE JV now 90%+ operational; Paraguay ramp expected by Q3.
-
Grid participation seen as a meaningful offset in high-cost periods.
-
Halving impact confirmed in BTC production per EH/s; fee revenue weak.
-
BTC price rangebound in Q2 — limiting top-line upside despite higher production.
How Marathon Digital Stock Performed After Recent Earnings
| Quarter | EPS Surprise | 1-Day Move | 7-Day Move | 14-Day Move |
|---|---|---|---|---|
| Q1 FY25 | +10.1% | +2.8% | +5.6% | +6.3% |
| Q4 FY24 | -7.5% | -3.2% | -5.0% | -6.7% |
| Q3 FY24 | +4.2% | +1.1% | +2.4% | +3.0% |
| Q2 FY24 | -9.3% | -1.5% | -3.1% | -2.7% |
The post Live Coverage: Will Marathon Digital (MARA) Move Higher After 2Q Earnings? appeared first on 24/7 Wall St..
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Author: Joel South
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