Overview
- Revenue rose 92% year over year to $252.4 million and net income reached $123.1 million, with adjusted EBITDA of $395.6 million boosted by unrealized digital‑asset gains.
- Operational scale increased as energized hashrate hit 60.4 EH/s, about 5,000 miners were deployed, 2,144 BTC were mined, and Bitcoin holdings grew to 52,850 as of Sept. 30.
- Marathon signed a letter of intent with MPLX for 400 MW of West Texas power, scalable to 1.5 GW, with MPLX indicating initial plants are unlikely before 2026 and some projections pointing to 2027.
- The diversification push included installing ten AI inference racks at Granbury and a deal to acquire roughly 64% of EDF subsidiary Exaion, subject to regulatory approvals.
- Shares fell about 6% on the report as EPS of $0.27 missed forecasts; the company issued $1.025 billion in zero‑coupon convertible notes, outlined plans to sell a portion of newly mined BTC to fund operations, and drew mixed analyst reactions with trimmed price targets.