MARAHIGH SIGNALFINANCIAL10-K

MARA underwent a dramatic financial deterioration with operating income swinging from $306.1M profit to -$1.2B loss while total liabilities exploded 50,702% and debt increased 47%.

This represents a fundamental shift in MARA's financial position, suggesting either major operational challenges, significant one-time charges, or accounting changes that have severely impacted profitability. The massive increase in liabilities combined with the swing to substantial losses raises immediate questions about the company's financial stability and cash management.

Comparing 2026-03-02 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

MARA experienced severe financial deterioration with operating income collapsing from a $306M profit to a $1.2B loss, while net income similarly plunged from $541M to -$1.3B. The company significantly increased its capital expenditures by 62% to $407M and doubled R&D spending, while total debt grew 47% to $3.6B and total liabilities exploded over 500-fold. Despite growing current assets 41% to $664M, the massive swing to losses combined with the liability explosion signals serious financial distress or major restructuring events that warrant immediate investor attention.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+50702.2%
$1.5M→$765.2M

Liabilities grew 50702.2% — significant increase in debt or obligations, assess impact on financial flexibility.

Operating Income
P&L
-499.9%
$306.1M→-$1.2B

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Current Liabilities
Balance Sheet
+448.2%
$95.2M→$521.9M

Current liabilities surged 448.2% — significant near-term obligations; verify ability to meet short-term debt.

Net Income
P&L
-342.3%
$541.3M→-$1.3B

Net income declined 342.3% — review whether driven by operations, interest costs, or non-recurring items.

R&D Expense
P&L
+127.7%
$13.2M→$30.1M

R&D investment increased 127.7% — signals commitment to future product development, though near-term margin impact.

Accounts Receivable
Balance Sheet
-92.8%
$95K→$7K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Capital Expenditure
Cash Flow
+62.3%
$250.8M→$407.1M

Capital expenditure jumped 62.3% — major investment cycle underway; assess returns on deployment.

Total Deposits
Balance Sheet
+54.9%
$43.3M→$67.0M

Deposits grew 54.9% — expanding customer base or increased trust in the institution.

Total Debt
Balance Sheet
+47.1%
$2.4B→$3.6B

Debt increased 47.1% — substantial leverage increase; assess whether deployed for growth or covering losses.

Current Assets
Balance Sheet
+41.2%
$470.4M→$664.3M

Current assets grew 41.2% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-03
ADDED
As of February 19, 2026, the number of outstanding shares of the registrant s common stock, par value $0.0001 per share, was 380,234,635 .
(formerly known as Marathon Digital Holdings, Inc.) and its subsidiaries, unless otherwise indicated.
BUSINESS CORPORATE OVERVIEW MARA is an energy and digital infrastructure company focused on acquiring, managing, and allocating energy to its highest-value uses.
We use Bitcoin mining as a flexible, energy-responsive workload to monetize excess and underutilized power and to optimize power management across our portfolio.
In parallel, we are in the process of developing artificial intelligence ( AI ) inference and high-performance computing ( HPC ) capabilities.
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REMOVED
As of February 21, 2025, the number of outstanding shares of the registrant s common stock, par value $0.0001 per share, was 345,816,827 .
With the exception of the portions of the Proxy Statement specifically incorporated herein by reference, the Proxy Statement and related solicitation materials are not deemed to be filed as part of this Annual Report on Form 10-K.
(f/k/a Marathon Digital Holdings, Inc.) and its subsidiaries, unless otherwise indicated.
BUSINESS CORPORATE OVERVIEW MARA is a global leader in leveraging digital asset compute to support the energy transformation, with operations on four continents and 16 data centers in North America, the Middle East, Europe and Latin America.
We employ different strategies and structures (self-owned, joint ventures, and third-party hosted) to diversify risk across the organization.
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