Get notified when MARA files again. Create a free account and we'll email you the moment its next filing is analyzed.

Get filing alerts

Red Flags Detected

  • Substantially All Bitcoin Holdings Pledged As Debt Collateral (unchanged) — Company faces margin call risk if bitcoin price drops significantly, requiring additional collateral or risking liquidation of collateralized bitcoin.
  • Long Ridge Acquisition Termination Fee (new) — MARA faces $75M termination fee if $1.5B Long Ridge acquisition does not close by Nov 30, 2026 (extendable to Jun 30, 2027).
  • Texas Ercot Audit Directive (new) — Aug 3, 2026 Governor directive requires comprehensive verification and audit of all data center projects before ERCOT interconnection, potentially delaying Matagorda County site development.
  • Ho Verdict Reduced To ~$111m (worsened) — Court reduced jury verdict by 20% (from $138.8M to ~$111M) but denied motions to overturn; company intends to continue challenging on appeal.
NASDAQ: MARA MARA Holdings, Inc. 10-Q

MARA swings to -$521M operating loss on bitcoin sales, debt buyback, and AI pivot

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 29, 2025 · ~2 min read

Key Changes

  • high

    Operating income swung from $679.8M to -$521.1M YoY as bitcoin price fell 45% (from $107,173 to $58,524) and the company sold ~23,093 bitcoin for $1.6B to fund operations and growth.

    MD&A: Operating Results verify on EDGAR →
  • high

    Company repurchased ~$1.0B of convertible notes (reducing total debt from $3.6B to $2.4B) and recognized a $70.6M gain from extinguishment, improving near-term liquidity profile.

    MD&A: Debt Repurchase verify on EDGAR →
  • high

    MARA entered definitive agreement to acquire Long Ridge (485 MW gas power plant) for ~$1.5B enterprise value, secured up to $785M bridge loan commitment from Barclays; closing subject to regulatory approvals and $75M termination fee if deal fails by Nov 2026.

    MD&A: Long Ridge Acquisition / Risk Factors verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

Read 3 full reports/month free No card required. Takes 30 seconds.

Want to see a complete report first? Today's free report (GTM 10-Q) is open in full — no account needed.

Partner

Trade MARA commission-free

Open an account, get a free stock.

Sign up

Investing involves risk. Free stock terms apply.

Was this report useful?
View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 7, 2026 · How we verify