PANews reported on February 27th that Bitcoin mining company MARA Holdings released its financial and operational report for the fourth quarter and full year of 2025. The company's revenue for the fourth quarter was $202.3 million, a 6% decrease compared to $214.4 million in the same period of 2024; full-year 2025 revenue was $907.1 million, a 38% increase compared to $656.4 million in 2024. The fourth quarter net loss was $1.7 billion (equivalent to a diluted loss per share of $4.52), compared to a net profit of $528.3 million (equivalent to diluted earnings per share of $1.24) in the same period of 2024. The quarterly net loss included a $1.5 billion loss on the fair value of digital assets. The full-year net loss was $1.3 billion, compared to a net profit of $541 million in 2024.

Adjusted EBITDA for the fourth quarter was negative $1.5 billion, compared to $796 million in the same period of 2024, primarily due to a decrease in the fair value of Bitcoin holdings. Full-year adjusted EBITDA was negative $330.8 million, compared to a positive $1.2 billion in the previous year. As of December 31, 2025, the company held 53,822 BTC (including net receivables from digital assets). A total of 2,011 BTC were mined in the fourth quarter, bringing the total mined for the year to 8,799.