MARA ahead of Q3 results: what to expect from the bitcoin miner

what happened

According to Seeking Alpha, MARA Holdings will publish its third-quarter 2026 results on Monday, November 9, after the market closes. Consensus points to $0.33 per share on revenue of $176.13 million. Six analysts have lowered their revenue estimates over the past three months.

The company is shifting from a pure bitcoin miner toward AI and digital infrastructure, and investors are scrutinizing that pivot more closely. Earlier this year it abandoned its long-held approach of keeping its coins and began selling reserves to raise cash and pay down debt. More than 18,000 BTC have been sold since March, cutting its stash from 53.8 thousand coins at the end of 2025 to 35.6 thousand by the close of Q2, roughly a 34% drop in bitcoin held per share.

The economics of mining are still under heavy strain. In Q2 the cost figure came to about $59.8 thousand per bitcoin, and adjusted EBITDA showed an $18 million loss before revaluing the coins. Even with 70.3 EH/s of capacity, rising network difficulty and power costs weighed on results. To lessen its dependence on mining, MARA is building AI data-center capacity of up to 4.8 GW, including a partnership with Starwood Capital and the purchase of the 505 MW Long Ridge site.

why it matters

Investors will focus on Monday on three things: whether the company signs its first AI tenant, how it plans to monetize its bitcoin, and how the BTC price move feeds into quarterly earnings. For miners in general, margins depend on the coin price, network difficulty and electricity costs. When those factors turn against them, output alone does not protect profit, which helps explain the push into data centers.

market impact

MARA shares and bitcoin miners: weak mining margins and lower revenue forecasts weigh on sector sentiment

• ▼MARA shares pressure down — weak mining economics and cut revenue estimates weigh on market expectations

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