$MARA

Marathon Patent Group, Inc.

CIK:0001507605|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 174,881	$ 238,485	$ 349,495	$ 452,369
Costs and operating expenses (income)
Purchased energy costs	48,750	41,730	93,482	85,211
Operating and maintenance costs	26,905	22,362	57,537	42,156
Third-party hosting and other energy costs	69,156	69,029	139,204	137,212
General and administrative	114,701	92,948	201,558	178,813
Depreciation and amortization	174,664	161,741	366,220	319,638
Change in fair value of digital assets	249,559	(846,027)	964,236	(451,865)
Change in fair value of derivative instrument	1,769	(20,311)	42,814	(47,139)
Impairment of goodwill and other assets	0	26,253	0	26,253
Taxes other than on income	1,521	2,437	3,951	5,532
Research and development	7,173	8,546	15,421	17,844
Restructuring costs	1,753	0	47,638	0
Total costs and operating expenses (income)	695,951	(441,292)	1,932,061	313,655
Operating income (loss)	(521,070)	679,777	(1,582,566)	138,714
Other income (loss)
Change in fair value of digital assets - receivable, net	(93,456)	346,547	(397,368)	230,480
Net gain from extinguishment of debt	0	0	70,557	0
Interest income	10,263	9,631	20,795	21,626
Interest expense	(6,264)	(12,835)	(16,984)	(22,776)
Equity in net earnings of unconsolidated affiliate	(2,856)	(902)	(5,027)	(915)
Other	2,646	(5,509)	6,527	(3,035)
Total other income (loss)	(89,667)	336,932	(321,500)	225,380
Income (loss) before income taxes	(610,737)	1,016,709	(1,904,066)	364,094
Income tax benefit (expense)	(580)	(208,504)	30,352	(89,332)
Net income (loss)	(611,317)	808,205	(1,873,714)	274,762
Less: Net loss attributable to noncontrolling interests, including redeemable noncontrolling interest	1,632	30	4,410	274
Net income (loss) available to common stockholders, basic	$ (609,685)	$ 808,235	$ (1,869,304)	$ 275,036
Net income (loss) per share of common stock - basic (in dollars per share)	$ (1.60)	$ 2.29	$ (4.91)	$ 0.79
Weighted average shares of common stock - basic (in shares)	381,565,856	352,901,683	380,865,345	348,524,166
Net income (loss) per share of common stock - diluted (in dollars per share)	$ (1.60)	$ 1.84	$ (4.91)	$ 0.64
Weighted average shares of common stock, diluted (in shares)	381,565,856	440,912,159	380,865,345	436,271,805

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (1,873,714)	$ 274,762
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	366,220	319,638
Deferred tax (benefit) expense	(32,297)	89,580
Change in fair value of digital assets and digital assets - receivable, net	1,361,604	(682,345)
Impairment of goodwill and other assets	0	26,253
Net gain on investments	0	(12,429)
Stock-based compensation expense	77,189	103,771
Change in fair value of derivative instrument	42,814	(47,139)
Restructuring costs	47,638	0
Equity in net earnings of unconsolidated affiliate	5,027	915
Net gain on extinguishment of debt	(70,557)	0
Other adjustments from operations, net	(19,420)	4,260
Changes in operating assets and liabilities	(375,761)	(456,197)
Net cash used in operating activities	(471,257)	(378,931)
CASH FLOWS FROM INVESTING ACTIVITIES
Advances to vendors	(7,509)	(108,392)
Acquisition, net of cash acquired	(61,111)	(36,369)
Purchase of property and equipment	(94,303)	(157,771)
Proceeds from sale of property and equipment	1,748	3,674
Purchase of intangible assets	(524)	0
Proceeds from sale of digital assets	1,627,163	14,252
Purchase of digital assets	0	(27,131)
Investment in equity method investments	82
Investment in equity method investments		(5,828)
Purchase of equity investments	0	(19,445)
Net cash provided by (used in) investing activities	1,465,546	(337,010)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock, net of issuance costs	0	319,343
Repurchase of shares in settlement of restricted stock	(15,131)	(35,530)
Borrowings from Line of credit	150,000	150,000
Repayment of finance lease liabilities	(173)	(168)
Repayment of Convertible Notes	(912,774)	0
Repayment of Line of credit	(350,000)	0
Contribution from noncontrolling interest	281	0
Proceeds from issuance of noncontrolling interest in subsidiary	11,795	0
Net cash (used in) provided by financing activities	(1,116,002)	433,645
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(4,145)	0
Net decrease in cash, cash equivalents and restricted cash	(125,858)	(282,296)
Cash, cash equivalents and restricted cash — beginning of period	559,132	403,771
Cash, cash equivalents and restricted cash — end of period	$ 433,274	$ 121,475

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 421,274	$ 547,132
Restricted cash	12,000	12,000
Digital assets, current portion	2,083	2,391
Other receivables	27,488	18,540
Deposits	17,252	19,537
Derivative instrument, current portion	0	20,340
Prepaid expenses and other current assets	47,095	44,328
Total current assets	527,192	664,268
Other assets:
Digital assets, net of current portion	1,540,574	3,369,245
Digital assets - receivable, net	540,868	1,336,868
Property and equipment, net	1,215,576	1,490,635
Advances to vendors	7,172	7,651
Investments	128,438	133,814
Long-term deposits	215,405	219,098
Long-term prepaids	1,612	3,029
Operating lease right-of-use assets	34,228	32,324
Derivative instrument, net of current portion	7,595	28,979
Goodwill	89,719	0
Intangible assets, net	40,512	988
Total long-term assets	3,821,699	6,622,631
TOTAL ASSETS	4,348,891	7,286,899
Current liabilities:
Accounts payable	10,489	12,546
Accrued expenses	74,167	86,985
Derivative instrument, current portion	1,090	0
Notes payable, current portion	335,397	47,845
Line of credit, current portion	150,000	350,000
Operating lease liabilities, current portion	3,338	1,722
Finance lease liability, current portion	178	173
Other current liabilities	17,166	22,604
Total current liabilities	591,825	521,875
Long-term liabilities:
Notes payable, net of current portion	1,932,352	3,202,082
Operating lease liabilities, net of current portion	40,766	39,714
Finance lease liability, net of current portion	3,928	3,817
Deferred tax liabilities	7,722	29,857
Other long-term liabilities	12,895	12,464
Total long-term liabilities	1,997,663	3,287,934
Commitments and Contingencies (Note 15)
Redeemable noncontrolling interest	82,461	0
Equity:
Preferred stock, par value $0.0001 per share, 50,000,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, par value $0.0001 per share, 800,000,000 shares authorized; 381,888,004 shares and 379,464,892 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	38	37
Additional paid-in capital	4,873,182	4,809,550
Accumulated other comprehensive loss	(5,492)	0
Accumulated deficit	(3,207,171)	(1,337,867)
Total stockholders’ equity attributable to MARA	1,660,557	3,471,720
Noncontrolling interests	16,385	5,370
Total equity	1,676,942	3,477,090
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY	$ 4,348,891	$ 7,286,899