According to Zhitong Financial News APP, on November 10 at Beijing time, MARA
MARA.US announced its third-quarter 2026 results and held an earnings call. The company is at a critical stage in its transition from a Bitcoin mining company to an "energy-powered digital infrastructure provider." The most anticipated topics on the call were the progress of signing agreements for AI/HPC data center leases and its Bitcoin disposal strategy—the management team stated it is striving to finalize two data center lease agreements by year-end, but "the volatile market environment may delay this until next year." The company has already sold approximately 13,597 Bitcoin after the quarter ended, generating about $1.1 billion in proceeds, of which $750 million was used to fully repay its Bitcoin-backed loan, and an additional share repurchase authorization of up to $500 million was approved.
CEO Fred
Thiel emphasized: "Bitcoin laid the foundation; electricity brought the opportunity. Our current strategy is simple: maximize the value of every megawatt (MW) under our control."
In terms of performance, the company reported revenue of $164.2 million for the third quarter, a 35% year-over-year decline and below the market consensus of $181.9 million, primarily due to a 37% year-over-year decrease in the average price of mined Bitcoin (partially offset by increased production). Net profit amounted to $632.1 million (diluted EPS of $1.28), significantly surpassing market expectations of a $0.20 loss per share, compared to $123.1 million in the same period last year—however, the profit growth was primarily driven by an $885.3 million unrealized fair value gain from the upward movement in Bitcoin’s price during the quarter. Adjusted EBITDA was $857.7 million (compared to $395.6 million in the same period last year). In terms of operational metrics, powered hash rate increased to 71.2
EH/s (year-over-year +18%); electricity cost at company-owned sites was $0.04/kWh, with an energy purchase cost of $39,674 per bitcoin; 2,247 bitcoins were mined during the quarter, and 3,891 bitcoins were sold at an average price of $75,300. The earnings report was released after hours, and the stock rose 0.9% to $6.70 in after-hours trading (52-week trading range: $5.81 to $16.62).
Focus and Response: AI/HPC leasing is "just pending signing"; selling assets to repay debt reshapes the balance sheet.
The central focus of this meeting is the slow conversion of the company’s substantial power assets into AI/HPC leasing revenue—through this quarter, the company has yet to secure a single signed AI/HPC leasing contract. H.C.
Wainwright analyst Michael
Colonnese asked about the evolution of lease terms in the current macroeconomic environment, to which Thiel responded that tenants are "doubling down" on due diligence—reviewing power contracts and environmental permitting risks; the company is advancing preliminary development (power infrastructure, network, site) before signing leases, "We won’t start building without a tenant, but we’ll have the power infrastructure and network ready to go at a moment’s notice." Regarding the pace of token sales, the CFO
Salman
Khan stated that Bitcoin is a strategic asset and source of capital, and the company has sufficient liquidity to meet all obligations, including convertible bond put options; the joint venture model with Starwood is a "light-capital strategy," under which MARA’s net cash outlay in the partnership scenario is minimal. The management’s message is clear: demand is real, due diligence has been thorough, and MARA aims to be a "deliverer of results, not a promiser of outcomes."
Transformation Strategy: Expand power capacity from 1.9 GW to 4.8 GW
The company currently has approximately 1.9 GW of operational capacity across nearly 20 sites on four continents, with a clear path to approximately 4.8 GW. Long
The Ridge natural gas power plant project has been approved by the FERC (Federal Energy Regulatory Commission), with closing expected within the coming weeks. The plant is currently authorized to sell 485 MW of power, with plans to increase its rated capacity to 505 MW in the first half of 2027, generating contractually secured cash flows from power generation and including over 1,600 contiguous acres of land. The Kearney site’s preliminary development is progressing well and is among the top candidates for earlyçľçş¦. Management has positioned Bitcoin mining as an "operational foundation" to maintain site operations and generate revenue while developing higher-value infrastructure.
Exaion and AI/Cloud Business: $79 million contract secured, $3 billion pipeline pending conversion
The subsidiary Exaion has signed a four-year, $79 million GPU-as-a-service contract with its first U.S. customer, on 100% take-or-pay terms. Thiel revealed in the Q&A that the contract utilizes the previously ordered B300s.
GPUs will be delivered this month through early December and deployed within Exaion’s existing capacity in France, with revenue-generating services targeted by year-end. “Exaion’s expansion plan does not rely on MARA developing anything for it in the U.S.—its foundation is built on autonomous capacity expansion in Europe and Canada.” Exaion’s potential total business value exceeds $3 billion in contract value, with approximately $1 billion targeted for delivery by the end of 2027—but management has explicitly stated these are not yet contracted.
Exit from Custody Contract and Cost Curve: Vertebrai Reduces Curtailment Rate by Nearly Half
Third-party hosting arrangements accounting for approximately 29% of total energy capacity will begin expiring starting Q3 2027 and will be fully concluded by Q1 2028; Khan stated that the associated capacity will be replaced by upgraded mining equipment at other sites, eliminating hosting costs and further improving the cost per kilowatt-hour. Progress on the energy computing platform Vertebrai: By directing curtailed power to on-site computing, the curtailment rate at a Texas wind farm decreased from an estimated 46% between April and September 2026 to 22%. The electricity cost at self-operated sites remained at $0.04 per kilowatt-hour this quarter, with the energy cost per Bitcoin purchased at $39,674, representing a 2% sequential improvement in cost per PH per day.
Balance Sheet and Capital Allocation: Total debt reduced by 37%, with $500 million in new share repurchases.
For the year, the company reduced its total debt by $1.4 billion, representing 37% of the total debt at the beginning of the year. Following the quarter-end, the company sold 13,597 bitcoins, generating approximately $1.1 billion in proceeds, of which $750 million was used to fully repay a bitcoin-collateralized term loan, resulting in the release and recovery of 17,477 bitcoins previously held as collateral. As of September 30, the company held 34,012 bitcoins (including those lent or pledged) and $946.5 million in cash and cash equivalents; during the quarter, the company arranged a loan to Long
Ridge Power Plant acquisition financing. The company also announced a new share repurchase authorization of up to $500 million and stated it will continue selling Bitcoin to accumulate cash for AI infrastructure, convertible debt obligations, and potential repurchases.
Key points: Texas politics and mining positioning
Regarding the impact of the Texas government transition on the Matagorda project (Rosenblatt analyst Christopher)
Brendler asked, Thiel stated that the contract terms remained unchanged and the transaction structure was designed for ERCOT's Batch
The company has no payment obligations until the Zero process is fully approved—“Matagorda is an exceptional site, adjacent to a nuclear power plant, with all high-voltage infrastructure already in place.”
Meeting Summary
I. Executive Speech
Fred
Thiel (Chairman and CEO): (Compiled from shareholder letters and meeting reports) Bitcoin laid the foundation; electricity brought the opportunity. Our strategy is now simple: maximize the value of every megawatt under our control. In the third quarter of 2026, we will begin to
The assembled platform has been transformed into a business aimed at generating durable, contracted returns. Over the past several years, MARA has built a highly difficult-to-replicate portfolio—powered assets, operational infrastructure, and technical capabilities. Our current priority is to convert these advantages into signed customer agreements, completed projects, and sustained free cash flow.
This quarter, progress has been made across all fronts: on the site and development side, the engineering and operations teams have engaged with potential tenants at nearly all sites, and Kearney’s early-stage development is proceeding smoothly; we are working to secure two leases by year-end, though volatile market conditions may delay signing until next year. On the power side, Long
The Ridge project has been approved by FERC, with closing expected in the coming weeks—485 MW of approved sales capacity, with a potential increase to 505 MW nameplate capacity in the first half of 2027, along with over 1,600 contiguous acres of land. Bitcoin mining remains the core business, while AI infrastructure and the Exaion cloud platform are key growth areas.
Salman
Khan (CFO): Financial Highlights: Revenue of $164.2 million, down 35% year-over-year, primarily due to a 37% year-over-year decline in the average price of mined Bitcoin (partially offset by increased production); net profit of $632.1 million, including $885.3 million in unrealized fair value gains from Bitcoin; adjusted EBITDA
$857.7 million. Operational hashrate: 71.2
EH/s, up 18% year-over-year; mined 644 blocks this quarter (up 2% YoY); cost per PH per day improved by 2% quarter-over-quarter; self-operated site electricity cost at $0.04/kWh, energy cost per bitcoin purchased at $39,674; mined 2,247 bitcoins this quarter and sold 3,891 bitcoins at an average price of $75,300, with no bitcoin purchases made. Total debt for the year has been reduced by $1.4 billion (37% of total debt at the beginning of the year). Third-party hosting arrangements accounting for approximately 29% of total energy capacity will expire sequentially starting in Q3 2027 and conclude entirely by Q1 2028—届时 hosting costs will be eliminated and cost per kWh will improve; the freed-up capacity will be replaced through upgrades at other sites to maintain hash rate.
II. Summary of the Q&A Session
Michael Colonnese (H.C. Wainwright): How are lease terms evolving in the current macroeconomic environment?
Fred
Thiel: Tenants are "double-clicking and
(triple-clicking) Due diligence—reviewing power contracts and environmental permitting risks. We advance preliminary development without a signed lease: "We won't start construction without a tenant, but we'll prepare the power infrastructure, network, and other essentials to ensure we can begin immediately when ready."
Kevin Dede (JonesTrading): What is Exaion’s source of power? What is the path from $1 billion to $3 billion in contract value?
Fred Thiel: The first contract has been fulfilled using the ordered B300.
GPUs will be delivered this month through early December and deployed within Exaion’s existing capacity in France, generating revenue services by year-end. “Exaion’s construction plan does not rely on MARA developing anything for them in the U.S.—it is entirely based on their autonomous capacity building in Europe and Canada.”
Christopher Brendler (Rosenblatt): Does the change in Texas government administration affect the Matagorda project?
Fred Thiel: The contract remains unchanged; the transaction structure is within ERCOT's Batch.
The company has no obligations until the Zero process is fully approved. "Matagorda is an outstanding site. It is adjacent to a nuclear power plant, and all high-voltage infrastructure is already in place."
On the pace of Bitcoin sales (CFO response): Bitcoin is a strategic asset and a source of capital; the company has sufficient liquidity to meet obligations such as convertible bond put options; the joint venture with Starwood represents a "light-capital strategy"—"under the partnership scenario, MARA’s net expenditure represents a light-capital strategy."
