MARA reported $252.4 million in revenue for Q3, up from $131.6 million in the same quarter last year. That still came in a bit under the $254.5 million Wall Street expected.

Net income came in at $123 million, helped by a $343.1 million gain from the change in the fair value of its bitcoin holdings.

The company said, “As our bitcoin holdings grow, we expect BTC price volatility to have a greater impact on our earnings.” Earnings per share were $0.27, missing the average estimate of $0.67, down from $1.84 in Q2, but up from -$0.42 in the same period last year. No sugarcoating that swing.

Costs moved up as well. Purchased energy costs rose to $43.1 million from $27.0 million a year ago. Operating and maintenance costs increased to $26.3 million from $9.4 million in the prior year.

Adjusted EBITDA came in at $395.6 million, down from $1.25 billion in Q2, but higher than $22.3 million last year. MARA’s stock was down 1.5% in premarket trading following the release.

MARA expands power and mining operations in West Texas

The company announced a new joint effort with MPLX LP to build power generation facilities and data center campuses in West Texas.

The goal is to use low-cost energy in the region for Bitcoin mining and AI computing. MARA and MPLX said they want to “harness massive volumes of low-cost power and channel them toward their most productive use cases, whether that be Bitcoin mining, where load flexibility is key, or AI where lowest cost per token is key.”

MPLX CEO Maryann Mannen said the collaboration will “create additional in-basin demand in the Delaware basin and enhance our natural gas value chain with improved power reliability, benefiting existing producer-customers.”

MARA CEO Fred Thiel said the project gives the company room to adapt its energy usage over time, stating that partnering with MPLX “allows us to leverage lower-cost local natural gas resources and build the foundation for high-performance, efficient data center campuses.” He added that the project could gradually shift from mining to AI and HPC workloads.

During Q3, MARA mined 2,144 bitcoin, down from 2,358 in Q2, but up from 2,070 a year earlier. The company also purchased 2,257 bitcoin during the quarter. MARA ended Q3 holding 52,850 bitcoin, including coins that are loaned, actively managed, or pledged as collateral.

The company’s energized hashrate reached 60.4 EH/s, up from 36.9 EH/s last year. Daily cost per petahash came in at $31.3, up from $28.7 in Q2, but below $37.0 in the same quarter last year.

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