MARA Holdings reached profitability in Q3 2025, and revenue increased by 92%.
However, most of this growth was due to an increase in the price of Bitcoin.
Although MARA has plans to expand into AI infrastructure, its revenue at the moment comes from mining Bitcoin.
At a glance, MARA Holdings (NASDAQ: MARA) looks like a growing company operating in Bitcoin mining and artificial intelligence (AI) infrastructure. In the third quarter of 2025, MARA reported year-over-year revenue growth of 92% to $252.4 million and net income of $123.1 million, compared to a net loss of $124.8 million in Q3 2024.
With MARA reaching profitability and seemingly doing well financially, should you invest $1,000 into this company? Before you do, there's a caveat to those numbers.
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MARA's financial results need to be taken with a grain of salt, because as the company states in its earnings report, "the increase was primarily driven by a 88% increase in the average [Bitcoin] price, which contributed $113.3 million."
Bitcoin mining is competitive, and it gets increasingly difficult to maintain profits because the rewards for mining a block are halved approximately every four years. Mining companies are also dependent on the price of Bitcoin, a highly volatile asset, because it tends to make up a large portion of their balance sheets. In MARA's case, it holds 53,250 BTC, worth about $4.7 billion (as of Dec. 25).
To diversify, MARA plans to leverage its data center infrastructure, selling it to AI companies. While this could add a new revenue stream, MARA hasn't landed any deals yet. For now, it remains essentially a Bitcoin mining company.
MARA has also seen its share price plummet, and its recent earnings report was little help. It's down 49% over the last year, while Bitcoin has lost 12%. Until MARA starts to secure AI contracts, I don't think it's worth a $1,000 investment, and I'd personally stick to buying Bitcoin.
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Lyle Daly has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.