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MARA Holdings, Inc. (NASDAQ:MARA) stock traded higher after the company reported its third-quarter 2025 results, drawing mixed analyst reactions but sustained confidence in its long-term strategy.
Rosenblatt analyst Chris Brendler reaffirmed a Buy rating, lowering his price forecast to $22 from $25, while Cantor Fitzgerald analyst Brett Knoblauch maintained an Overweight rating and cut his forecast to $21 from $30.
Brendler said the quarter reflected a "partial pivot" toward AI and power generation, though limited visibility in the core Bitcoin-mining business led him to trim estimates by about 10%.
He noted that MARA lagged peers earlier in 2025 but is making meaningful progress diversifying its business. Management announced a partnership with MPLX to develop 400 MW of integrated power and data center capacity in West Texas, scalable to 1.5 GW, signaling renewed growth after a period of stalled expansion.
In the third quarter, revenue surged 92% year-over-year to $252.4 million, supported by higher Bitcoin prices averaging $144,500 and modestly stronger production of 2,144 BTC. GAAP EPS was $1.72, and adjusted EBITDA reached $52.5 million.
Also Read: MARA Holdings Stock Climbs Despite Mixed Q3 Results: What You Need To Know
Brendler highlighted efficiency improvements, with energy costs per BTC mined falling 15% year over year as MARA increased ownership of its power assets. The company ended the quarter with 52,850 BTC, nearly double from a year earlier, booking a $343.1 million digital-asset gain.
Brendler said MARA's $7 billion in cash and Bitcoin holdings offer strong financial flexibility. While slower hashrate growth and rising hashcosts pressured near-term projections, he expects execution on AI and energy initiatives to strengthen sentiment in 2026.
His valuation remains based on 19x his 2027 adjusted EBITDA estimate, compared with peer averages near 26x.
During the earnings call, CEO Fred Thiel acknowledged investor skepticism about MARA's valuation but stated that expansion into AI and power generation should drive long-term recognition. CFO Salman Khan added that secured power capacity gives MARA a strategic edge.
Price Action: MARA shares are trading 3.85% higher at $17.26 at the last check on Wednesday.
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