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MARA vs RIOT
MARA Holdings (MARA) vs Riot Platforms (RIOT) Earnings Recap: Bitcoin Miners Face Q4 Losses Amid Crypto Volatility
Key Takeaways
- MARA reported Q4 2025 revenue of $202.3 million, down 6% year-over-year, with a $1.7 billion net loss driven by $1.5 billion in Bitcoin fair-value adjustments.
- RIOT posted Q4 2025 revenue of $152.83 million, up 10.8% year-over-year, but incurred a $690.75 million net loss and EPS of -$2.03, missing estimates.
- MARA mined 2,011 BTC in Q4 with energized hash rate at 66.4 EH/s (up 25% YoY) and holds 53,822 BTC; RIOT mined across FY 5,686 BTC with 18,005 BTC held.
- Both firms pivot to AI/HPC data centers: MARA via Starwood JV targeting 1+ GW; RIOT via AMD lease and land expansions at Corsicana/Rockdale.
- FY 2025 revenues strong—MARA $907.1M (+38%), RIOT $647.4M (+72%)—but non-cash losses highlight Bitcoin price sensitivity.
Earnings Context and Why This Comparison Matters
Both MARA and RIOT operate as leading Bitcoin miners, heavily exposed to cryptocurrency prices, mining difficulty, and energy costs. Their Q4 2025 earnings recaps reveal operational resilience amid Bitcoin volatility, with both reporting substantial non-cash losses from digital asset fair-value changes. This comparison highlights competitive dynamics in hash rate expansion and diversification into high-performance computing (HPC) and AI data centers, as miners seek stable revenue streams beyond volatile BTC mining.
Riot Platforms Focus
Riot Platforms released Q4 and FY 2025 results on March 2, 2026. Q4 revenue reached $152.83 million, a 10.8% increase year-over-year, driven by Bitcoin mining and engineering segments, though missing consensus estimates of $162.91 million. The company reported a net loss of $690.75 million for Q4, with diluted EPS of -$2.03 versus prior-year profit of $0.44 per share. For the full year, revenue hit a record $647.4 million (+72% YoY), with $576.3 million from mining and $64.7 million from engineering. Riot mined 5,686 BTC in FY 2025 and held 18,005 BTC (valued at $1.6 billion) plus $309.8 million in cash. Strategic highlights include a data center lease with AMD operational since January 2026 and land acquisitions expanding Corsicana to 900 acres for 1 GW capacity.
MARA Holdings Context
MARA Holdings announced Q4 and FY 2025 results on February 26, 2026. Q4 revenue was $202.3 million, down 6% from $214.4 million prior year due to lower average Bitcoin prices despite higher production efficiency. The quarter saw a $1.7 billion net loss ($4.52 per diluted share) versus $528.3 million profit last year, primarily from $1.5 billion in non-cash digital asset impairments. FY revenue grew 38% to $907.1 million. Operationally, MARA mined 2,011 BTC in Q4, boosted energized hash rate 25% to 66.4 EH/s, and holds 53,822 BTC (~$4.7 billion). Energy costs averaged $0.05 per kWh. MARA announced a joint venture with Starwood Digital Ventures for AI/HPC infrastructure, targeting over 1 GW IT capacity initially.
Head-to-Head Earnings and Market Comparison
MARA outperformed on Q4 revenue ($202.3M vs. RIOT's $152.83M) and scale (66.4 EH/s hash rate, larger BTC holdings), but both suffered massive losses from Bitcoin markdowns—MARA's deeper at $1.7B due to holdings size. RIOT showed stronger FY revenue growth (72% vs. MARA's 38%) and engineering diversification ($64.7M), with lower mining costs (~$9,977/BTC equivalent via credits). Growth drivers include BTC halving recovery and AI pivots: MARA's Starwood JV for hyperscale data centers; RIOT's AMD deal validating HPC leasing. Risks remain high—energy prices, network difficulty, regulatory scrutiny on crypto. Market caps favor RIOT (~$6.1B vs. MARA's $3.6B), reflecting sentiment on diversification.
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Tickeron AI Verdict
Tickeron AI favors RIOT (65% probability) over the next quarter, citing superior FY revenue growth, engineering revenue stability, AMD partnership momentum, and larger market cap despite Q4 miss. MARA's hash rate edge and Starwood JV offer upside, but heavier BTC exposure amplifies volatility risks.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer. Disclaimers and Limitations
To compare these two companies we present long-term analysis, their fundamental ratings and make comparative short-term technical analysis which are presented below. The conclusion is MARA is a Hold and RIOT is a Hold.
Long-Term Analysis
It is best to consider a long-term outlook for a ticker by using Fundamental Analysis (FA) ratings. The rating of 1 to 100, where 1 is best and 100 is worst, is divided into thirds. The first third (a green rating of 1-33) indicates that the ticker is undervalued; the second third (a grey number between 34 and 66) means that the ticker is valued fairly; and the last third (red number of 67 to 100) reflects that the ticker is undervalued. We use an FA Score to show how many ratings show the ticker to be undervalued (green) or overvalued (red).
MARA’s FA Score shows that 0 FA rating(s) are green whileRIOT’s FA Score has 0 green FA rating(s).
- MARA’s FA Score: 0 green, 5 red.
- RIOT’s FA Score: 0 green, 5 red.
Short-Term Analysis
It is best to consider a short-term outlook for a ticker by using Technical Analysis (TA) indicators. We use Odds of Success as the percentage of outcomes which confirm successful trade signals in the past.
If the Odds of Success (the likelihood of the continuation of a trend) for each indicator are greater than 50%, then the generated signal is confirmed. A green percentage from 90% to 51% indicates that the ticker is in a bullish trend. A red percentage from 90% - 51% indicates that the ticker is in a bearish trend. All grey percentages are below 50% and are considered not to confirm the trend signal.
MARA’s TA Score shows that 5 TA indicator(s) are bullish while RIOT’s TA Score has 3 bullish TA indicator(s).
- MARA’s TA Score: 5 bullish, 4 bearish.
- RIOT’s TA Score: 3 bullish, 5 bearish.
Price Growth
MARA (@Investment Banks/Brokers) experienced а +1.43% price change this week, while RIOT (@Investment Banks/Brokers) price change was +4.57% for the same time period.
The average weekly price growth across all stocks in the @Investment Banks/Brokers industry was -1.65%. For the same industry, the average monthly price growth was -2.24%, and the average quarterly price growth was -6.21%.
Reported Earning Dates
MARA is expected to report earnings on Aug 12, 2026.
RIOT is expected to report earnings on Jul 30, 2026.
Industries' Descriptions
@Investment Banks/Brokers (-1.65% weekly)These banks specialize in underwriting (helping companies with debt financing or equity issuances), IPOs, facilitating mergers and other corporate reorganizations and acting as a broker or financial advisor for institutions. They might also trade securities on their own accounts. Investment banks potentially thrive on expanding its network of clients, since that could help them increase profits. Goldman Sachs, Morgan Stanley and CME Group Inc are some of the largest investment banking companies.
| MARA | RIOT | MARA / RIOT | |
| Capitalization | 5.66B | 10.8B | 52% |
| EBITDA | -1.15B | -476.51M | 242% |
| Gain YTD | 65.367 | 125.967 | 52% |
| P/E Ratio | 3.68 | 27.24 | 13% |
| Revenue | 868M | 653M | 133% |
| Total Cash | 514M | 206M | 250% |
| Total Debt | 2.46B | 877M | 281% |
MARA | RIOT | ||
|---|---|---|---|
OUTLOOK RATING 1..100 | 82 | 38 | |
VALUATION overvalued / fair valued / undervalued 1..100 | 95 Overvalued | 91 Overvalued | |
PROFIT vs RISK RATING 1..100 | 100 | 94 | |
SMR RATING 1..100 | 99 | 98 | |
PRICE GROWTH RATING 1..100 | 39 | 35 | |
P/E GROWTH RATING 1..100 | 94 | 38 | |
SEASONALITY SCORE 1..100 | 42 | 25 |
Tickeron ratings are formulated such that a rating of 1 designates the most successful stocks in a given industry, while a rating of 100 points to the least successful stocks for that industry.
RIOT's Valuation (91) in the Financial Conglomerates industry is in the same range as MARA (95) in the Miscellaneous Commercial Services industry. This means that RIOT’s stock grew similarly to MARA’s over the last 12 months.
RIOT's Profit vs Risk Rating (94) in the Financial Conglomerates industry is in the same range as MARA (100) in the Miscellaneous Commercial Services industry. This means that RIOT’s stock grew similarly to MARA’s over the last 12 months.
RIOT's SMR Rating (98) in the Financial Conglomerates industry is in the same range as MARA (99) in the Miscellaneous Commercial Services industry. This means that RIOT’s stock grew similarly to MARA’s over the last 12 months.
RIOT's Price Growth Rating (35) in the Financial Conglomerates industry is in the same range as MARA (39) in the Miscellaneous Commercial Services industry. This means that RIOT’s stock grew similarly to MARA’s over the last 12 months.
RIOT's P/E Growth Rating (38) in the Financial Conglomerates industry is somewhat better than the same rating for MARA (94) in the Miscellaneous Commercial Services industry. This means that RIOT’s stock grew somewhat faster than MARA’s over the last 12 months.
| MARA | RIOT | |
|---|---|---|
| RSI ODDS (%) | 2 days ago 90% | 2 days ago 87% |
| Stochastic ODDS (%) | 2 days ago 87% | 2 days ago 85% |
| Momentum ODDS (%) | 2 days ago 90% | 2 days ago 87% |
| MACD ODDS (%) | 2 days ago 90% | 2 days ago 89% |
| TrendWeek ODDS (%) | 2 days ago 88% | 2 days ago 87% |
| TrendMonth ODDS (%) | 2 days ago 88% | 2 days ago 88% |
| Advances ODDS (%) | 2 days ago 88% | 2 days ago 90% |
| Declines ODDS (%) | 7 days ago 89% | 14 days ago 87% |
| BollingerBands ODDS (%) | 2 days ago 90% | 2 days ago 90% |
| Aroon ODDS (%) | 2 days ago 86% | 2 days ago 90% |
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MARA and
Correlation & Price change
A.I.dvisor indicates that over the last year, MARA has been closely correlated with CLSK. These tickers have moved in lockstep 82% of the time. This A.I.-generated data suggests there is a high statistical probability that if MARA jumps, then CLSK could also see price increases.
| Ticker / NAME | Correlation To MARA | 1D Price Change % | ||
|---|---|---|---|---|
| MARA | 100% | +4.43% | ||
| CLSK - MARA | 82% Closely correlated | +1.31% | ||
| KEEL - MARA | 71% Closely correlated | +5.88% | ||
| RIOT - MARA | 71% Closely correlated | +1.89% | ||
| GLXY - MARA | 67% Closely correlated | -3.22% | ||
| COIN - MARA | 67% Closely correlated | +0.97% | ||
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