A veteran analyst has cut the price target on MARA Holdings by 44% after the Bitcoin mining company reported weaker-than-expected fourth-quarter financial results.
The Nasdaq-listed miner generated $202 million in revenue for the fourth quarter of 2025 and posted a net loss of $4.52 per share, missing analyst estimates on both metrics.
Adjusted EBITDA fell to negative $1.48 million, a sharp decline from $796 million in the same quarter a year earlier, highlighting the impact of tougher mining economics.
The results underscore growing pressure on Bitcoin mining companies as margins tighten and operational costs remain elevated across the industry.
MARA Holdings remains the publicly listed Bitcoin miner by Bitcoin holdings, with the company maintaining BTC treasuries among public firms.
The price target reduction reflects concerns about the miner’s profitability and financial outlook following the latest quarterly results.
Bitcoin mining involves using specialised computing hardware to verify blockchain transactions and earn newly minted BTC as rewards.