New Risk • May 15
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$2.0b Forecast net loss in 2 years: US$110m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (US$110m net loss in 2 years). Reported Earnings • May 12
First quarter 2026 earnings released: US$3.31 loss per share (vs US$1.55 loss in 1Q 2025) First quarter 2026 results: US$3.31 loss per share (further deteriorated from US$1.55 loss in 1Q 2025). Revenue: US$174.6m (down 18% from 1Q 2025). Net loss: US$1.26b (loss widened 136% from 1Q 2025). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Software industry in Europe. Reported Earnings • Mar 03
Full year 2025 earnings released: US$3.69 loss per share (vs US$1.87 profit in FY 2024) Full year 2025 results: US$3.69 loss per share (down from US$1.87 profit in FY 2024). Revenue: US$907.1m (up 38% from FY 2024). Net loss: US$1.31b (down 342% from profit in FY 2024). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Software industry in Europe. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €7.74, the stock trades at a trailing P/E ratio of 3.4x. Average forward P/E is 17x in the Software industry in Europe. Total loss to shareholders of 39% over the past year. Ankündigung • Feb 20
MARA Holdings, Inc. to Report Q4, 2025 Results on Feb 26, 2026 MARA Holdings, Inc. announced that they will report Q4, 2025 results on Feb 26, 2026 Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €7.09, the stock trades at a trailing P/E ratio of 3.7x. Average forward P/E is 19x in the Software industry in Europe. Total loss to shareholders of 59% over the past year. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €9.09, the stock trades at a trailing P/E ratio of 4.4x. Average forward P/E is 20x in the Software industry in Europe. Total loss to shareholders of 62% over the past year. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €12.85, the stock trades at a trailing P/E ratio of 6.4x. Average forward P/E is 19x in the Software industry in Europe. Total loss to shareholders of 43% over the past year. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: US$0.33 (vs US$0.42 loss in 3Q 2024) Third quarter 2025 results: EPS: US$0.33 (up from US$0.42 loss in 3Q 2024). Revenue: US$252.4m (up 92% from 3Q 2024). Net income: US$123.1m (up US$247.9m from 3Q 2024). Profit margin: 49% (up from net loss in 3Q 2024). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Europe. Buy Or Sell Opportunity • Oct 22
Now 21% undervalued Over the last 90 days, the stock has risen 10% to €16.22. The fair value is estimated to be €20.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 60% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 59% in 2 years. Earnings are forecast to decline by 116% in the next 2 years. Ankündigung • Oct 22
MARA Holdings, Inc. to Report Q3, 2025 Results on Nov 04, 2025 MARA Holdings, Inc. announced that they will report Q3, 2025 results at 4:00 PM, US Eastern Standard Time on Nov 04, 2025 Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €16.40, the stock trades at a forward P/E ratio of 207x. Average forward P/E is 24x in the Software industry in Europe. Total returns to shareholders of 11% over the past year. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €15.80, the stock trades at a forward P/E ratio of 140x. Average forward P/E is 25x in the Software industry in Europe. Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: US$2.29 (vs US$0.72 loss in 2Q 2024) Second quarter 2025 results: EPS: US$2.29 (up from US$0.72 loss in 2Q 2024). Revenue: US$238.5m (up 64% from 2Q 2024). Net income: US$808.2m (up US$1.01b from 2Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Europe. New Risk • Jul 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$433m net loss in 2 years). Shareholders have been diluted in the past year (29% increase in shares outstanding). Ankündigung • Jul 21
MARA Holdings, Inc. to Report Q2, 2025 Results on Jul 29, 2025 MARA Holdings, Inc. announced that they will report Q2, 2025 results Pre-Market on Jul 29, 2025 Ankündigung • Jul 10
MARA Holdings, Inc. Appoints Nir Rikovitch as Chief Product Officer MARA Holdings, Inc. announced the appointment of Nir Rikovitch as Chief Product Officer (CPO), where he will lead MARA’s product strategy, commercializing the company’s breakthrough technology into market-ready products that deliver operational utility and efficiency. Rikovitch joins MARA to build the company’s product discipline from the ground up, bridging engineering, strategy, and commercialization. In this role, he will focus on defining the roadmap for MARA’s products and engineering to deliver production-grade systems. Rikovitch brings deep expertise in product management, machine learning, and engineering leadership, with a proven track record in developing intelligent infrastructure across robotics, industrial automation, and autonomous systems. Most recently, Rikovitch served as Director of Product Management at Blue River, a John Deere Company, where he co-founded the autonomy unit and led the product strategy for autonomous construction machinery and advanced driver-assistance systems, unlocking more than $500 million in revenue across the enterprise portfolio. New Risk • May 12
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$329m Forecast net loss in 2 years: US$85m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$85m net loss in 2 years). Shareholders have been diluted in the past year (29% increase in shares outstanding). Reported Earnings • May 09
First quarter 2025 earnings released: US$1.55 loss per share (vs US$1.30 profit in 1Q 2024) First quarter 2025 results: US$1.55 loss per share (down from US$1.30 profit in 1Q 2024). Revenue: US$213.9m (up 30% from 1Q 2024). Net loss: US$533.2m (down 258% from profit in 1Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Europe. Ankündigung • May 01
MARA Holdings, Inc., Annual General Meeting, Jun 26, 2025 MARA Holdings, Inc., Annual General Meeting, Jun 26, 2025. Location: web.lumiconnect.com/266814323, United States Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €12.63, the stock trades at a trailing P/E ratio of 9x. Average forward P/E is 22x in the Software industry in Europe. Ankündigung • Apr 24
MARA Holdings, Inc. to Report Q1, 2025 Results on May 08, 2025 MARA Holdings, Inc. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €10.61, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 21x in the Software industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €7.74 per share. Ankündigung • Mar 29
MARA Holdings, Inc. has filed a Follow-on Equity Offering in the amount of $2 billion. MARA Holdings, Inc. has filed a Follow-on Equity Offering in the amount of $2 billion.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €11.68, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 20x in the Software industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €7.71 per share. New Risk • Mar 05
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 36% per year for the foreseeable future. High level of non-cash earnings (60% accrual ratio). Minor Risk Shareholders have been diluted in the past year (29% increase in shares outstanding). Buy Or Sell Opportunity • Mar 03
Now 24% overvalued Over the last 90 days, the stock has fallen 39% to €14.55. The fair value is estimated to be €11.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are forecast to decline by 66% per annum over the same time period. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: US$1.87 (vs US$1.41 in FY 2023) Full year 2024 results: EPS: US$1.87 (up from US$1.41 in FY 2023). Revenue: US$656.4m (up 69% from FY 2023). Net income: US$541.3m (up 109% from FY 2023). Profit margin: 83% (up from 67% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Europe. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €12.75, the stock trades at a trailing P/E ratio of 28.6x. Average forward P/E is 20x in the Software industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €14.31 per share. Ankündigung • Feb 18
MARA Holdings, Inc. (NasdaqCM:MARA) completed the acquisition of acquire Wind farm in Hansford County, Texas. MARA Holdings, Inc. (NasdaqCM:MARA) entered into a definitive agreement to acquire Wind farm in Hansford County, Texas on December 3, 2024. The transaction is subject to approval by regulatory board / committee. The transaction is expected to close by the first quarter of 2025.
MARA Holdings, Inc. (NasdaqCM:MARA) completed the acquisition of acquire Wind farm in Hansford County, Texas on February 18, 2025. Ankündigung • Feb 13
MARA Holdings, Inc. to Report Q4, 2024 Results on Feb 26, 2025 MARA Holdings, Inc. announced that they will report Q4, 2024 results on Feb 26, 2025 New Risk • Feb 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 34% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings are forecast to decline by an average of 34% per year for the foreseeable future. High level of non-cash earnings (76% accrual ratio). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 45% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (76% accrual ratio). Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €16.50, the stock trades at a trailing P/E ratio of 34.9x. Average forward P/E is 19x in the Software industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €16.67 per share. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €19.10, the stock trades at a trailing P/E ratio of 39x. Average forward P/E is 19x in the Software industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €26.20 per share. Buy Or Sell Opportunity • Dec 19
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €20.47. The fair value is estimated to be €26.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings are also forecast to grow by 0.6% per annum over the same time period. Ankündigung • Dec 04
MARA Holdings, Inc. (NasdaqCM:MARA) entered into a definitive agreement to acquire Wind farm in Hansford County, Texas. MARA Holdings, Inc. (NasdaqCM:MARA) entered into a definitive agreement to acquire Wind farm in Hansford County, Texas on December 3, 2024. The transaction is subject to approval by regulatory board / committee. The transaction is expected to close by the first quarter of 2025. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €19.20, the stock trades at a trailing P/E ratio of 38.8x. Average forward P/E is 18x in the Software industry in Europe. Reported Earnings • Nov 13
Third quarter 2024 earnings released: US$0.42 loss per share (vs US$0.36 profit in 3Q 2023) Third quarter 2024 results: US$0.42 loss per share (down from US$0.36 profit in 3Q 2023). Revenue: US$131.6m (up 35% from 3Q 2023). Net loss: US$124.8m (down 295% from profit in 3Q 2023). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Europe. Ankündigung • Nov 05
MARA Holdings, Inc. to Report Q3, 2024 Results on Nov 12, 2024 MARA Holdings, Inc. announced that they will report Q3, 2024 results on Nov 12, 2024 Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €16.25, the stock trades at a trailing P/E ratio of 18.4x. Average forward P/E is 19x in the Software industry in Europe. Board Change • Oct 01
High number of new directors Director Janet George was the last director to join the board, commencing their role in 2024. Ankündigung • Apr 03
Marathon Digital Holdings, Inc. (NasdaqCM:MARA) acquired Data center facility of Rattlesnake Den I LLC located in Garden City, Texas for $97.3 million. Marathon Digital Holdings, Inc. (NasdaqCM:MARA) entered into a purchase and sale agreement to acquire Data center facility of Rattlesnake Den I LLC located in Garden City, Texas for $97.3 million on March 14, 2024. The Purchase and Sale Agreement provides that the Property will be sold to Mara Garden City for a purchase price of $87,328,675.00 Applied Digital Corporation is also receiving $9,971,235 in additional consideration at the closing of the Transaction in connection with the surrender of Marathon’s security deposits under its existing agreements with the Applied Digital Corporation. Pursuant to the terms of the Purchase and Sale Agreement, Mara Garden City paid an earnest money deposit of $25,000,000.00 directly to Rattlesnake Den I, which is refundable if the Purchase and Sale Agreement is terminated prior to Closing. The transaction is subject to customary closing conditions and is expected to close in the second quarter of calendar 2024. Harris Freidus of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Marathon Digital Holdings, Inc. Steven E. Siesser, Esq. and Daniel A. Suckerman, Esq of Lowenstein Sandler LLP acted as legal advisors to Rattlesnake Den I LLC. Marathon Digital Holdings, Inc. (NasdaqCM:MARA) completed the acquisition of Data center facility of Rattlesnake Den I LLC located in Garden City, Texas on April 2, 2024. 
