New Risk • 12h
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 (12% 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 11% growth forecast for the Software industry in Italy. New Risk • Mar 03
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: US$1.3b Forecast net loss in 3 years: US$800m 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 (9.6% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (US$800m net loss in 3 years). 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 12% growth forecast for the Software industry in Italy. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €7.74, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 18x in the Software industry in Italy. Total loss to shareholders of 44% over the past year. Announcement • 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 €7.06, the stock trades at a trailing P/E ratio of 3.7x. Average forward P/E is 13x in the Software industry in Italy. Total loss to shareholders of 58% over the past year. Recent Insider Transactions • Nov 11
General Counsel & Company Secretary recently sold €416k worth of stock On the 10th of November, Zabi Nowaid sold around 30k shares on-market at roughly €13.86 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €828k more than they bought in the last 12 months. Buy Or Sell Opportunity • Nov 07
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.8% to €12.98. The fair value is estimated to be €17.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 61% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 35% in 2 years. Earnings are forecast to decline by 126% in the next 2 years. 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 13% growth forecast for the Software industry in Italy. Buy Or Sell Opportunity • Oct 22
Now 22% undervalued Over the last 90 days, the stock has risen 8.7% to €16.42. The fair value is estimated to be €20.96, 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. Announcement • 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 19% After last week's 19% share price gain to €16.15, the stock trades at a forward P/E ratio of 207x. Average forward P/E is 15x in the Software industry in Italy. 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 €15.78, the stock trades at a forward P/E ratio of 140x. Average forward P/E is 15x in the Software industry in Italy. Recent Insider Transactions • Sep 15
Independent Director recently sold €193k worth of stock On the 8th of September, Vicki Mealer-Burke sold around 15k shares on-market at roughly €12.95 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €412k more than they bought in the last 12 months. New Risk • Jul 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 29% 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 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 (11% average weekly change). Earnings are forecast to decline by an average of 89% per year for the foreseeable future. High level of non-cash earnings (48% accrual ratio). Shareholders have been substantially diluted in the past year (29% increase in shares outstanding). 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 13% growth forecast for the Software industry in Italy. 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 (11% 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). Announcement • 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 Announcement • 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$73m 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$73m 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 13% growth forecast for the Software industry in Italy. Announcement • 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 Announcement • 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 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €12.65, the stock trades at a trailing P/E ratio of 9x. Average forward P/E is 16x in the Software industry in Italy. Announcement • 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 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €13.19, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 15x in the Software industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €7.66 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). 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 14% growth forecast for the Software industry in Italy. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €13.48, the stock trades at a trailing P/E ratio of 30.2x. Average forward P/E is 16x in the Software industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €13.78 per share. Announcement • 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. Announcement • 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 Shares are highly illiquid. 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). Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €19.53, the stock trades at a trailing P/E ratio of 38.9x. Average forward P/E is 15x in the Software industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €17.03 per share. 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 Shares are highly illiquid. High level of non-cash earnings (76% accrual ratio). Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Buy Or Sell Opportunity • Dec 30
Now 30% undervalued The stock has been flat over the last 90 days, currently trading at €17.41. The fair value is estimated to be €24.78, 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 8.9% per annum over the same time period. 
