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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $174.88M | $174.61M | $202.31M | $252.41M | $238.49M | $213.88M | $214.39M | $131.65M |
| Cost of revenue | $117.91M | $114.78M | $438.98M | $43.08M | $110.76M | $111.66M | $360.08M | $26.99M |
| Gross profit | $56.98M | $59.83M | −$236.66M | $209.33M | $127.73M | $102.22M | −$145.68M | $104.66M |
| Gross margin | 32.6% | 34.3% | -117.0% | 82.9% | 53.6% | 47.8% | -68.0% | 79.5% |
| Research and development | $7.17M | $8.25M | $3.56M | $8.72M | $8.55M | $9.30M | $4.11M | $2.81M |
| Selling, general and administrative | $114.70M | $86.86M | $85.83M | $85.30M | $92.95M | $85.87M | $72.82M | $58.74M |
| Operating expenses | $576.28M | $1.08B | $909.64M | $161.74M | −$531.74M | $670.11M | $325.06M | $276.88M |
| Operating income | −$519.30M | −$1.02B | −$1.15B | $47.59M | $659.47M | −$567.89M | −$470.74M | −$172.22M |
| Operating margin | -296.9% | -584.4% | -566.6% | 18.9% | 276.5% | -265.5% | -219.6% | -130.8% |
| EBITDA | −$93.33M | −$68.33M | −$83.71M | $1.57M | $1.43M | −$15.83M | $77.80M | −$101.82M |
| Interest income | $10.26M | $10.53M | $16.54M | $17.69M | $9.63M | $12.00M | $7.94M | $3.89M |
| Interest expense | −$6.26M | −$10.72M | −$12.85M | −$12.76M | −$12.84M | −$9.94M | −$8.03M | −$2.34M |
| Income before taxes | −$610.74M | −$1.29B | −$1.89B | $160.81M | $1.02B | −$652.62M | $646.55M | −$173.95M |
| Income taxes | $580.00K | −$30.93M | −$183.39M | $37.68M | $208.50M | −$119.17M | $118.26M | −$49.16M |
| Net income | −$611.32M | −$1.26B | −$1.71B | $123.13M | $808.21M | −$533.44M | $528.28M | −$124.79M |
| Net margin | -349.6% | -723.0% | -845.1% | 48.8% | 338.9% | -249.4% | 246.4% | -94.8% |
| EPS, basic | −$1.60 | −$3.31 | −$4.86 | $0.33 | $2.29 | −$1.55 | $1.62 | −$0.42 |
| EPS, diluted | −$1.60 | −$3.31 | −$10.33 | $0.27 | $1.84 | −$1.55 | $1.30 | −$0.42 |
| Diluted shares | 381.57M | 380.16M | 165.53M | 470.13M | 440.91M | 344.10M | 405.84M | 294.94M |
Figures describe MARA shares, not any token. As of Aug 6, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.