Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Caution evidenceCoverage 5/5 core metricsLatest reported annual revenue changed -39.2% from the prior reported annual observation.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Revenue contracted
Latest reported annual revenue changed -39.2% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin compressed
Operating margin changed -2402.6 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
- Free cash flow was negative
Latest reported free cash flow was -$1.2B.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
- 2 filing risk checks flagged
Flagged areas: Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Participant$44.8M76.4%+40.1% yoy
- Operator Transaction Fees$9.21M15.7%-72.0% yoy
- Hosting Services$4.67M8.0%-85.2% yoy
Members sum to the consolidated $58.7M for this period.
- Participant$15.3M88.0%+42.0% yoy
- Hosting Services$1.08M6.2%-5.7% yoy
- Operator Transaction Fees$1.01M5.8%-63.8% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,104 US-listed filers · 898 in Financials| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $59M | 23rdof 3,301 bottom third | 29thof 541 bottom third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | -39.2% | 3rdof 3,135 bottom third | 2ndof 518 bottom third |
Operating margin operating income ÷ revenue | -2085.5% | 5thof 2,819 bottom third | 7thof 234 bottom third |
Net margin net income ÷ revenue | -2234.8% | 4thof 3,263 bottom third | 3rdof 534 bottom third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -2060.8% | 3rdof 2,679 bottom third | 2ndof 307 bottom third |
Return on equity net income ÷ stockholders' equity (positive equity only) | -37.8% | 21stof 3,577 bottom third | 6thof 774 bottom third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 293.5% | 4thof 2,895 bottom third | 3rdof 422 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -7.2% | 66thof 3,291 middle third | 89thof 761 top third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 35 changed periods, 30 largest shown| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Operating income OperatingIncomeLoss | quarter 2023-03-31 | -$3.86M 10-Q 2023-05-10 | $122M 10-K/A 2024-05-24 | +3264.2% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-06-30 | $4.62M 10-Q 2021-08-13 | -$110M 10-Q 2022-08-09 | -2486.3% | first · latest |
| Net income ProfitLoss | quarter 2023-03-31 | -$7.24M 10-Q 2023-05-10 | $119M 10-Q 2024-05-09 | +1740.6% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2023-09-30 | -$15.6M 10-Q 2023-11-08 | -$80.2M 10-Q 2024-11-12 | -412.8% | first · latest · 3 filings carry it |
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2023-09-30 | $101M 10-Q 2023-11-08 | $357M 10-Q 2024-11-12 | +253.0% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2023-03-31 | -$28.8M 10-Q 2023-05-10 | -$91.5M 10-Q 2024-05-09 | -217.4% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2022-03-31 | -$9.13M 10-Q 2022-05-06 | -$20.2M 10-Q 2023-08-08 | -121.5% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2021-12-31 | -$85.1M 10-K 2022-03-10 | -$2.99M 10-K/A 2024-05-24 | +96.5% | first · latest · 4 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2023-09-30 | $97.8M 10-Q 2023-11-08 | $5.05M 10-Q 2024-11-12 | -94.8% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2022-12-31 | $118M 10-K 2023-03-16 | $9.88M 10-K 2025-03-03 | -91.6% | first · latest · 4 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2023-06-30 | $81.8M 10-Q 2023-08-08 | $9.54M 10-Q 2024-08-01 | -88.3% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2021-12-31 | $150M 10-K 2022-03-10 | $24.2M 10-K/A 2024-05-24 | -83.9% | first · latest · 4 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-09-30 | -$64.3M 10-Q 2021-11-15 | -$22.4M 10-Q 2022-11-14 | +65.1% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2023-03-31 | $51.1M 10-Q 2023-05-10 | $18.9M 10-Q 2024-05-09 | -63.0% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2023-06-30 | -$16.2M 10-Q 2023-08-08 | -$6.07M 10-Q 2024-08-01 | +62.6% | first · latest · 3 filings carry it |
| Depreciation and amortization DepreciationAndAmortization | quarter 2022-03-31 | $18.5M 10-Q 2022-05-06 | $13.9M 10-Q 2023-08-08 | -25.1% | first · latest · 3 filings carry it |
| Net income ProfitLoss | fiscal year 2021-12-31 | -$37.1M 10-K 2023-03-16 | -$29.8M 10-K/A 2024-05-24 | +19.6% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-06-30 | -$178M 10-Q 2022-08-09 | -$198M 10-Q 2023-08-08 | -11.2% | first · latest |
| Share repurchases PaymentsForRepurchaseOfCommonStock | fiscal year 2024-12-31 | $34.9M 10-K 2025-03-03 | $37.4M 10-K 2026-03-02 | +7.3% | first · latest |
| Long-term debt LongTermDebt | balance at 2022-12-31 | $732M 10-K 2023-03-16 | $782M 10-K/A 2024-05-24 | +6.8% | first · latest · 3 filings carry it |
| Depreciation and amortization DepreciationAndAmortization | fiscal year 2024-12-31 | $404M 10-K 2025-03-03 | $429M 10-K 2026-03-02 | +6.3% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2024-06-30 | $26.4M 10-Q 2024-08-01 | $24.9M 10-Q 2025-07-29 | -5.7% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2022-09-30 | -$46.6M 10-Q 2022-11-14 | -$44M 10-Q 2023-11-08 | +5.6% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | quarter 2024-03-31 | $78M 10-Q 2024-05-09 | $81.6M 10-Q 2025-05-08 | +4.6% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2021-12-31 | -$18.2M 10-K 2022-03-10 | -$19M 10-K/A 2024-05-24 | -4.1% | first · latest · 4 filings carry it |
| Equity issued ProceedsFromIssuanceOfCommonStock | fiscal year 2021-12-31 | $325M 10-K 2022-03-10 | $312M 10-K/A 2024-05-24 | -3.9% | first · latest · 4 filings carry it |
| Depreciation and amortization DepreciationAndAmortization | fiscal year 2023-12-31 | $180M 10-K 2024-02-28 | $186M 10-K 2026-03-02 | +3.4% | first · latest · 4 filings carry it |
| Equity issued ProceedsFromIssuanceOfCommonStock | fiscal year 2020-12-31 | $230M 10-K 2021-03-16 | $223M 10-K 2023-03-16 | -3.1% | first · latest · 3 filings carry it |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2023-09-30 | 189,506,521 shares 10-Q 2023-11-08 | 183,736,770 shares 10-Q 2024-11-12 | -3.0% | first · latest · 3 filings carry it |
| Equity issued ProceedsFromIssuanceOfCommonStock | quarter 2022-03-31 | $88.1M 10-Q 2022-05-06 | $85.5M 10-Q 2023-08-08 | -3.0% | first · latest · 3 filings carry it |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for MARA yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.