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Side-by-side financial comparison of MARA Holdings, Inc. (MARA) and PicoCELA Inc. (PCLA). Click either name above to swap in a different company.
PicoCELA Inc. is the larger business by last-quarter revenue ($252.6M vs $202.3M, roughly 1.2× MARA Holdings, Inc.). PicoCELA Inc. runs the higher net margin — -125.2% vs -14298.3%, a 14173.1% gap on every dollar of revenue. PicoCELA Inc. produced more free cash flow last quarter ($-256.6M vs $-1.2B).
MARA Holdings, Inc. is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
PicoCELA Inc. is a global technology company specializing in low-power, high-reliability wireless connectivity solutions, including Wi-Fi HaLow modules and edge network infrastructure. It caters to industrial IoT, smart city, retail, and smart home segments, with a primary operational footprint across Asia, North America, and European markets.
MARA vs PCLA — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.3M | $252.6M |
| Net Profit | $-1.7B | $-316.2M |
| Gross Margin | — | — |
| Operating Margin | -11795.9% | -114.8% |
| Net Margin | -14298.3% | -125.2% |
| Revenue YoY | -5.6% | — |
| Net Profit YoY | -423.5% | — |
| EPS (diluted) | $-4.25 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $202.3M | — | ||
| Q3 25 | $252.4M | — | ||
| Q2 25 | $238.5M | — | ||
| Q1 25 | $213.9M | $252.6M | ||
| Q4 24 | $214.4M | — | ||
| Q3 24 | $131.6M | — | ||
| Q2 24 | $145.1M | — | ||
| Q1 24 | $165.2M | — |
| Q4 25 | $-1.7B | — | ||
| Q3 25 | $123.1M | — | ||
| Q2 25 | $808.2M | — | ||
| Q1 25 | $-533.4M | $-316.2M | ||
| Q4 24 | $528.5M | — | ||
| Q3 24 | $-124.8M | — | ||
| Q2 24 | $-199.7M | — | ||
| Q1 24 | $337.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -2613.4% | — | ||
| Q3 24 | -1065.0% | — | ||
| Q2 24 | -587.6% | — | ||
| Q1 24 | -289.4% | — |
| Q4 25 | -11795.9% | — | ||
| Q3 25 | 18.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -253.0% | -114.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | -130.8% | — | ||
| Q2 24 | -160.1% | — | ||
| Q1 24 | — | — |
| Q4 25 | -14298.3% | — | ||
| Q3 25 | 48.8% | — | ||
| Q2 25 | 338.9% | — | ||
| Q1 25 | -249.4% | -125.2% | ||
| Q4 24 | 5367.4% | — | ||
| Q3 24 | -94.8% | — | ||
| Q2 24 | -137.6% | — | ||
| Q1 24 | 204.1% | — |
| Q4 25 | $-4.25 | — | ||
| Q3 25 | $0.27 | — | ||
| Q2 25 | $1.84 | — | ||
| Q1 25 | $-1.55 | — | ||
| Q4 24 | $1.60 | — | ||
| Q3 24 | $-0.42 | — | ||
| Q2 24 | $-0.72 | — | ||
| Q1 24 | $1.26 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $547.1M | $456.8M |
| Total DebtLower is stronger | $3.6B | — |
| Stockholders' EquityBook value | $3.5B | $354.8M |
| Total Assets | $7.3B | $1.2B |
| Debt / EquityLower = less leverage | 1.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $547.1M | — | ||
| Q3 25 | $826.4M | — | ||
| Q2 25 | $109.5M | — | ||
| Q1 25 | $196.2M | $456.8M | ||
| Q4 24 | $391.8M | — | ||
| Q3 24 | $164.3M | — | ||
| Q2 24 | $256.0M | — | ||
| Q1 24 | $324.3M | — |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $618.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $5.2B | — | ||
| Q2 25 | $4.8B | — | ||
| Q1 25 | $3.7B | $354.8M | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.6B | — | ||
| Q1 24 | $2.5B | — |
| Q4 25 | $7.3B | — | ||
| Q3 25 | $9.2B | — | ||
| Q2 25 | $7.7B | — | ||
| Q1 25 | $6.4B | $1.2B | ||
| Q4 24 | $6.8B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | 1.04× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.22× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-802.7M | $-245.6M |
| Free Cash FlowOCF − Capex | $-1.2B | $-256.6M |
| FCF MarginFCF / Revenue | -598.0% | -101.6% |
| Capex IntensityCapex / Revenue | 201.2% | 4.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-802.7M | — | ||
| Q3 25 | $-199.0M | — | ||
| Q2 25 | $-163.4M | — | ||
| Q1 25 | $-215.5M | $-245.6M | ||
| Q4 24 | $-677.0M | — | ||
| Q3 24 | $-160.1M | — | ||
| Q2 24 | $-115.2M | — | ||
| Q1 24 | $-88.3M | — |
| Q4 25 | $-1.2B | — | ||
| Q3 25 | $-283.9M | — | ||
| Q2 25 | $-282.4M | — | ||
| Q1 25 | $-254.3M | $-256.6M | ||
| Q4 24 | $-927.8M | — | ||
| Q3 24 | $-198.1M | — | ||
| Q2 24 | $-132.4M | — | ||
| Q1 24 | $-97.4M | — |
| Q4 25 | -598.0% | — | ||
| Q3 25 | -112.5% | — | ||
| Q2 25 | -118.4% | — | ||
| Q1 25 | -118.9% | -101.6% | ||
| Q4 24 | -432.8% | — | ||
| Q3 24 | -150.5% | — | ||
| Q2 24 | -91.2% | — | ||
| Q1 24 | -59.0% | — |
| Q4 25 | 201.2% | — | ||
| Q3 25 | 33.6% | — | ||
| Q2 25 | 49.9% | — | ||
| Q1 25 | 18.2% | 4.3% | ||
| Q4 24 | 117.0% | — | ||
| Q3 24 | 28.9% | — | ||
| Q2 24 | 11.9% | — | ||
| Q1 24 | 5.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | -1.62× | — | ||
| Q2 25 | -0.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.28× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.26× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MARA
Segment breakdown not available.
PCLA
| Revenue from product | $179.1M | 71% |
| Revenue from SaaS, Maintenance and others | $42.4M | 17% |
| Revenue from product – related party | $31.0M | 12% |
