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The latest data point for MARA's EV/EBITDA ratio in Q1'26 stands at -2.37, indicating a negative valuation multiple driven by operational losses or market dynamics, following a sharp decline from Q4'25's -12.18. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibits high volatility, starting with negative values of -7.85 in Q2'23 and -8.35 in Q3'23 before surging to a positive peak of 17.68 in Q4'23, then fluctuating between 5.86 and 14.85 through Q3'24, and reaching an extreme high of 64.99 in Q1'25. Subsequent quarters show a downward trend with intermittent negatives, including 6.06 in Q2'25, 4.93 in Q3'25, -12.18 in Q4'25, and the recent -2.37 in Q1'26, highlighting periods of recovery interspersed with profitability challenges typical in the volatile cryptocurrency mining sector.