As of the latest available data for Q3'25, MARA's gross margin stands at 42.5%, operating margin at 20.6%, and net profit margin at 48.8%. These figures indicate a strong improvement in profitability compared to prior quarters, with all three margins turning positive and reaching some of their highest levels in the observed period. From Q1'23 to Q3'25, the chart reveals significant volatility in all margin metrics. Gross margin fluctuated from negative territory in 2023 and early 2024 to a notable recovery starting Q1'25. Operating and net profit margins experienced extreme swings, including sharp spikes and deep troughs—most notably, net profit margin peaked at 246.5% in Q4'24 and dropped to -137.6% in Q2'24. Overall, the trend suggests MARA's profitability has been highly unstable, but recent quarters show a marked turnaround with positive momentum heading into late 2025.