As of Q4'25, MARA reported a Revenue Surprise % of -19.51%, indicating that actual revenues fell significantly short of analyst expectations for the latest quarter. Meanwhile, Revenue Growth (YoY) for the same period turned negative at -5.63%, marking a notable decline after several quarters of positive growth. Over the period from Q1'23 to Q4'25, MARA’s Revenue Surprise % exhibited considerable volatility, with both positive and negative surprises. Notably, there were sharp negative surprises in Q3'23 (-21.24%) and Q4'25 (-19.51%), contrasted by strong positive surprises in Q4'24 (16.57%). Revenue Growth (YoY) peaked dramatically in Q3'23 (671.04%) and Q4'23 (451.55%), then trended downward, stabilizing at lower positive rates through 2024 before slipping into negative territory by Q4'25. This suggests a period of rapid expansion followed by a slowdown and increased difficulty in meeting revenue expectations.