Group 1: Company Performance - NetEase-S (09999) saw a significant increase of 10.89% in stock price after reporting Q1 2025 net revenue of RMB 28.8285 billion, a year-on-year increase of 7.4%, and gross profit of RMB 18.5 billion, up 8.6% [1] - H&H International Holdings (01112) rose over 8% as the market speculated on the ergotamine concept, with its Swisse brand showing strong performance in high-growth segments [2] - China Gold International (02099) experienced a stock price increase of over 5% after reporting a 351% rise in Q1 revenue to USD 273 million [2] Group 2: Clinical and Pharmaceutical Developments - Shandong Xinhua Pharmaceutical (00719) surged over 14% as COVID-19 infections showed an upward trend, with the company preparing for Phase II clinical trials of OAB-14 [1] - Innovent Biologics (01801) rose nearly 3% after announcing the completion of the first patient dosing in the Phase III clinical study of Ma Shidu peptide for obesity [1] - Kangxi Biologics (06185) increased over 3% after receiving approval from the Indonesian drug regulatory authority for its inhaled tuberculosis vaccine clinical trial [1] Group 3: Market Trends and Reactions - The Nasdaq Golden Dragon China Index fell over 2%, with notable declines in popular Chinese stocks such as Tiger Brokers (TIGR.US) down over 8% and Beike (BEKE.US) down over 5% [3] - UnitedHealth Group (UNH.US) experienced a significant drop of over 15% following reports of a U.S. Department of Justice investigation into potential insurance fraud [3] - Bitcoin-related stocks declined, with CleanSpark (CLSK.US) down nearly 6% and Coinbase (COIN.US) down over 7%, as Bitcoin itself fell over 1.5% [3]

MARA Holdings, Inc. (MARA) - MARA reported a first-quarter 2025 loss of 40 cents per share, which was worse than the Zacks Consensus Estimate of a loss of 34 cents per share and significantly higher than the previous year's loss of 6 cents [1] - Total revenues for the quarter were $213.9 million, slightly missing the consensus estimate but representing a 29.5% increase from the year-ago quarter [1] - The company produced 2,286 bitcoins during the quarter, a decrease of 19% compared to the same period last year [2] - The energized hash rate increased to 54.3 exahashes per second, reflecting a 95% year-over-year growth [2] - The cost per petahash per day rose by 25% year-over-year to $28.5, while the purchased energy cost per bitcoin was $35,728 [2] - Adjusted EBITDA showed a loss of $483.6 million, down from earnings of $542.1 million in the previous year [3] - At the end of the quarter, MARA held 47,531 bitcoins and had cash and cash equivalents of $196.2 million, down from $391.8 million in the prior quarter [3] S&P Global (SPGI) - SPGI reported adjusted EPS of $4.37, exceeding the Zacks Consensus Estimate by 3.6% and increasing 9% year-over-year [4] - Revenues reached $3.8 billion, beating the consensus estimate by 2% and growing 8.3% year-over-year [4] Verisk (VRSK) - VRSK's adjusted earnings were $1.73 per share, surpassing the Zacks Consensus Estimate by 3.6% and increasing 6.1% from the year-ago quarter [5] - Total revenues amounted to $753 million, slightly beating the consensus estimate and increasing 7% year-over-year [5] Interpublic (IPG) - IPG reported adjusted earnings of 33 cents per share, exceeding the Zacks Consensus Estimate by 10% but decreasing 8.3% from the previous year [6] - Net revenues of $2 billion missed the consensus estimate slightly and declined 20% year-over-year, while total revenues of $2.3 billion decreased 7.2% year-over-year but surpassed the Zacks Consensus Estimate [6]

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Exhibit 99.1 Key Highlights Revenues increased 30% to $213.9 million IN Q1 2025 from $165.2 million in Q1 2024. Net income (loss) decreased 258% TO $(533.4) MILLION in Q1 2025 from $337.2 million in Q1 2024. Adjusted EBITDA decreased 189% $(483.6) MILLION compared to $542.1 million in Q1 2024. C o n t e n t s | To | O | u | r | S | h | a | r | e | h | o | l | d | e | r | s | 3 | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Marathon Digital Holdings, Inc. (MARA) came out with a quarterly loss of $0.40 per share versus the Zacks Consensus Estimate of a loss of $0.34. This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -17.65%. A quarter ago, it was expected that this company would post a loss of $0.32 per share when it actually produced earnings of $1.24, delivering a surprise of 487.50%.Over the last four quarters, the ...

Financial Data and Key Metrics Changes - Revenues increased by 30% to $213.9 million from $165.2 million in Q1 2024, driven by a 77% increase in the average price of Bitcoin [16][17] - The company reported a net loss of $533.4 million or negative $1.55 per diluted share, compared to a net income of $337.2 million or $1.26 per diluted share in Q1 2024 [17][18] - Adjusted EBITDA decreased to a loss of $483.6 million in Q1 2025 from a loss of $542.1 million in Q1 2024 [18] Business Line Data and Key Metrics Changes - The energized hash rate increased by 95% to 54.3 Exahash per second in Q1 2025 from 27.8 Exahash per second in Q1 2024 [13] - The purchase energy cost per Bitcoin was $35,728, with a daily cost per petahash improving by 25% year over year [9][18] Market Data and Key Metrics Changes - The average price of Bitcoin was 12% lower as of March 31, 2025, compared to December 31, 2024, resulting in an unrealized fair market value loss of $510.2 million in Q1 2025 [17] - The company currently holds over 48,000 Bitcoin on its balance sheet, with a 52% increase in Bitcoin price since the full HODL announcement in July 2024 [13][14] Company Strategy and Development Direction - The company is transforming into a vertically integrated digital energy and infrastructure company, focusing on long-term low-cost energy solutions and efficient capital deployment [6][10] - Strategic growth priorities include advancing research and development of digital energy technologies and establishing partnerships with governments and global energy corporations [8][10] Management's Comments on Operating Environment and Future Outlook - Management noted that despite a challenging quarter due to declining Bitcoin prices and increased network difficulty, they expect a substantial recovery in Bitcoin prices to positively impact Q2 results [17][18] - The company believes it is well-positioned to reduce operating costs over time as it expands its own initiatives and focuses on low-cost energy sources [18][19] Other Important Information - The company completed the construction of a 200 megawatt data center in Ohio, with 100 megawatts now online and over 12,000 miners installed [9] - The company is investing in and developing digital energy technologies to improve operational efficiency and diversify revenue streams [10][11] Q&A Session Summary Question: Market disconnect between fundamentals and share performance - Management indicated that the market values the company for its Bitcoin holdings but does not give credit for its mining operations, which they believe undervalues the company [21][22] Question: Off-grid expansion strategy and partnerships - Management discussed the importance of partnering with energy companies to monetize underutilized energy and emphasized a mix of energy sources for future growth [26][31] Question: Hash cost and operational efficiencies - Management confirmed that hash costs have been reduced and expect further declines due to ongoing projects and operational efficiencies [35][36] Question: Impact of tariffs on procuring mining rigs - Management noted that they are working to minimize the impact of tariffs through their supply chain and manufacturing strategies [62][63] Question: Full HODL strategy and future plans - Management reiterated their commitment to the full HODL strategy, emphasizing the long-term value creation for shareholders [70][72]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements and notes for the three months ended March 31, 2025 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Summarizes the company's assets, liabilities, and equity at the end of the reporting period Balance Sheet Summary | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | | Cash and cash equivalents | $196,215 | $391,771 | $(195,556) | | Total current assets | $291,826 | $470,373 | $(178,547) | | Digital assets, net of current portion | $2,745,302 | $3,223,989 | $(478,687) | | Total assets | $6,444,446 | $6,801,317 | $(356,871) | | Total current liabilities | $368,370 | $95,197 | $273,173 | | Total liabilities | $2,715,766 | $2,665,375 | $50,391 | | Total equity | $3,728,680 | $4,135,942 | $(407,262) | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Details revenues, expenses, and the resulting net loss for the first quarter of 2025 Operations Summary | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | Change (in thousands) | | :------------------------------------- | :------------------------------------------ | :------------------------------------------ | :-------------------- | | Revenues | $213,884 | $165,198 | $48,686 | | Total costs and operating expenses (income) | $754,947 | $(204,506) | $959,453 | | Operating income (loss) | $(541,063) | $369,704 | $(910,767) | | Net income (loss) | $(533,443) | $337,173 | $(870,616) | | Net income (loss) per share - basic | $(1.55) | $1.30 | $(2.85) | | Net income (loss) per share - diluted | $(1.55) | $1.26 | $(2.81) | - The significant shift from net income to net loss was primarily due to a **$394.2 million loss on the change in fair value of digital assets** in Q1 2025, compared to a **$488.8 million gain** in Q1 2024, and a **$116.1 million loss on digital assets - receivable, net** in Q1 2025[13](index=13&type=chunk)[210](index=210&type=chunk)[215](index=215&type=chunk) [Condensed Consolidated Statements of Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Outlines the changes in stockholders' equity during the first quarter of 2025 Equity Summary | Metric | December 31, 2024 (in thousands) | March 31, 2025 (in thousands) | | :----------------------------------- | :----------------------------- | :----------------------------- | | Total Stockholders' Equity | $4,129,033 | $3,724,727 | | Net loss | N/A | $(533,199) | | Issuance of common stock, net | N/A | $100,140 | | Stock-based compensation | N/A | $49,115 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Details the sources and uses of cash from operating, investing, and financing activities Cash Flow Summary | Cash Flow Activity | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :----------------------------------- | :------------------------------------------ | :------------------------------------------ | | Net cash used in operating activities | $(215,488) | $(88,340) | | Net cash used in investing activities | $(209,846) | $(416,591) | | Net cash provided by financing activities | $229,778 | $471,886 | | Net decrease in cash, cash equivalents and restricted cash | $(195,556) | $(33,045) | | Cash, cash equivalents and restricted cash — end of period | $208,215 | $324,268 | - Operating cash flow was negatively impacted by changes in operating assets and liabilities, including a **$212.7 million use of funds** related to digital assets due to non-cash bitcoin mining revenues[228](index=228&type=chunk) - Investing activities included **$97.4 million in advances to vendors**, **$38.9 million in property and equipment purchases**, and **$36.3 million for the Wind Farm acquisition**[229](index=229&type=chunk) - Financing activities were boosted by **$100.1 million from common stock issuance** under the 2024 ATM and a new **$150.0 million line of credit**[230](index=230&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of the company's accounting policies and financial data [NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS](index=9&type=section&id=NOTE%201%20%E2%80%93%20ORGANIZATION%20AND%20DESCRIPTION%20OF%20BUSINESS) Describes the company's focus as a vertically integrated digital energy and infrastructure firm - MARA is a **vertically integrated digital energy and infrastructure company**[21](index=21&type=chunk) - Core business involves leveraging high-intensity compute (bitcoin mining) to **monetize excess energy** and optimize power management[21](index=21&type=chunk) - Focuses on acquiring and holding bitcoin as a long-term investment (**HODL strategy**)[21](index=21&type=chunk) [NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=9&type=section&id=NOTE%202%20%E2%80%93%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Outlines key accounting principles, including digital asset valuation and revenue recognition - Adopted a full holding onto bitcoin (**"HODL"**) approach in 2024, retaining all mined bitcoin as a long-term investment[32](index=32&type=chunk) - Digital assets are measured at **fair value** with changes recognized in the statements of operations, following ASU 2023-08[32](index=32&type=chunk) - Reclassified cost of revenue and operating expenses into "Purchased energy costs," "Third party hosting and other energy costs," and "Operating and maintenance costs" for improved transparency, effective Q1 2025[26](index=26&type=chunk)[27](index=27&type=chunk) - Entered into **derivative contracts** to manage exposure to bitcoin price and energy cost fluctuations, recording them at fair value with changes recognized in earnings[38](index=38&type=chunk) [NOTE 3 – ACQUISITIONS](index=16&type=section&id=NOTE%203%20%E2%80%93%20ACQUISITIONS) Details recent strategic acquisitions of a wind farm and two bitcoin mining sites - Acquired a wind farm in Hansford County, Texas, on February 14, 2025, for **$49.2 million**, including 240 MW interconnection capacity and 114 MW nameplate wind capacity[72](index=72&type=chunk) - Acquired two operational bitcoin mining sites in Granbury, Texas, and Kearney, Nebraska, on January 12, 2024, for **$189.6 million**, totaling 390 MW nameplate capacity[73](index=73&type=chunk) - The GC Data Center Acquisition resulted in **$30.9 million in goodwill**, attributed to growth, efficiency, and expected synergies[76](index=76&type=chunk) - The company will transition the acquired data center sites to **self-mining**, exiting hosting services for new customers[74](index=74&type=chunk)[87](index=87&type=chunk)[102](index=102&type=chunk) [NOTE 4 – REVENUES](index=18&type=section&id=NOTE%204%20%E2%80%93%20REVENUES) Breaks down revenue sources, highlighting growth in bitcoin mining and a decline in hosting services Revenue by Source | Revenue Source | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | Change (in thousands) | | :-------------------------------- | :------------------------------------------ | :------------------------------------------ | :-------------------- | | Mining operator - transaction fees | $2,781 | $8,984 | $(6,203) | | Mining participant | $10,789 | $13,442 | $(2,653) | | Hosting services | $1,151 | $20,775 | $(19,624) | | Mining operator - block rewards and other revenue | $199,163 | $121,997 | $77,166 | | Total revenues | $213,884 | $165,198 | $48,686 | - Total revenues **increased by approximately 30% YoY**, primarily due to a **77% increase in the average bitcoin price**, which contributed $90.7 million to bitcoin mining revenue[202](index=202&type=chunk) - Bitcoin production decreased by **$21.8 million** due to the halving event[202](index=202&type=chunk) - Revenue from hosting services decreased by **$19.6 million** due to the termination of various hosting agreements as the company transitions to self-mining[203](index=203&type=chunk) [NOTE 5 – DIGITAL ASSETS](index=23&type=section&id=NOTE%205%20%E2%80%93%20DIGITAL%20ASSETS) Reports the quantity and fair value of the company's digital asset holdings Digital Asset Holdings | Digital Asset | Quantity (March 31, 2025) | Fair Value (March 31, 2025, in thousands) | Quantity (December 31, 2024) | Fair Value (December 31, 2024, in thousands) | | :---------------------- | :-------------------------- | :--------------------------------------- | :-------------------------- | :--------------------------------------- | | Bitcoin | 33,263 | $2,745,302 | 34,519 | $3,223,989 | | Bitcoin - receivable | 14,269 | $1,177,666 | 10,374 | $968,436 | | Total bitcoin holdings | 47,531 | $3,922,968 | 44,893 | $4,192,425 | | Other digital assets | N/A | $3,098 | 34,817,098 (Kaspa) | $4,327 | | Total digital assets held | N/A | $3,926,066 | N/A | $4,196,752 | - The company's bitcoin holdings **increased by 2,638 BTC** from December 31, 2024, to March 31, 2025[105](index=105&type=chunk) [NOTE 6 – DIGITAL ASSETS - RECEIVABLE, NET](index=23&type=section&id=NOTE%206%20%E2%80%93%20DIGITAL%20ASSETS%20-%20RECEIVABLE,%20NET) Details the composition of digital assets receivable from lending and collateralized activities Digital Assets Receivable | Category | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Digital asset receivable - lending | $608,856 | $688,674 | | Digital asset receivable - collateralized | $568,810 | $279,762 | | Total digital asset receivable | $1,177,666 | $968,436 | | Less: Allowance for credit loss | $(13,477) | $(8,379) | | Digital assets - receivable, net | $1,164,189 | $960,057 | - As of March 31, 2025, **7,377 bitcoin were loaned out** and **6,892 bitcoin were collateralized** for lines of credit[106](index=106&type=chunk)[107](index=107&type=chunk) [NOTE 7 – ADVANCES TO VENDORS AND DEPOSITS](index=24&type=section&id=NOTE%207%20%E2%80%93%20ADVANCES%20TO%20VENDORS%20AND%20DEPOSITS) Summarizes prepayments made to vendors for equipment and other deposits Advances and Deposits | Category | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :----------------- | :----------------------------- | :----------------------------- | | Advances to vendors | $134,045 | $121,298 | | Deposits | $263,518 | $259,429 | [NOTE 8 – PROPERTY AND EQUIPMENT](index=25&type=section&id=NOTE%208%20%E2%80%93%20PROPERTY%20AND%20EQUIPMENT) Provides a breakdown of the company's fixed assets and associated depreciation Property and Equipment, Net | Category | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :---------------------------------- | :----------------------------- | :----------------------------- | | Total gross property, equipment | $2,297,459 | $2,143,175 | | Less: Accumulated depreciation and amortization | $(731,390) | $(593,684) | | Property and equipment, net | $1,566,069 | $1,549,491 | - Depreciation expense for the three months ended March 31, 2025, was **$154.8 million**, up from $78.0 million in the prior year period[118](index=118&type=chunk) [NOTE 9 – INVESTMENTS](index=26&type=section&id=NOTE%209%20%E2%80%93%20INVESTMENTS) Details the company's equity method and other strategic investments Investment Summary | Category | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------- | :----------------------------- | :----------------------------- | | Equity method investments | $51,267 | $57,447 | | Other investments | $85,947 | $54,046 | | Total investments | $137,214 | $111,493 | - Converted **$1.2 million** from Auradine SAFE investment into preferred stock and purchased an additional **$20.0 million** of Auradine preferred stock in February 2025[124](index=124&type=chunk) - Recognized an **$11.9 million gain on investment** to adjust the carrying value of Auradine investments to an observable price[124](index=124&type=chunk) [NOTE 10 – FAIR VALUE MEASUREMENT](index=27&type=section&id=NOTE%2010%20%E2%80%93%20FAIR%20VALUE%20MEASUREMENT) Classifies assets and liabilities measured at fair value into the three-level hierarchy Fair Value Hierarchy | Asset/Liability | March 31, 2025 (in thousands) | Level 1 (in thousands) | Level 2 (in thousands) | Level 3 (in thousands) | | :-------------------------------- | :----------------------------- | :--------------------- | :--------------------- | :--------------------- | | Money market funds | $129,267 | $129,267 | $— | $— | | Digital assets | $2,748,400 | $2,748,400 | $— | $— | | Digital assets - receivable, net | $1,164,189 | $— | $1,164,189 | $— | | Derivative instrument | $35,775 | $— | $35,775 | $— | | Contingent consideration liability | $15,255 | $— | $— | $15,255 | - No transfers occurred among Levels 1, 2, or 3 during the three months ended March 31, 2025[133](index=133&type=chunk) [NOTE 11 – NET INCOME (LOSS) PER SHARE](index=29&type=section&id=NOTE%2011%20%E2%80%93%20NET%20INCOME%20(LOSS)%20PER%20SHARE) Presents the calculation of basic and diluted net income (loss) per share Earnings Per Share Calculation | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Net income (loss) per share - basic | $(1.55) | $1.30 | | Weighted average shares - basic | 344,098,009 | 259,098,664 | | Net income (loss) per share - diluted | $(1.55) | $1.26 | | Weighted average shares - diluted | 344,098,009 | 267,912,443 | - Potential dilutive securities, including warrants, restricted stock units, performance-based restricted stock units, and convertible notes, totaling **over 104 million shares**, were anti-dilutive for Q1 2025 due to the net loss[136](index=136&type=chunk) [NOTE 12 – STOCKHOLDERS' EQUITY](index=29&type=section&id=NOTE%2012%20%E2%80%93%20STOCKHOLDERS'%20EQUITY) Details changes in stockholders' equity, including share authorizations and ATM offerings - Authorized common stock increased to **800,000,000 shares** on February 19, 2025[137](index=137&type=chunk) - Commenced a new **$2.0 billion ATM offering program** (2025 ATM) on March 28, 2025[138](index=138&type=chunk) - Sold **5,428,548 shares for $100.1 million (net)** under the previous 2024 ATM program during Q1 2025, which was then concluded[139](index=139&type=chunk) [NOTE 13 – STOCK-BASED COMPENSATION](index=30&type=section&id=NOTE%2013%20%E2%80%93%20STOCK-BASED%20COMPENSATION) Reports on stock-based compensation expenses and unrecognized costs Stock-Based Compensation Expense | Award Type | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :-------------------------------- | :------------------------------------------ | :------------------------------------------ | | Performance-based restricted stock units | $24,323 | $— | | Restricted stock units | $24,792 | $51,913 | | Total stock-based compensation expense | $49,115 | $51,913 | - As of March 31, 2025, approximately **$73.1 million of unrecognized compensation** related to unvested service-based RSUs is expected to be recognized over 2.6 years[143](index=143&type=chunk) - Approximately **$133.9 million of unrecognized compensation** related to unvested PSUs is expected to be recognized over 3.0 years[146](index=146&type=chunk) [NOTE 14 – DEBT](index=32&type=section&id=NOTE%2014%20%E2%80%93%20DEBT) Summarizes the company's outstanding debt obligations, including convertible notes and lines of credit Debt Summary | Debt Type | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :---------------------- | :----------------------------- | :----------------------------- | | December 2026 Notes | $66,900 | $66,811 | | September 2031 Notes | $292,287 | $292,014 | | March 2030 Notes | $980,617 | $979,642 | | June 2031 Notes | $908,745 | $908,111 | | Line of credit | $350,000 | $200,000 | | Total debt | $2,598,549 | $2,446,578 | - Secured a new **$150.0 million line of credit** in March 2025, collateralized by 3,250 bitcoin, bringing the total outstanding line of credit to **$350.0 million**[154](index=154&type=chunk)[155](index=155&type=chunk) [NOTE 15 – LEASES](index=33&type=section&id=NOTE%2015%20%E2%80%93%20LEASES) Details the company's operating and finance lease assets and liabilities Lease Assets and Liabilities | Lease Type | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------- | :----------------------------- | :----------------------------- | | Operating lease ROU assets | $27,335 | $16,874 | | Finance lease ROU assets | $2,870 | $2,877 | | Total ROU assets | $30,205 | $19,751 | | Total lease liabilities | $38,047 | $27,093 | - Total rent expense for Q1 2025 was **$23.4 million**, consistent with Q1 2024, with variable lease costs being the largest component[159](index=159&type=chunk) [NOTE 16 – COMMITMENTS AND CONTINGENCIES](index=35&type=section&id=NOTE%2016%20%E2%80%93%20COMMITMENTS%20AND%20CONTINGENCIES) Discloses future commitments, contingent liabilities, and significant legal proceedings - Remaining commitment of **$23.5 million** for miners and other mining equipment due in 2025[161](index=161&type=chunk) - Expected minimum payments of **$468.1 million** for hosting and operational support over the next three years[162](index=162&type=chunk) Contingent Consideration | Contingent Consideration | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :----------------------------- | :----------------------------- | :----------------------------- | | Balance | $15,255 | $8,138 | - The SEC's Division of Enforcement **concluded its investigation** into the Hardin, Montana data center facility and related party transactions, not recommending enforcement action[175](index=175&type=chunk) - A jury verdict of **$138.8 million** was returned against the company in the Ho v. Marathon case for breach of a non-disclosure agreement, later reduced by 20% by the court; the company intends to appeal[177](index=177&type=chunk)[178](index=178&type=chunk) [NOTE 17 – RELATED PARTY TRANSACTIONS](index=38&type=section&id=NOTE%2017%20%E2%80%93%20RELATED%20PARTY%20TRANSACTIONS) Describes transactions with related parties, primarily concerning investments in Auradine - Converted **$1.2 million** Auradine SAFE investment to preferred stock and purchased **$20.0 million** additional preferred stock in Q1 2025[179](index=179&type=chunk) - Total investment holdings in Auradine reached **$85.4 million** as of March 31, 2025[179](index=179&type=chunk) - Advanced **$22.3 million** to Auradine for future purchases, bringing total advances to **$57.2 million**[180](index=180&type=chunk) [NOTE 18 – SUPPLEMENTAL CONDENSED CONSOLIDATED FINANCIAL INFORMATION](index=39&type=section&id=NOTE%2018%20%E2%80%93%20SUPPLEMENTAL%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20INFORMATION) Provides details on significant non-cash investing and financing activities Non-Cash Activities | Non-Cash Activity | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :---------------------------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Digital assets transferred to digital assets - receivable, net | $325,296 | $— | | Reclassifications from advances to vendor to property and equipment | $84,685 | $59,615 | | Contingent consideration from acquisition | $10,000 | $— | | Asset retirement obligation acquired | $3,250 | $— | [NOTE 19 – SUBSEQUENT EVENTS](index=39&type=section&id=NOTE%2019%20%E2%80%93%20SUBSEQUENT%20EVENTS) Reports material events that occurred after the balance sheet date - Issued **5,220,713 shares** of common stock under the 2025 ATM program after March 31, 2025[182](index=182&type=chunk) - Approximately **$1.9 billion** aggregate offering price remains available under the 2025 ATM[182](index=182&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, strategic shifts, and market impacts for the first quarter of 2025 [BUSINESS OVERVIEW AND TRENDS](index=40&type=section&id=BUSINESS%20OVERVIEW%20AND%20TRENDS) Details the company's strategic focus on digital energy, recent developments, and bitcoin mining operations [Overview](index=40&type=section&id=Overview) - MARA is a **vertically integrated digital energy and infrastructure company** focused on bitcoin mining and power management[186](index=186&type=chunk) - Expanding into AI and adjacent markets, developing modular edge infrastructure solutions, including next-generation **two-phase immersion cooling (2PIC) systems**[187](index=187&type=chunk)[188](index=188&type=chunk) - Total energy portfolio of approximately **1.7 GW capacity** with 16 data centers across North America, Middle East, Europe, and Latin America[186](index=186&type=chunk) [Recent Developments](index=41&type=section&id=Recent%20Developments) - Acquired a wind farm in Hansford County, Texas, with **114 MW nameplate wind capacity** on February 14, 2025[193](index=193&type=chunk) - Secured a **$150.0 million line of credit** in March 2025, collateralized by bitcoin holdings[193](index=193&type=chunk) - Commenced a new **$2.0 billion at-the-market offering program** on March 28, 2025[193](index=193&type=chunk) - Fully energized **25 MW micro data centers** at wellheads in North Dakota and Texas in April 2025, converting flared gas into power for low-cost operations[189](index=189&type=chunk) [Bitcoin Value](index=41&type=section&id=Bitcoin%20Value) - Maintains a **"HODL" strategy**, retaining all bitcoin mined or purchased[191](index=191&type=chunk) Bitcoin Holdings | Date | Quantity | Fair Value per Bitcoin | | :----------------- | :--------- | :--------------------- | | March 31, 2025 | 47,531 | $82,534 | | December 31, 2024 | 44,893 | $93,354 | | March 31, 2024 | 17,320 | $71,289 | - Total bitcoin holdings (including loaned and collateralized) increased to **47,531 BTC** with a fair value of **$3.9 billion** as of March 31, 2025[191](index=191&type=chunk) [Bitcoin Mining Operations](index=41&type=section&id=Bitcoin%20Mining%20Operations) - Mined **2,286 bitcoin in Q1 2025**, a 19% decrease (525 BTC) from Q1 2024, mainly due to the April 2024 halving event and increased global hashrate[194](index=194&type=chunk) Mining Metrics | Metric | March 31, 2025 | March 31, 2024 | | :-------------------------------- | :------------- | :------------- | | Energized hashrate ("EH/s") | 54.3 | 27.8 | | Miner efficiency (joules per terahash) | 19.3 | 25.0 | | BTC Yield | 3.5 % | 2.6 % | | Share of available miner rewards | 5.5 % | 3.1 % | - Owned approximately **420,000 mining rigs** globally with an energized hashrate of **54.3 EH/s** as of March 31, 2025[195](index=195&type=chunk) [Energy Cost](index=42&type=section&id=Energy%20Cost) - Energy cost represented **38.3% of owned mining revenues** for Q1 2025[197](index=197&type=chunk) - Average price of direct energy for owned facilities was **$0.04 per kilowatt hour (kWh)** in Q1 2025[199](index=199&type=chunk) Energy Cost per BTC | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------ | :-------------------------------- | :-------------------------------- | | Purchased energy costs per BTC (owned facilities) | $35,728 | $12,953 | | Total BTC produced (owned facilities) | 1,217 | 470 | [RESULTS OF OPERATIONS](index=43&type=section&id=RESULTS%20OF%20OPERATIONS) Analyzes the significant shift from net income to a net loss, driven by digital asset valuation changes [Revenues](index=43&type=section&id=Revenues) Revenue by Category | Revenue Category | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change (in thousands) | % Change | | :----------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Bitcoin mining revenue | $207,760 | $138,841 | $68,919 | 49.6% | | Hosting services | $1,151 | $20,775 | $(19,624) | (94.5)% | | Total Revenues | $213,884 | $165,198 | $48,686 | 29.5% | - Average price of BTC mined **increased by 77% to $93,317** in Q1 2025 from $52,591 in Q1 2024[201](index=201&type=chunk) - Bitcoin production **decreased by 19% (525 BTC)** to 2,286 BTC in Q1 2025 from 2,811 BTC in Q1 2024[201](index=201&type=chunk) [Costs and expenses](index=44&type=section&id=Costs%20and%20expenses) Expense Breakdown | Expense Category | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change (in thousands) | % Change | | :------------------------------------ | :--------------------- | :--------------------- | :-------------------- | :------- | | Purchased energy costs | $43,481 | $6,088 | $37,393 | 614.2% | | Third party hosting and other energy costs | $68,183 | $69,566 | $(1,383) | (2.0)% | | Operating and maintenance costs | $19,794 | $15,814 | $3,980 | 25.2% | | General and administrative | $85,865 | $68,906 | $16,959 | 24.6% | | Depreciation and amortization | $157,897 | $81,602 | $76,295 | 93.5% | | Change in fair value of digital assets | $394,162 | $(488,807) | $882,969 | (180.6)% | | Change in fair value of derivative instrument | $(26,828) | $15,252 | $(42,080) | (276.0)% | | Research and development | $9,298 | $2,466 | $6,832 | 277.0% | - Purchased energy costs **increased by 614%** due to the expansion of owned mining sites and growth in hashrate[204](index=204&type=chunk) - Depreciation and amortization **increased by 94%** due to the deployment of additional mining rigs and overall business scale[209](index=209&type=chunk) - Research and development expenses **surged by 277%** due to increased contractor costs, supplies, personnel, and related expenses for mining and technology businesses[214](index=214&type=chunk) [Other income (loss)](index=46&type=section&id=Other%20income%20(loss)) Other Income (Loss) Breakdown | Other Income (Loss) Category | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change (in thousands) | | :------------------------------------------ | :--------------------- | :--------------------- | :-------------------- | | Change in fair value of digital assets - receivable, net | $(116,067) | $— | $(116,067) | | Interest income | $11,995 | $2,573 | $9,422 | | Interest expense | $(9,941) | $(1,256) | $(8,685) | | Total other income (loss) | $(111,552) | $5,520 | $(117,072) | - Interest income **increased by $9.4 million** due to higher average cash balances and interest earned on loaned bitcoin[217](index=217&type=chunk) - Interest expense **increased by $8.7 million** due to Convertible Notes and the Line of Credit[217](index=217&type=chunk) [Income tax benefit (expense)](index=46&type=section&id=Income%20tax%20benefit%20(expense)) Income Tax Summary | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change (in thousands) | | :-------------------------- | :--------------------- | :--------------------- | :-------------------- | | Income tax benefit (expense) | $119,172 | $(38,051) | $157,223 | - The income tax benefit was driven by changes in pretax book income/loss, particularly **fair value adjustments related to digital assets**[218](index=218&type=chunk) - The company concluded it was **more likely than not to realize its federal and state deferred tax assets** due to being in a three-year cumulative income position[64](index=64&type=chunk) [NON-GAAP FINANCIAL MEASURES](index=46&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES) Presents a reconciliation of GAAP net income (loss) to non-GAAP measures like Adjusted EBITDA Non-GAAP Reconciliation | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change (in thousands) | | :------------------------------------------ | :--------------------- | :--------------------- | :-------------------- | | Net income (loss) attributable to common stockholders | $(533,199) | $337,173 | $(870,372) | | EBITDA | $(493,423) | $458,092 | $(951,515) | | Adjusted EBITDA | $(483,565) | $542,118 | $(1,025,683) | - **Adjusted EBITDA** is used by management to evaluate business performance by excluding non-cash and non-recurring items[221](index=221&type=chunk)[222](index=222&type=chunk) [FINANCIAL CONDITION AND LIQUIDITY](index=47&type=section&id=FINANCIAL%20CONDITION%20AND%20LIQUIDITY) Assesses the company's liquidity position, capital resources, and ability to fund future operations Liquidity Summary | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :---------------------------------------------------------------- | :----------------------------- | :----------------------------- | | Cash and cash equivalents (excluding restricted cash) | $196,215 | $391,771 | | Fair value of digital asset holdings (including loaned/collateralized) | $3,900,000 | $4,192,425 | | Combined liquid resources | $4,096,215 | $4,584,196 | - Total bitcoin holdings were **47,531 BTC** (including 14,269 loaned/collateralized) with a fair value of **$3.9 billion** as of March 31, 2025[231](index=231&type=chunk) - The company expects **sufficient liquidity** for ongoing operations and growth, primarily through available cash and public capital markets (e.g., ATM facilities)[239](index=239&type=chunk) - The rescission of SAB 121 is expected to increase commercial bank activity in the sector, potentially **expanding access to traditional financing**[237](index=237&type=chunk) [CONTRACTUAL OBLIGATIONS AND COMMITMENTS](index=49&type=section&id=CONTRACTUAL%20OBLIGATIONS%20AND%20COMMITMENTS) Summarizes future payment obligations for equipment, hosting, debt, and leases - Remaining commitment of **$23.5 million** for miners and other mining equipment due in 2025[241](index=241&type=chunk) - Expected minimum payments of **$468.1 million** for hosting and operational support over the next three years (2025-2028)[240](index=240&type=chunk) - Convertible Notes have remaining interest payments of approximately **$0.5 million** (2026 Notes) and **$4.8 million** (2031 Notes) for the remainder of 2025, with annual interest payments extending through 2031 and total principal of **$2.3 billion** due at maturity[242](index=242&type=chunk) - Lease obligations include **$1.8 million** for operating leases and **$0.2 million** for finance leases for the remainder of 2025, with long-term obligations of **$65.5 million** and **$89.6 million**, respectively[243](index=243&type=chunk) [CRITICAL ACCOUNTING ESTIMATES](index=50&type=section&id=CRITICAL%20ACCOUNTING%20ESTIMATES) Confirms no material changes to critical accounting estimates from the prior annual report - No material changes to critical accounting estimates from the previous annual report[246](index=246&type=chunk) [RECENT ACCOUNTING PRONOUNCEMENTS](index=50&type=section&id=RECENT%20ACCOUNTING%20PRONOUNCEMENTS) Discusses the potential impact of recently issued accounting standards - ASU 2025-02 (Liabilities) is effective immediately and **not expected to have a material impact**[70](index=70&type=chunk) - ASU 2023-09 (Income Taxes) will be adopted prospectively for annual periods beginning January 1, 2025, with the **impact currently under evaluation**[71](index=71&type=chunk) [Item 3. Quantitative and Qualitative Disclosure About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) Reports no material changes to market risk disclosures from the prior annual report - No material changes to market risk disclosures from the previous annual report[248](index=248&type=chunk) [Item 4. Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Evaluates the effectiveness of disclosure controls and internal control over financial reporting [Evaluation of Disclosure Controls and Procedures](index=50&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - Disclosure controls and procedures were **effective at the reasonable assurance level** as of March 31, 2025[249](index=249&type=chunk) - Implemented a **whistleblower hotline** to improve internal controls and allow anonymous reporting of noncompliant activity[251](index=251&type=chunk) [Change in Internal Control Over Financial Reporting](index=50&type=section&id=Change%20in%20Internal%20Control%20Over%20Financial%20Reporting) - No material changes in internal control over financial reporting during Q1 2025, apart from ongoing remediation efforts[252](index=252&type=chunk) [PART II. OTHER INFORMATION](index=51&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) Discloses no material litigation beyond what is detailed in the financial statement notes - No material litigation or regulatory proceedings beyond those disclosed in Note 16[255](index=255&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) Reports no material changes to risk factors from the prior annual report - No material changes to risk factors from the previous annual report[256](index=256&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Confirms no unregistered sales of equity securities occurred during the period - None reported[257](index=257&type=chunk) [Item 3. Defaults Upon Senior Securities](index=51&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Confirms no defaults upon senior securities occurred during the period - None reported[258](index=258&type=chunk) [Item 4. Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) States that mine safety disclosures are not applicable to the company's operations - Not applicable[259](index=259&type=chunk) [Item 5. Other Information](index=51&type=section&id=Item%205.%20Other%20Information) Details Director and Officer trading plans established under Rule 10b5-1 - Douglas Mellinger, a director, entered a 10b5-1 Plan for potential sale of up to **13,000 shares** between June 6, 2025, and June 30, 2026[260](index=260&type=chunk) - Jay Leupp, a director, entered a 10b5-1 Plan for potential sale of up to **33,500 shares** between June 9, 2025, and March 31, 2026[261](index=261&type=chunk) - Salman Khan, CFO, entered a 10b5-1 Plan for potential sale of up to **69,465 shares** between June 12, 2025, and December 31, 2025[262](index=262&type=chunk) [Item 6. Exhibits and Financial Statement Schedules](index=52&type=section&id=Item%206.%20Exhibits%20and%20Financial%20Statement%20Schedules) Lists all exhibits filed as part of the Quarterly Report - Includes various corporate governance documents, agreements, and certifications[264](index=264&type=chunk)[265](index=265&type=chunk)

Financial & Operational Highlights - Energized Hashrate increased by 95% year-over-year to 543 EH/S[9] - Bitcoin production decreased by 19% year-over-year to 2,286 BTC, primarily due to the halving in April 2024[9] - Blocks won increased by 81% year-over-year to 666[9] - Revenue increased by 30% year-over-year to $214 million[9] - Net loss was $(533) million, a decrease from a net income of $337 million[9] - Adjusted EBITDA decreased by 189% year-over-year to $(484) million[9] - Cash and BTC holdings were approximately $41 billion at the end of Q1 2025[9] - BTC holdings increased by 174% to 47,531 from 17,320 at the end of Q1 2024[9] Hashrate and Blocks - Q1 2025 saw 666 blocks won, a 5% decrease compared to Q4 2024's 703 blocks[14] - BTC produced in Q1 2025 was 2,286, an 8% decrease from Q4 2024's 2,492[14] - Energized hashrate increased by 2% from 532 EH/s in Q4 2024 to 543 EH/s in Q1 2025[14] Power Infrastructure - MARA acquired seven sites across the US in 2024, with an average price paid of approximately $400K/MW, paying 28% less than competitors for similar acquisitions[35, 37]

Financial Performance - Revenues increased 30% year-over-year to $214 million [1] - Bitcoin holdings increased 174% year-over-year to 47,531 from 17,320 at the end of Q1 2024 [1] Company Overview - MARA Holdings, Inc. is a vertically integrated digital energy and infrastructure company that leverages high-intensity compute, such as bitcoin mining, to monetize excess energy and optimize power management [4] - The company focuses on strategically growing by shifting its model toward low-cost energy with more efficient capital deployment and bringing to market a full suite of solutions for data centers and edge inference, including energy management, load balancing, and advanced cooling [4] Investor Engagement - Investors are invited to access the first quarter 2025 shareholder letter on MARA's website and a copy will be furnished to the Securities and Exchange Commission on a Form 8-K [2] - MARA will hold a webcast and conference call to discuss these financial results [2][3]

Core Insights - MARA Holdings experienced a 16.3% increase in share price in April 2025, driven by rising Bitcoin prices which enhanced the value of its assets [1] - The company's Bitcoin holdings grew from 47,531 to 48,237 coins within a month, with a dollar value increase from $3.91 billion to $4.55 billion, marking a 16.1% rise [2] - MARA has significantly expanded its mining capacity, doubling electric power service from 50 to 100 megawatts at its Ohio data center and installing 12,000 mining machines, resulting in a 5.5% increase in active mining capacity [3] Industry Context - The Bitcoin mining sector is facing increased competition and higher calculation difficulty, which has led to a slight decrease in Bitcoin production for MARA in April 2025 compared to the previous year [5] - The recent halving event in April 2024 has halved mining rewards, impacting MARA's coin production and necessitating greater effort to maintain output levels [6] - As a major Bitcoin holder and leading mining operation, MARA is positioned to gain market share as smaller competitors may be forced to exit the market due to these challenges [6]