Core Insights - MARA Holdings, Inc. reported a 4% month-over-month increase in bitcoin production per day for February 2025, despite a 6% decrease in the number of blocks won and total BTC produced due to higher network difficulty and fewer operational days [1][2][5] - The company currently holds a total of 46,374 BTC and did not sell any BTC in February [6] Operational Highlights - The number of blocks won decreased from 218 in January to 206 in February, a 6% decline [5] - Total BTC produced fell from 750 in January to 706 in February, also a 6% decrease [5] - Average BTC produced per day increased from 24.2 in January to 25.2 in February, a 4% increase [5] - The energized hashrate rose slightly from 53.2 EH/s in January to 53.7 EH/s in February, a 1% increase [5] Strategic Focus - The company aims to maintain its leadership in bitcoin mining while expanding its energy generation capabilities [3] - MARA is investing in research and development to establish a presence in AI and adjacent markets, which is expected to create additional revenue opportunities [4] - The company anticipates cost reductions through owning its sites and generating its own power, focusing on efficiency to achieve low-cost energy [4]

Core Viewpoint - MARA Holdings, Inc. reported a 4% increase in daily bitcoin production in February 2025, despite a 6% decrease in the number of blocks won and total BTC produced due to higher network difficulty and fewer operational days [2][3][6]. Production and Operational Highlights - Daily bitcoin production increased to an average of 25.2 BTC, up from 24.2 BTC in January, marking a 4% month-over-month increase [6]. - The total number of blocks won decreased to 206, down from 218, representing a 6% decline [6]. - Total BTC produced in February was 706, a decrease of 6% from 750 in January [6]. - The energized hashrate slightly increased to 53.7 EH/s from 53.2 EH/s, reflecting a 1% growth [6]. Financial and Strategic Developments - The company held a total of 46,374 BTC as of February 28, 2025, and did not sell any BTC during the month [8]. - MARA is focused on maintaining its leadership in bitcoin mining while expanding its energy generation capabilities [4]. - The company is investing in research and development to establish a presence in AI and adjacent markets, which is expected to create additional revenue opportunities in the long term [5].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to______ MARA HOLDINGS, INC. (Exact name of registrant as specified in charter) (State or other jurisdiction of incorporation or organization) (Commission F ...

Core Insights - MARA Holdings exceeded Wall Street expectations in Q4, reporting adjusted earnings of $1.24 per share against an anticipated loss of $0.16 per share, with revenue reaching $214 million, a 37% year-over-year increase [3] - The company's stock experienced a significant price increase of up to 19.3% following the earnings report, although it remains down 55% over the past year [2] Financial Performance - MARA generated 2,492 Bitcoins in Q4 at an average cost of $52,035 per coin and purchased an additional 15,574 Bitcoins at an average cost of $98,531 per coin [3] - The company reported a revenue of $214 million, surpassing the expected $181 million [3] Business Model - MARA's revenue model includes reporting the fair value of Bitcoin holdings, selling data center services, and generating energy from its wind farms and hydroelectric generators, which have a combined capacity of 136 megawatts [4] - The company has diversified its portfolio to include energy and computing services, which may provide stability during downturns in the cryptocurrency market [7] Market Position - MARA's share of global Bitcoin mining rewards increased to 5.6% in Q4, up from 4.8% in the previous period and 4.4% in Q4 of the previous year [6] - The company is highly dependent on rising Bitcoin prices for long-term financial health, with its financials suffering during price declines [5]

MARA Holdings, Inc. (NASDAQ:MARA) Q4 2024 Earnings Conference Call February 26, 2025 5:00 PM ET Company Participants Robert Samuels - Vice President, Investor Relations Fred Thiel - Chairman & Chief Executive Officer Salman Khan - Chief Financial Officer Conference Call Participants Brett Knoblauch - Cantor Fitzgerald Operator Greetings, and welcome to MARA's Q4 2024 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note that this conference is being rec ...

Group 1: Earnings Performance - Marathon Digital Holdings, Inc. reported quarterly earnings of $1.24 per share, significantly beating the Zacks Consensus Estimate of a loss of $0.32 per share, representing an earnings surprise of 487.50% [1] - The company posted revenues of $214.39 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 12.25%, compared to year-ago revenues of $156.77 million [2] Group 2: Stock Performance and Outlook - Marathon Digital shares have declined approximately 26% since the beginning of the year, while the S&P 500 has gained 1.3% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $223.65 million, and for the current fiscal year, it is -$0.56 on revenues of $949.19 million [7] Group 3: Industry Context - The Technology Services industry, to which Marathon Digital belongs, is currently ranked in the top 28% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Performance - Revenues increased 37% to $214.4 million in Q4 2024 from $156.8 million in Q4 2023; full-year revenues grew 69% to $656.4 million from $387.5 million in 2023[7] - Net income surged 248% to $528.3 million in Q4 2024 compared to $151.8 million in Q4 2023; for the full year, net income grew 107% to $541.0 million from $261.2 million in 2023[7] - Adjusted EBITDA rose 207% to $794.4 million in Q4 2024, setting a new industry benchmark, compared to $259.0 million in Q4 2023; full-year Adjusted EBITDA was $1.2 billion compared to $417.1 million in 2023[7] - Net income for Q4 2024 was $528.3 million, or $1.24 per diluted share, up 248% from $151.8 million, or $0.66 per diluted share, in Q4 2023; full year net income increased 107% to $541.0 million from $261.2 million[47][48] - Adjusted EBITDA reached $794.4 million in Q4 2024, a significant increase from $259.0 million in Q4 2023, and totaled $1.2 billion for the full year compared to $417.1 million in the prior year[58][59] - General and administrative expenses for the full year were $114.4 million, up from $59.8 million in the prior year, primarily due to business scale and acquisitions[57] - General and administrative expenses for Q4 2024 were $77.924 million, up from $38.014 million in Q4 2023[72] Bitcoin Production and Holdings - The company produced 2,492 BTC in Q4 2024, a decrease of 27% year-over-year, and mined a total of 9,430 BTC for the full year, reflecting a significant impact from the April 2024 halving event[38][44][45] - The company held 44,893 BTC as of December 31, 2024, valued at approximately $3.9 billion based on a spot price of $93,354 per bitcoin[60] - The company acquired 22,065 BTC at an average price of $87,205 during 2024, and did not sell any BTC in Q4 2024[64][60] - The company produced 2,492 BTC in Q4 2024, down from 4,242 BTC in Q4 2023, a decrease of 41.3%[73] Energy Management and Costs - Direct energy cost per bitcoin was $28,801 in 2024, with cost/KWh at $0.039 for owned sites[7] - The average direct energy cost per bitcoin for owned mining sites was $28,801 in 2024, with energy and hosting costs totaling $381.6 million for the year, a 71% increase from $223.3 million in 2023[53][51] - The average cost per kilowatt-hour was $0.046 in Q4 2024, compared to $0.039 in the previous year[73] - The company launched a 25-megawatt micro data center initiative, converting excess flared gas into power for operations[10] Hashrate and Mining Capacity - Energized hashrate increased 115% to 53.2 EH/s in Q4 2024 from 24.7 EH/s in Q4 2023[7] - Energized hashrate increased 115% year-over-year to 53.2 EH/s in Q4 2024, with the deployment of 132,000 new miners[38][55] - The company's energized hashrate at the end of Q4 2024 was 53.2 Exahashes per second, doubling from 24.7 Exahashes per second in Q4 2023[73] Capital Efficiency and Returns - Return on Capital Employed was 30.6% over the last 12 months, indicating strong capital efficiency compared to competitors[38][65] - The return on capital employed for the year was 30.6%, compared to 28.1% in the previous year[73] Risks and Forward-Looking Statements - Forward-looking statements include expectations about future operations, growth targets, and technology development, which are subject to risks and uncertainties[82] - The Company warns that past financial performance may not reliably indicate future performance, and historical trends should not be used to anticipate future results[81] - Risks and uncertainties described in the annual report could significantly impact the Company's business and financial condition[81] - The Company does not undertake to update forward-looking statements except as required by law, cautioning against undue reliance on these statements[82] - Actual results may differ materially from forward-looking statements due to various factors, including those outlined in the risk factors section of the annual report[82]

Financial Performance - MARA Holdings, Inc. reported record-high revenue, net income, and adjusted EBITDA for the full year and Q4 2024 [1] - The direct energy cost per bitcoin for 2024 from owned sites is $28.8K [1] - The BTC yield per share for 2024 is 62.9% [1] Investor Communication - Investors can access the fourth quarter 2024 shareholder letter on MARA's website [2] - A copy of the shareholder letter will be submitted to the Securities and Exchange Commission on a Form 8-K [2] Conference Call Details - MARA will hold a webcast and conference call on February 26, 2025, at 5:00 p.m. Eastern Time [3][4] - Registration for the conference call is available through a provided link [4]

Core Viewpoint - Marathon Digital Holdings, Inc. (MARA) is expected to report a loss of 32 cents per share for Q4 2024, a decline from a loss of 2 cents in the same quarter last year, with revenues projected at $191 million, reflecting a 21.8% year-over-year growth [1][2]. Earnings Estimates - No upward revisions have been made to the earnings estimates for the upcoming quarter in the past 30 days, with one downward revision noted, worsening the consensus estimate from a projected loss of 30 cents to 32 cents [2]. - The earnings surprise history shows that MARA has surpassed the Zacks Consensus Estimate in three of the past four quarters, with an average negative surprise of 136.1% [4][5]. Earnings ESP and Zacks Rank - MARA has an Earnings ESP of -57.48% and holds a Zacks Rank of 3 (Hold), indicating a lesser chance of an earnings beat this time [6][7]. Revenue Generation Strategy - The company's revenue in the upcoming quarter is likely to benefit from its dual approach to Bitcoin mining, which combines revenue generation with strategic asset accumulation, allowing for lower-cost Bitcoin production [8]. - MARA retains a significant portion of the Bitcoin it mines, positioning itself for potential price appreciation over time [9]. Stock Performance - Over the past three months, MARA's stock has declined by 39%, contrasting with a 39% rally in the industry, while competitors like Riot Platforms, Inc. (RIOT) and HuT 8 Corp. (HUT) saw declines of 6% and 25%, respectively [10]. Investment Considerations - MARA is viewed as a cautious hold amid mixed performance, with strategic expansion in mining capacity and cost-effective acquisitions supporting long-term growth, although near-term profitability remains challenging [14].

Core Viewpoint - Strategy (formerly MicroStrategy) has significantly outperformed MARA Holdings (formerly Marathon Digital) over the past year, with Strategy's stock rising over 370% while MARA's stock fell nearly 35% despite Bitcoin's price rallying nearly 90% during the same period [2]. Group 1: Company Overview - Strategy is the world's largest corporate holder of Bitcoin, having accumulated 450,000 Bitcoins worth approximately $97 billion, purchased at an average price of $62,691, totaling about $28.2 billion [4]. - MARA is the world's largest Bitcoin miner, with a hash rate of 53.2 exahash per second (EH/s) and an average production of 24.2 Bitcoins per day [6]. Group 2: Financial Performance - Strategy's core software business is experiencing minimal growth, primarily generating cash to fund Bitcoin purchases, while also increasing debt and issuing shares [5]. - MARA holds 44,893 Bitcoins valued at $4.3 billion, representing 72% of its enterprise value of $6 billion [7]. Group 3: Competitive Advantages - Strategy has a key advantage as it does not incur energy costs to acquire Bitcoin, converting cash from its software business and financing activities into Bitcoin [8]. - MARA faces rising energy costs and increased operating expenses due to its mining operations, which will be exacerbated by the Bitcoin halving events [9]. Group 4: Investment Outlook - If Bitcoin's price is expected to rise, Strategy is viewed as a more favorable investment compared to MARA, which requires declining energy costs and economies of scale to remain competitive [11].