BTC Production Per Day Increased 4% M/M206 Blocks Won in February, 6% Decrease M/MIncreased BTC Holdings* to 46,374 BTC Fort Lauderdale, FL, March 04, 2025 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a global leader in leveraging digital asset compute to support the energy transformation, today published unaudited bitcoin ("bitcoin" or "BTC") production updates for February 2025. Management Commentary "In February, our bitcoin production per day increased 4% over Januar ...

BTC Production Per Day Increased 4% M/M206 Blocks Won in February, 6% Decrease M/MIncreased BTC Holdings* to 46,374 BTC Fort Lauderdale, FL, March 04, 2025 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a global leader in leveraging digital asset compute to support the energy transformation, today published unaudited bitcoin ("bitcoin" or "BTC") production updates for February 2025. Management Commentary "In February, our bitcoin production per day increased 4% over Januar ...

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].