Marathon(MARA) - 2024 Q4 - Annual Results

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]