Q3 2025 UPDATE NASDAQ: MARA MARA.COM NOVEMBER 4, 2025 #FFFFFF #000000 #EEECE8 #FCE9BE #A17000 #C6C3C2 #9E9B9C #625F62 Disclosure Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward- looking statements described under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange Commission (the "SEC"). ...

Financial Performance - Revenues increased 92% to $252 million year-over-year [1] - Net income improved to $123 million from a loss of $125 million in Q3 2024 [1] - Bitcoin holdings rose 98% year-over-year to 52,850 from 26,747 at the end of Q3 2024 [1] Investor Communication - Investors can access the third quarter 2025 shareholder letter on MARA's website [2] - A webcast and conference call will be held to discuss financial results at 9:30 a.m. Eastern Time [2][3] Company Overview - MARA deploys digital energy technologies to enhance global energy systems [4] - The company transforms excess energy into digital capital, supporting critical infrastructure [4]

Core Insights - MPLX LP and MARA Holdings, Inc. have signed a letter of intent (LOI) for MPLX to supply natural gas to MARA's planned integrated power generation facilities and data centers in West Texas [1][2] - The collaboration aims to enhance energy reliability and scalability in the region, with an initial power generation capacity of 400 MW and potential scalability up to 1.5 GW [2][4] Company Summaries MPLX LP - MPLX is a diversified, large-cap master limited partnership that operates midstream energy infrastructure and logistics assets, including a network of crude oil and refined product pipelines, storage caverns, and natural gas processing facilities [5] - The company aims to enhance its natural gas value chain and improve power reliability for its producer-customers through this collaboration [3] MARA Holdings, Inc. - MARA focuses on deploying digital energy technologies to optimize energy systems, transforming excess energy into digital capital and supporting critical infrastructure [6] - The partnership with MPLX allows MARA to leverage local natural gas resources, optimizing power usage and supporting the development of efficient data center campuses [4]

Group 1 - MARA Holdings, Inc. will hold a webcast and conference call on November 4, 2025, at 5:00 p.m. Eastern time to discuss its financial results for the quarter ended September 30, 2025 [1][4] - Financial results will be published in a shareholder letter prior to the call, available on the investor relations section of the Company's website [1] - Verified retail and institutional shareholders can submit and upvote questions ahead of the earnings call, with the Q&A platform opening on October 22 and closing on October 29 [3] Group 2 - MARA is a leading digital energy and infrastructure company that deploys digital energy technologies to advance global energy systems [5] - The Company transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure [5] - MARA develops technologies aimed at reducing the energy demands of high-performance computing applications, including AI [5]

Core Insights - The 2025 International Digital Energy Expo, themed "Deep AI Energy, Creating the Future," opened in Shenzhen, showcasing over 300 cutting-edge technologies from more than 2,000 companies across 50 countries, aiming to provide a "Chinese solution" for global energy transformation [2] Group 1: Event Overview - The expo covers a 50,000 square meter area and focuses on the entire energy chain from source to grid to load to storage, creating an innovative ecological platform for global energy revolution [2] - Shenzhen has established a new energy infrastructure where the number of supercharging stations exceeds traditional gas stations, creating the highest density urban charging network globally [2] Group 2: Technological Innovations - Huawei's Vice President introduced full-scene networking technology that addresses the stability challenges of high renewable energy integration into the grid, validated in global projects like the 100% renewable microgrid in Saudi Arabia [3] - BYD's new energy storage product "Haohan" has a unit capacity of 14.5 MWh, with a volume capacity density increase of 51.4% and a system volume utilization rate of 52.1%, marking the highest in the industry [3] - The largest single-tower 350MW solar thermal technology was showcased, achieving a levelized cost of electricity of 0.55 yuan per kWh, with expectations for further cost reductions by 2035 [3] Group 3: Strategic Initiatives - The expo released the "2025 Shenzhen Digital Energy White Paper," focusing on six key areas including source, network, load, storage, and carbon management, aiming to elevate Shenzhen's digital energy technology and solutions to a trillion-level new productivity [4] - The event features seven themed exhibition areas that highlight the deep integration of the digital energy industry chain, technology chain, and service chain [4] - Innovative products such as a minute-level renewable energy generation forecasting system and various waste incineration and solar storage solutions attracted significant attention from attendees [4]

Core Insights - MARA Holdings, Inc. has signed an investment agreement to acquire a 64% stake in Exaion, a subsidiary of EDF, with an option to increase ownership to 75% by 2027 [1][5] - The acquisition aims to enhance MARA's capabilities in AI and high-performance computing (HPC) infrastructure, addressing the growing demand for secure cloud solutions [2][4] Investment Details - MARA will invest approximately $168 million in cash upfront for the initial 64% stake and has the opportunity to invest an additional $127 million for an extra 11% contingent on certain milestones [5] - The transaction is expected to close in Q4 2025, pending regulatory approvals [5] Strategic Implications - Post-transaction, MARA will become a strategic shareholder in Exaion, which will facilitate larger-scale international commercial deployment of its services [2][4] - EDF will retain a minority interest in Exaion, indicating confidence in Exaion's long-term growth prospects [3] Company Background - MARA focuses on deploying digital energy technologies to advance energy systems and transform excess energy into digital capital [7] - Exaion specializes in high-performance computing data centers and secure cloud infrastructure, catering to enterprise and public-sector clients [2][8] - EDF Group is a leader in low-carbon energy, with a significant focus on sustainable energy solutions and innovation [9][10]

Core Viewpoint - MARA Holdings, Inc. has successfully closed an upsized offering of $950 million in 0.00% convertible senior notes due 2032, with net proceeds of approximately $940.5 million expected to be utilized for various corporate purposes, including acquiring additional bitcoin and repaying debt [1][2]. Group 1: Offering Details - The offering included an option for initial purchasers to buy an additional $200 million in notes within a 13-day period [1]. - The notes are unsecured and will not bear regular interest, with special interest payable under certain conditions starting February 1, 2026 [3]. - The notes will mature on August 1, 2032, and can be redeemed by MARA under specific conditions starting January 15, 2030 [3][4]. Group 2: Use of Proceeds - Approximately $18.3 million of the net proceeds will be used to repurchase $19.4 million of 1.00% convertible senior notes due 2026 [2]. - About $36.9 million will cover costs related to capped call transactions with initial purchasers [2]. - The remaining proceeds will be allocated for acquiring bitcoin, working capital, strategic acquisitions, and debt repayment [2]. Group 3: Conversion and Redemption Features - The notes are convertible into cash, shares of MARA's common stock, or a combination thereof, with an initial conversion rate of 49.3619 shares per $1,000 principal amount [5][6]. - Holders can require MARA to repurchase their notes under certain conditions, including if the stock price falls below the conversion price [4]. - The conversion rate is subject to adjustments based on specific events [6]. Group 4: Market Impact and Hedging - The repurchase of the 1.00% 2026 convertible notes may lead to significant market activity as hedged holders unwind their positions, potentially affecting MARA's stock price [7][8]. - Capped call transactions are expected to mitigate dilution upon conversion of the notes, with an initial cap price of approximately $24.14 per share [9][10]. - Initial hedging activities related to the capped call transactions may also influence the market price of MARA's common stock [11].

Core Viewpoint - MARA Holdings, Inc. plans to offer $850 million of 0.00% convertible senior notes due 2032, with an option for an additional $150 million, subject to market conditions [1][2] Group 1: Offering Details - The notes will be unsecured and are not expected to bear regular interest, with special interest payable semi-annually starting February 1, 2026 [2] - The notes will mature on August 1, 2032, and can be redeemed by MARA starting January 15, 2030, under certain conditions [2] - Holders can require MARA to repurchase their notes on January 4, 2030, if the stock price is below the conversion price [2] Group 2: Use of Proceeds - MARA intends to use up to $50 million of the net proceeds to repurchase existing 1.00% convertible senior notes due 2026, with the remainder for capped call transactions, acquiring bitcoin, and general corporate purposes [3] Group 3: Market Impact - The repurchase of the 1.00% 2026 convertible notes may lead to significant market activity as hedged holders unwind their positions, potentially affecting MARA's stock price [4] - Capped call transactions are expected to reduce dilution upon conversion of the notes and offset cash payments exceeding the principal amount [5] Group 4: Regulatory Compliance - The notes will be offered to qualified institutional buyers under Rule 144A of the Securities Act, and the offering has not been registered under the Securities Act [7]

Core Viewpoint - MARA Holdings, Inc. will hold a webcast and conference call on July 29, 2025, to discuss its financial results for the quarter ended June 30, 2025 [1] Group 1: Earnings Call Details - The earnings call is scheduled for July 29, 2025, at 5:00 p.m. Eastern time [4] - Financial results will be published in a shareholder letter prior to the call on the investor relations section of the Company's website [1] - Verified retail and institutional shareholders can submit and upvote questions ahead of the earnings call, with the Q&A platform opening on July 21 and closing on July 28 [3] Group 2: Company Overview - MARA Holdings, Inc. is a leading digital energy and infrastructure company that deploys digital energy technologies to advance global energy systems [5] - The company transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure [5] - MARA develops technologies aimed at reducing the energy demands of high-performance computing applications, including AI [5]

Core Insights - AgriFORCE Growing Systems Ltd. is participating in Bitcoin 2025, focusing on agricultural and digital energy innovation [1][4] - CEO Jolie Kahn will discuss the impact of AI, demand response, and heat reuse on Bitcoin mining efficiency [2][3] Company Overview - AgriFORCE is a technology company addressing challenges in agriculture, digital infrastructure, and environmental innovation [5] - The company emphasizes energy-efficient operations and long-term value creation through proprietary infrastructure strategies and clean energy deployment [5] Event Details - The Bitcoin 2025 Conference will take place from May 27–29, 2025, in Las Vegas, attracting stakeholders from blockchain, energy, and digital infrastructure sectors [4] - Jolie Kahn's panel discussion is scheduled for May 28, 2025, at 12:00 PM, focusing on innovative strategies in the Bitcoin mining sector [3]