Mara Holdings, Inc. · NASDAQ:MARA
Mara — Marathon Digital Holdings — Q3 2023 Earnings Presentation
16 slides from Mara's earnings presentation, Nov 16, 2023
Slide 1: Marathon: Securing and Supporting the Bitcoin Ecosystem
MARATHON: Securing and Supporting BIGITAL HOLOINGS the Bitcoin Ecosystem NASDAQ: MARA | Nov 2023
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements made in this presentation include forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 2IE of the Securities Exchange Act of 1934, as amended. Forward- looking statements can be identified by the use of
Slide 3: Marathon - We Think Outside the Blocks
Marathon - We Think Outside the Blocks EFFICIENT, SCALABLE AND SUSTAINABLE Our Business Increased Energized Hash Rate* 17 4-% october 2023 YTD 30 + Converting electricity into economic value with the most efficient hardware available ; i 2s + Developing new technologies to advance the Bitcoin mining
Slide 4: Increasing Hash Rate, BTC Production, Efficiency, and Market Share
Increasing Hash Rate, BTC Production, Efficiency, and Market Share Energized Hash Rate (EH/s) 78.8 3023 pase Fleet Efficiency en 'H) 30.9 4g22 3023 Source: rie data MARATHON’ Bitcoin Mined Bas 490 Ba a ! LL, 4022 Share Of Bitcoin Miner Rewards! on 4.0% 3022 2023 _.Shareof zn mie renee fined as Marat
Slide 5: Setting the Pace for the Bitcoin Mining Industry
Setting the Pace for the Bitcoin Mining Industry ONE OF THE LARGEST EFFICIENTLY SCALING & PROACTIVELY & MOST LIQUID MINERS EXPANDING OPERATIONS MANAGING LIQUIDITY UNRESTRICTED CASH TICKER eos & CASH EQUIVALENTS NASDAQ: MARA 19.2 EH/s ~30 EH/s $156.1M ENERGIZED (er of10/23) _ONCEFULLY DEPLOYED" esc C
Slide 6: Vertically Integrated Tech Stack Improves Operational Efficiency and Enhances Economic Moat
Vertically Integrated Tech Stack Improves Operational Efficiency and Enhances Economic Moat SO WARe Self-owned and operated mining pool (MaraPool) + Increased control and transparency of operations, + Reduced latency + Improved BTC production M ee FWA ra Utilizing proprietary firmware + Shorter curt
Slide 7: Distributed Operations With A Global Presence To Reduce Concentration Risk and Improve Uptime
Distributed Operations With A Global Presence To Reduce Concentration Risk and Improve Uptime Energized Hash Rate % of Bitcoin Network Total Sites Total Energized Miners Fleet Efficiency Total Megawatts 192 EH/s 45% 8 157,160, 2523/TH sis MW Installed Hash Rate By Location Source: Company data as of
Slide 8: A Diversified, Portfolio Approach to Bitcoin Mining
A Diversified, Portfolio Approach to Bitcoin Mining Each Bitcoin mining deployment comes with its own set of constraints, and each requires a curated approach. We adapt accordingly. Over time, we have used different strategies and structures to build a portfolio of Bitcoin mining operations that is
Slide 9: Marathon's Portfolio Approach To Bitcoin Mining Assets
Marathon’s Portfolio Approach To Bitcoin Mining Assets ing Portfolio Theory To Bitcoi Third-Party Hosted Rapid deployment; outperforms in bull cycles Lower operating cost and greater control; outperforms Self-Hosted in bear cycles Hedge against currency risk and inflation; historical Bitcoin Reserve
Slide 10: Expanding Internationally by Helping Build the First Large-Scale Immersion Mining Facilities in the GCC
Expanding Internationally by Helping Build the First Large-Scale Immersion Mining Facilities in the GCC* + Equity ownership - Zero Two: 80%, Marathon: 20% + Capital contributions in cash and in-kind (i.e, equipment, infrastructure, etc.) + Synergies - Zero Two: regional expertise and relationships,
Slide 11: Proactive Treasury Management
Proactive Treasury Management + In September 2023, we completed several privately negotiated exchange agreements, issuing $329M in equity for $417M of the 1% converts due 2026. + These transactions represent a significant de-leveraging event with a 56% reduction in debt outstanding and accretive to
Slide 12: Q3 Results: Revenue
Q3 Results: Revenue Total Revenues cd $97.8 $31.8 $51.1 $28.4 ~ | 3022 4022 1023 2028 3023 Q3 Highlights: + Record total bitcoin mined 3,490 + Ending energized hash rate 19.1 EH/s + Quarter avg, actual hash rate 14.2 EH/s ‘Average uptime improved from 60% in 2Q to 75% in 3Q + Transaction fees repres
Slide 13: Q3 Results: Total Margin
Q3 Results: Total Margin Non-GAAP Total Margin Cost of Revenue excl. D&A SS snor-caaprotalMarsin $29.7 $33.4 $55.2 $13.8 $59.6 3Q22 4Q22 1923 2923 3023 Q3 Highlights: + Total Margin excluding D&A $38.2M, up 44% from 2 2023 due to increased bitcoin production + Total Margin excluding D&A % of revenue
Slide 14: Q3 Results: General and Administrative Expenses
Q3 Results: General and Administrative Expenses General & Administrative Expenses I Stock based comp, Cash G&A ” [ss] as $8.7 $16.8 $14.6 $12.9 one 3022 4022 1Q23 2023 = 3023 Q3 Highlights: G&A decreased 2% from Q2 due to: + Lower property taxes + Lower conference sponsorship fees + Lower payroll an
Slide 15: Experienced Management Team
Experienced Management Team eg S Fred Thiel CHAIRMAN & CEO + Chairman and CEO since April 2021 + Proven public company tech entrepreneur, built many successful businesses + Known for creating value through innovation + Bitcoin industry thought leader + Extensive private equity and venture capital ex
Slide 16: Securing and Supporting the Bitcoin Ecosystem
Securing and Supporting MARATHON the Bitcoin Ecosystem NASDAQ: MARA | NOV 2023
Marathon Digital Holdings — Q3 2023 Earnings Presentation on 6ix