Mara Holdings, Inc. · NASDAQ:MARA
Mara — Q3 2024 Earnings Presentation
21 slides from Mara's earnings presentation, Nov 12, 2024
Slide 1: Q3 2024 Update
Q3 2024 Update NASDAQ:MARA • November 12, 2024
Slide 2: Disclaimer
Disclaimer Investor Notice Forward-Looking Statements Investing in our securities involves a high degree of risk. This presentation contains forward-looking statements within the meaning of the federal securities laws. Before making an investment decision, you should All statements, other than state
Slide 3: Since our last earnings report, we...
Since our last earnings report, we... Added 372 megawatts (“MW”) of mining capacity in Ohio with an acquisition of a 222 MW site at $270,000 per MW, in addition to securing greenfield site development of 150 MWs (subsequent to quarter end). Grew our energized hash rate in October to 40.2 exahashes p
Slide 4: Since our last earnings report, we...
Since our last earnings report, we... Secured our first external orders for our two-phase immersion cooling ("2PIC") tanks and began deploying 2PIC in our own infrastructure3 Became the first publicly traded bitcoin mining company to submit a climate-related disclosure report to the Climate Disclosu
Slide 5: Q3 2024 Financial & Operational Highlights
Q3 2024 Financial & Operational Highlights Energized Hash Ratea BTC Production Blocks Wonb UP 93% YOY TO 36.9 EH/S FROM 19.1 UP 32% QOQ TO 604 DOWN 41% YOY TO 2,070 BTC EH/S FROM 457 Revenue Net Loss Adjusted EBITDA INCREASED 35% YOY $125M ($0.42/SHARE), UP FROM POSITIVE $21.8M COMPARED TO TO $131.6
Slide 6: Q3 2024 Production Highlights
Q3 2024 Production Highlights ENERGIZED HASH RATE (EH/S)a BITCOIN BLOCKS PRODUCEDb PRIOR QUARTER COMPARISON Q3 2024 Q2 2024 %Δ NUMBER OF BLOCKS WON 604 457 32% BTC PRODUCED 2,070 2,058 1% AVERAGE BTC PRODUCED PER DAY 22.5 22.9 (2)% SHARE OF AVAILABLE MINER REWARDS 1 4.8% 3.7% N/A ENERGIZED HASH RATE
Slide 7: Q3 2024 Financial Performance
Q3 2024 Financial Performance REVENUES ADJUSTED EBITDA (NON-GAAP) NET INCOME (LOSS) UNRESTRICTED CASH AND CASH EQUIVALENTS + UNRESTRICTED BTC HOLDINGS SOURCE: COMPANY DATA 7
Slide 8: Cost per petahash chart
Cost per petahash chart DAILY COST PER PETAHASHa SOURCE: COMPANY DATA DEFINITIONS AND NOTES: A. DAILY COST PER PETAHASH QUANTIFIES THE COST OF 1 PH/S OF COMPUTE POWER PER DAY. 8
Slide 9: Q3 2024 Domestic Mining Operational Performance
Q3 2024 Domestic Mining Operational Performance MARA's Q3 expansion strategy drove operational growth, achieving a 7% fleet increase to 268,000 miners and reaching 36.9 EH. Efficiency improvements are underway, with targets to surpass 22.7 J/TH as we deploy S21 Pros and immersion cooling. Granbury,
Slide 10: Return on capital employed (ROCE) analysis
Return on capital employed (ROCE) analysis ($ IN MILLIONS, UNLESS OTHERWISE STATED) 50% 45% 43% • MARA has achieved top tier industry ROCE 40% • With 20% YOY reductions in cost per petahash, we 35% 34% expect this trend to continue 30% 25% 23% 22% 22% 22% 21% 20% 18% 17% 15% 14% 13% 10% 9% 8% 5% --%
Slide 11: Stock Performance and Share Dilution Since 2021
Stock Performance and Share Dilution Since 2021 80% 2000.0% 19313.7% 1800.0% 60% 1560.5% 1600.0% 40% 1400.0% 20% 1200.0% 0% 1000.0% 800.0% -20% 711.2% 600.0% -40% 400.0% -60% 200.4% 141.2% 255.9% 200.0% -80% 0.0% MARA MINER A MINER B MINER C MINER D MINER E Share Performance, 1/1/2021 - 9/30/2024 Cu
Slide 12: BTC Yield Through 9/30/24
BTC Yield Through 9/30/24 EVERY 1M SHARES HELD THEORETICALLY REPRESENTS 78.3 12/31/2023 9/30/2024 BTC HOLDINGS TOTAL BITCOIN HOLDINGS 15,174 26,747 BITCOIN / FULLY DILUTED SHARES OUTSTANDING (IN ‘ 000s) SHARE OUTSTANDING (MM) COMMON STOCK 242,829 304,913 +31% 2026 1% CONVERT SHARES 5,969 5,969 78.3
Slide 13: MARA Increases PJM Operations by +365MW
MARA Increases PJM Operations by +365MW MARA Site Additions Investment Highlights and Considerations Up to 372 MW of capacity additions (152 MW current) Increases owned and operated capacity by over 70% Attractive entry price at less than $300/kW (for just acquired capacity) Cost reduction of ~50% a
Slide 14: Significantly increasing power capacity & ownership
Significantly increasing power capacity & ownership 12/31/23 Capacity (MW) by Locationᵃ Expected Available Capacity (MW) by Locationᵇ a. COMPANY INTERNAL DATA b. EXPECTED NAMEPLATE MEGAWATT CAPACITY FOLLOWING THE CLOSING OF RECENT TRANSACTIONS AND EXPANSION OPPORTUNITIES. 19
Slide 15: MARA's Disciplined, Inorganic Growth Strategy
MARA’s Disciplined, Inorganic Growth Strategy … At the Lowest Turnkey … and the Lowest All-in Material, Low-Risk Additions… Purchase Multiples… Purchase Multiples MW Operating Growth $/ OPERATING KW $/ TOTAL KW 900 $1,800 $600.0 750 $1,500 $500.0 600 $1,200 $400.0 450 $900 $300.0 300 $600 $200.0 150
Slide 16: Appendix
Appendix 21
Slide 17: Setting the pace for the dispatchable compute industry
Setting the pace for the dispatchable compute industry Market Capitalization Compute Power Cash & Bitcoin Per Share SOURCE: MARKET DATA AND RESEARCH AS PER FACTSET DATA SYSTEMS AND Q2 2024 SEC FILINGS. ACCESSED SEPTEMBER 3, 2024. a. CASH AND BITCOIN PER SHARE IS THE SUM TOTAL UNRESTRICTED CASH AND C
Slide 18: Quarterly Financials: Q3 2023 to Q3 2024
Quarterly Financials: Q3 2023 to Q3 2024 Summary Balance Sheet (M) SOURCE: COMPANY DATA 23
Slide 19: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation NON-GAAP FINANCIAL MEASURES: IN ORDER TO PROVIDE A MORE COMPREHENSIVE UNDERSTANDING OF THE INFORMATION USED BY OUR MANAGEMENT TEAM IN FINANCIAL AND OPERATIONAL DECISION-MAKING, WE SUPPLEMENT OUR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS THAT HAVE BEEN PREPARED IN FIN
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Slide 21: References
References 1. “MARA COMPLETES $300 MILLION OFFERING OF 2.125% CONVERTIBLE SENIOR NOTES DUE 2031, PURCHASES $249 MILLION OF BITCOIN.” MARA, AUGUST 14, 2024. HTTPS://TINYURL.COM/24H3YXXB. 2. “MARA ANNOUNCES 25-MEGAWATT MICRO DATA CENTER PROJECT POWERED BY EXCESS NATURAL GAS FROM OILFIELDS.” MARA, OCTO