Mara Holdings, Inc. · NASDAQ:MARA
Mara — Marathon Digital Holdings — Investor Presentation (September 2023)
16 slides from Mara's investor presentation, Sep 12, 2023
Slide 1: Securing and Supporting the Bitcoin Ecosystem
Securing and Supporting MARATHON the Bitcoin Ecosystem NASDAQ: MARA | SEP 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 H Increased Operational Hash Rate? 17.5% August 2023 YTD Our Business creased Operati lash Rate? 175% Aug ‘ Snel F 7 20 + Converting electricity into economic value with the most efficient hardware available 5 rs 25 Developin
Slide 4: Increasing Hash Rate, BTC Production, Efficiency, and Market Share
Increasing Hash Rate, BTC Production, Efficiency, and Market Share Operational Hash Rate (EH/s) Bitcoin Mined 17.7 2022 3022 4q22 1023-2028 2922 3922 4q22 1923 2023 Average Fleet Efficiency (3/TH) Share of Bitcoin Miner Rewards? 2922 3q224g22 1282028 2022 3q224q22 10232023 Source: Company data "shee
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 TICKER NASDAQ: MARA HASH RATE 19.4 EH/s ~30 EH/s ‘OPERATIONAL (AUGUST2025) ONCE FULLY DEPLOYED" UNRESTRICTED CASH & CASH EQUIVALENTS $105
Slide 6: Vertically Integrated Tech Stack Improves Efficiency and Enhances Economic Moat
Vertically Integrated Tech Stack Improves nal Efficiency and Enhances Economic Moat Self-owned and operated mining pool (MaraPool) + Increased control and transparency of operations + Reduced latency + Improved BTC production ee Rw, Be Utilizing proprietary firmware Mining Sad eee ee er Technology a
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 Operational Hash Rate % of Bitcoin Network Total Sites 19.4 EH/s 41% 8 Installed Hash Rate By Location Source: Company data as of August 31, 2023 Garden cy, TK 1% Granbury TK 8 if {now nab Source Company da
Slide 8: A Diversified, Portfolio Approach to Bitcoin Mining
A Diversified, Portfolio Approach to Bitcoin Mining Each Bitcoin mining deployment comes with its own es a curated set of constraints, and each req approach. We adapt accordingly. Over time, we have used different strategies and structures to bi portfolio of Bitcoin mining operations that is designe
Slide 9: Marathon's Portfolio Approach To Bitcoin Mining Assets
Marathon’s Portfolio Approach To Bitcoin Mining Assets Applying Portfolio Theory To Bitcoin Mining Assets Third-Party Hosted Rapid deployment; outperforms in bull cycles Lower operating cost and greater control; outperforms in Self-Hosted bear cycles Hedge against currency risk and inflation; histor
Slide 10: Expanding Internationally by Helping Build the First Large-Scale Immersion Facilities in the GCC
Expanding Internationally by Helping Build the First Large-Scale Immersion ities in the GCC* + Equity ownership ~ Zero Two: 80%, Marathon: 20% + Capital contributions in cash & in-kind (ve, equipment, Jv infrastructure, etc.) + Synergies ~Zero Two: regional expertise & relationships, Marathon: techn
Slide 11: Proactive Treasury Management
Proactive Treasury Management + We recently announced several privately negotiated exchange agreements for up to $417M of the 1% converts due 2026. + These transactions are expected to be a significant de-leveraging event with an up to 55% reduction in debt, ‘outstanding and accretive to our stockho
Slide 12: Q2 Results: Revenue
Q2 Results: Revenue Total Revenues $818 v4 $511 $24.9 $28.4 $12.7 [ | 2Q22 3Q22 4Q22 1Q23 2Q23 MARATHON Q2 Highlights: + Record total 2,926 bitcoin mined : Ending operational hash rate 17.7 EH/s + Quarter avg. actual hash rate 12.1 EH/s + Transaction fees represented 7.8% of Q2 bitcoin rewards Quart
Slide 13: Q2 Results: Total Margin
Q2 Results: Total Margin Non-GAAP Total Margin Cost of Revenue excl D&A. I Non-Gaap Total Margin $55.2 (2 $33.4 $29.7 $16.7 $13.8 2022 3022 4022 1923 2023 MARATHON’ Q2 Highlights: + Total Margin excluding D&A $26.5M, up 49% from Q1 2023 due to increased bitcoin production + Total Margin excluding D&
Slide 14: Q2 Results: General and Administrative Expenses
Q2 Results: General and Administrative Expenses General & Administrative Expenses I Stock based comp las Q2 Highlights: C8A ” G&A increased 34% from QI due to: [se + One-time sponsorship fees $16.8 pS) eI . aay taxes ; $8.7 - Higher stock-based compensation $4.3 2022 3022 4022 1023 2023 MARATHON NAS
Slide 15: Experienced Management Team
Experienced Management Team + Chief Financial Officer since June 2023 Salman Khan _ . 25yearsin public companies and big four accounting/consulting CHIEF FINANCIAL + High-tech, renewable energy, cil & gas industries ( bitline + Finance, M&A, controllership, operations, IR, startups, scale up and exi
Slide 16: Securing and Supporting the Bitcoin Ecosystem
Securing and Supporting MARATHON the Bitcoin Ecosystem NASDAQ: MARA | SEP 2023
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