Mara Holdings, Inc. · NASDAQ:MARA
Mara — Q4 2024 Earnings Presentation
21 slides from Mara's earnings presentation, Feb 26, 2025
Slide 1: Q4 2024 Update
Q4 2024 Update NASDAQ:MARA • February 26, 2025
Slide 2: Disclaimer
Disclaimer Q4 2024 EARNINGS CALL Investor Notice Forward-Looking Statements Investing in our securities involves a high degree of This presentation contains forward-looking statements within the meaning of the federal securities risk. Before making an investment decision, you laws. All statements, o
Slide 3: 2024 Highlights from a Transformational Year
2024 Highlights from a Transformational Year Q4 2024 EARNINGS CALL • Record-high revenue, net income and Adjusted EBITDA. • Grew our energized hashrate 115% to 53.2 EH/s from 24.7 EH/s at the end of the previous year. • Improved fleet energy efficiency by 23% to 19.2 joules per terahash ("J/TH"). •
Slide 4: 2024 Financial & Operation Highlights
2024 Financial & Operation Highlights Q4 2024 EARNINGS CALL Energized Hashratea BTC Production Blocks Wonb UP 115% YOY TO 53.2 EH/S FROM UP 24% YOY TO 2,132 DOWN 27% YOY TO 9,430 BTC 24.7 EH/S FROM 1,725 | Revenue Net Income Adjusted EBITDA INCREASED 69% YOY TO $656.4M $541.0M ($1.72/SHARE), UP FROM
Slide 5: 2024 Hashrate and Blocks
2024 Hashrate and Blocks Q4 2024 EARNINGS CALL ENERGIZED HASHRATE (EH/S)a BITCOIN BLOCKS PRODUCEDb | MARA.COM PRIOR YEAR COMPARISON Q4 2024 Q4 2023 %Δ NUMBER OF BLOCKS WON 703 562 25.1 % | BTC PRODUCED 2,492 4,242 (41.3)% AVERAGE BTC PRODUCED PER DAY 27.1 46.1 (41.2)% SHARE OF AVAILABLE MINER REWARD
Slide 6: Trending BTC Production & HODL
Trending BTC Production & HODL Q4 2024 EARNINGS CALL HODL Balance BTC Production BTC Blocks Won +159% 44,893 2,811 2,492 | 2,057 2,070 MARA.COM 26,747 18,488 17,320 | 703 NASDAQ: MARA 604 457 368 Q1 2024 Q2 2024 Q3 2024 Q4 2024 SOURCE: COMPANY DATA 6 * BTC HOLDINGS INCLUDE LOANED AND COLLATERIZED BT
Slide 7: BTC Yield through 12/31/24
BTC Yield through 12/31/24 Q4 2024 EARNINGS CALL EVERY 1M SHARES HELD THEORETICALLY REPRESENTS 97 BTC HOLDINGS December 31, 2023 December 31, 2024 TOTAL BITCOIN HOLDINGS 15,126 44,893 SHARE OUTSTANDING (IN '000s) COMMON STOCK 242,829 340,258 CONVERTIBLE NOTES DECEMBER 2026 5,969 1,321 97 | SEPTEMBER
Slide 8: 2024 Financial Performance
2024 Financial Performance $ in millions REVENUES ADJUSTED EBITDA (NON-GAAP) Q4 2024 EARNINGS CALL $656.4 $1,232.2 $794.4 $541.5 $214.4 $165.2 $145.1 $131.6 ($125.6) $21.8 | Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 MARA.COM NET INCOME CASH & BTC HOLDINGS* $4,575.8 $5
Slide 9: Cost per Petahash
Cost per Petahash Q4 2024 EARNINGS CALL DAILY COST PER PETAHASH* $45.2 17.0% IMPROVEMENT YOY (2023 vs. 2024) $42.3 $41.0 $37.1 $35.1 | MARA.COM | NASDAQ: MARA Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 SOURCE: COMPANY DATA DEFINITIONS AND NOTES: * DAILY COST PER PETAHASH QUANTIFIES THE COST OF 1 PH/S O
Slide 10: Reported Year-End 2024 EH/s by Miner
Reported Year-End 2024 EH/s by Miner Q4 2024 EARNINGS CALL 53.2 39.1 | 31.5 31.0 MARA.COM 19.1 | NASDAQ: MARA MARA Miner A Miner B Miner C Miner D SOURCE: PUBLIC DISCLOSURES. OTHER PUBLIC MINERS INCLUDE CLSK, IREN, RIOT AND CORZ. 10
Slide 11: Trending Fleet Efficiency (J/TH): Total Company
Trending Fleet Efficiency (J/TH): Total Company Q4 2024 EARNINGS CALL 23% 24.7 24.8 Improvement 22.8 | 19.2 MARA.COM | NASDAQ: MARA Q1 2024 Q2 2024 Q3 2024 Q4 2024 SOURCE: COMPANY DATA 11
Slide 12: MARA Acquisition and Synergies Playbook – Granbury, TX
MARA Acquisition and Synergies Playbook – Granbury, TX We believe our state-of-the-art 290 MW nameplate capacity data center in Granbury is one of the largest containerized Q4 2024 EARNINGS CALL liquid immersion-cooled sites worldwide. Since acquiring the site in January 2024, profitability nearly d
Slide 13: MARA acquired seven sites across the U.S. in 2024
MARA acquired seven sites across the U.S. in 2024 Q4 2024 EARNINGS CALL 1.2 GW Capacity | Average Price MARA.COM Paid of ~400K/MW | Paying 28% less on average than our NASDAQ: MARA three closest competitors for similar acquisitions SOURCE: COMPANY REPORTS. 13 NOTE: THE HANSFORD COUNTY, TEXAS ACQUISI
Slide 14: MARA's Disciplined Inorganic Growth Strategy
MARA's Disciplined Inorganic Growth Strategy Q4 2024 EARNINGS CALL … At the Lowest Turnkey … and the Lowest All-in Material, Low-Risk Additions… Purchase Multiples… Purchase Multiples MW $/ OPERATING KW $/ TOTAL KW | MARA.COM | NASDAQ: MARA 14 SOURCE: PUBLIC DISCLOSURES AND COMPANY ANNOUNCEMENTS, EX
Slide 15: MARA's 1.1 GW capacity with up to 1.7 GW Upside
MARA’s 1.1 GW capacity with up to 1.7 GW Upside Operational Total Nameplate Other, 1% *Site Capacity (MW) Capacity (MW) Q4 2024 EARNINGS CALL Owned Jamestown, 8% Granbury, TX 232 300 Garden City, TX 126 200 Granbury, 21% Hannibal, OH 41 200 Hansford County, TX - 180 Ellendale, 16% Findlay, OH 26 150
Slide 16: FY24 Sources & Uses of Cash
FY24 Sources & Uses of Cash $ in millions Q4 2024 EARNINGS CALL Total Sources Uses $136 $200 ATM usage represented 43% of cash needs in 2024 $(1,930) | $2,179 MARA.COM $(1,404) | $1,852 $(677) NASDAQ: MARA $357 $(247) $404 $(61) Beginning ATM Convertible Line of Credit Proceeds from Purchase of Capi
Slide 17: Return on Capital Employed (ROCE) Analysis
Return on Capital Employed (ROCE) Analysis Q4 2024 EARNINGS CALL 30.6% Top-tier capital efficiency results in efficient use of capital raised | MARA.COM 9.4% 7.9% | 6.9% NASDAQ: MARA MARA Miner 1 Miner 2 Miner 3 SOURCE: COMPANY REPORTS. OTHER PUBLIC MINERS INCLUDE CLSK, IREN AND HIVE. 17 NOTE: ROCE
Slide 18: Appendix
NASDAQ: MARA | MARA.COM | Q4 2024 EARNINGS CALL 18 Appendix
Slide 19: Quarterly Financials: Q4 2023 to Q4 2024
Quarterly Financials: Q4 2023 to Q4 2024 Q4 2024 EARNINGS CALL SUMMARY BALANCE SHEET (Unaudited) (in millions) December 31, 2024 December 31, 2023 CASH & CASH EQUIVALENTS $ 391.8 $ 357.3 RESTRICTED CASH 12.0 — DIGITAL ASSETS 4.3 639.7 OTHER RECEIVABLES 6.3 — DEPOSITS 18.8 7.2 | DERIVATIVE INSTRUMENT
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Q4 2024 EARNINGS CALL (in thousands) UNAUDITED Q4 2024 Q4 2023 2024 2023 RECONCILIATION TO ADJUSTED EBITDA NET INCOME $ 528,283 $ 151,826 $ 541,008 $ 261,173 INTEREST EXPENSE (INCOME), NET (27) (229) (3,715) 7,541 INCOME TAX EXPENSE 118,262 16,075 75,495 16,426 DEPRECIATION
Slide 21: MARA.COM Q4 2024 EARNINGS CALL
NASDAQ: MARA | MARA.COM | Q4 2024 EARNINGS CALL 21