Mara Holdings, Inc. · NASDAQ:MARA
Mara — Q2 2025 Earnings Presentation
23 slides from Mara's earnings presentation, Jul 29, 2025
Slide 1: Q2 2025 Update
Q2 2025 UPDATE NASDAQ:MARA • MARA.COM • JULY 29, 2025
Slide 2: Disclaimer
Disclaimer Investor Notice Forward-Looking Statements Investing in our securities involves a high degree of risk. Before This presentation contains forward-looking statements within the meaning of the federal securities laws. All making an investment decision, you should carefully consider the state
Slide 3: The Largest Vertically Integrated Dispatchable Digital Compute Companies
One The Largest Vertically Integrated Dispatchable Digital Compute Companies Who We Are MARA deploys digital energy technologies to advance the world’s energy systems. Our solutions are scalable and adaptable, optimizing how energy is produced, delivered, and consumed. We monetize excess energy, pro
Slide 4: Q2 2025 Financial & Operational Highlights
Q2 2025 Financial & Operational Highlights Revenue Net Income (Loss) Adjusted EBITDA Increased 64% YoY to $238M $808M ($1.84/share), an increase from Increased 1,093% YoY to $1.2B ($200M) (($0.72)/share) BTC Holdings BTC Production Blocks Wonb Increased 170% to 49,951 from 18,488 at Up 15% YoY to 2,
Slide 5: Q2 2025 Results & Partnerships
Q2 2025 Results & Partnerships • Record setting quarter in terms of revenues, net income, Adjusted EBITDA, energized hashrate, fleet efficiency, and blocks produced in a single month (May 2025). • Revenue increased 64% YoY to $238.5M, highest revenue quarter in company history • Fleet Efficiency imp
Slide 6: Bridging Financial & Energy Innovation Through Strategic Partnerships
Bridging Financial & Energy Innovation Through Strategic Partnerships Investment to Advance Institutional Partnership to Develop Load Partnership to Develop Power Bitcoin Yield Strategies Management System Load Balancing • MARA leads a minority investment into • On June 25, 2025, MARA announced a st
Slide 7: Q2 2025 Hashrate and Blocks
Q2 2025 Hashrate and Blocks Energized Hashrate (EH/s) BTC Block Production 703 694 666 604 57.4 53.2 54.3 457 36.9 31.5 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 PRIOR QUARTER COMPARISON Q2 2025 Q1 2025 %Δ NUMBER OF BLOCKS WON 694 666 4% BTC PRODUCED 2,358 2,286
Slide 8: Trending BTC Production & Holdings
Trending BTC Production & Holdings 170% 31% 30% 23% 49,951* 47,531* 44,893* 26,747 18,488 2,058 2,070 2,492 2,286 2,358 457 604 703 666 694 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 BTC Holdings BTC Production BTC Blocks Won % Holdings Activated 8 Source: Company Data *BTC HOLDINGS INCLUDE LOANED, ACT
Slide 9: Year-to-Date BTC Yield
Year-to-Date BTC Yield June 30, 2025 EVERY 1M SHARES HELD THEORETICALLY TOTAL BITCOIN HOLDINGS 49,951 REPRESENTS 102 BTC SHARE OUTSTANDING (IN '000s) COMMON STOCK 362,338 102 CONVERTIBLE NOTES 97 DECEMBER 2026 1,321 SEPTEMBER 2031 19,854 MARCH 2030 55,006 JUNE 2031 37,449 UNVESTED RSU/PSU 14,990 WAR
Slide 10: Q2 2025 Financial Performance
Q2 2025 Financial Performance $ in millions REVENUE UNRESTRICTED CASH & BTC HOLDINGS* $238.5 $5,442.8 $214.4 $213.9 $4,575.8 $4,105.7 $145.1 $131.6 $1,857.4 $1,414.6 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 NET INCOME (LOSS) ADJUSTED EBITDA $808.2 $1,245.5 $528
Slide 11: Over the past 10 quarters, cost per petahash per day has declined 47%
Over the past 10 quarters, cost per petahash per day has declined 47% Daily Cost per Petahash* 37.8 37.0 24% IMPROVEMENT YOY (Q2 2024 vs. Q2 2025) 31.7 28.5 28.7 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Source: Company Data 11 DEFINITIONS AND NOTES: * DAILY COST PER PETAHASH QUANTIFIES THE COST OF 1
Slide 12: Fleet Efficiency Improves YoY
Fleet Efficiency Improves YoY Fleet Efficiency Improvements Current Hash Rate Contribution Mix 26% 24.8 40% 18.3 60% Q2 2024 Q2 2025 Below 20 J/TH Above 20 J/TH 12 Source: Company Data
Slide 13: 1.1 GW Capacity with up to 1.7 GW Upside
1.1 GW Capacity with up to 1.7 GW Upside Operational Total Nameplate *Site Capacity (MW) Capacity (MW) Owned Granbury, Texas 232 300 Other, 1% Garden City, Texas 126 200 Jamestown, 8% Granbury, 21% Hannibal, Ohio 41 200 Hansford County, Texas 0 180 Findlay, Ohio 26 150 Ellendale, 16% Kearney, Nebras
Slide 14: MARA-Owned Generation
139 MW MARA-Owned Generation Hansford County, TX SOURCE: COMPANY DATA Verticalizing to own renewable generation • 114 MW of MARA-owned wind power Transitioned from 0% to 70% Owned Optimizing generation with behind-the-meter flexible load • MARA’s onsite flexible load reduces curtailed energy, addres
Slide 15: We Don't Just Hold Bitcoin, We Put it to Work
We Don't Just Hold Bitcoin, We Put it to Work By activating a portion of our holdings through lending, structured trading arrangements, and collateralized financing, we seek to generate incremental income that we expect will help fund operations, expand infrastructure, and reduce our cost of capital
Slide 16: Appendix
Elz 16 Appendix
Slide 17: BTC Holdings Detail as of June 30, 2025
BTC Holdings Detail as of June 30, 2025 Quantity Bitcoin, unrestricted 34,401 Bitcoin Asset Management Bitcoin - Loaned 7,877 Bitcoin - Actively Managed 2,004 Bitcoin - Pledged as Collateral 5,669 15,550 Total Holdings 49,951 17 Source: Company Data
Slide 18: Quarterly Financials: Q2 2025 vs. Q4 2024
Quarterly Financials: Q2 2025 vs. Q4 2024 SUMMARY BALANCE SHEET June 30, 2025 December 31, 2024 (in millions) (unaudited) CASH & CASH EQUIVALENTS $ 109.5 $ 391.8 RESTRICTED CASH 12.0 12.0 DIGITAL ASSETS 2.3 4.3 OTHER RECEIVABLES 31.0 6.3 DEPOSITS 19.4 18.8 DERIVATIVE INSTRUMENT, CURRENT PORTION 21.0
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation (in thousands) UNAUDITED Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 RECONCILIATION TO ADJUSTED EBITDA NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 808,235 $ (533,199) $ 528,528 $ (124,789) $ (199,659) INTEREST EXPENSE (INCOME), NET 3,204 (2,054) 93 (1,552) (939) INCOM
Slide 20: Featured Media & Speaking Engagements
Featured Media & Speaking Engagements MARA x AURADINE BITCOIN POLICY SUMMIT 2025 MARA x TAE EXECUTIVE BRIEF Bitcoin x AI DIGITAL ENERGY & PROSPERITY 20
Slide 21: MARA's Experienced Management Team
MARA's Experienced Management Team Fred Thiel Adam Swick Ashu Swami Daren Mancini CHAIRMAN & CEO CHIEF STRATEGY OFFICER CHIEF TECHNOLOGY CHIEF COMMERCIAL OFFICER & GM DIGITAL OFFICER INFRASTRUCTURE • Proven public company tech entrepreneur & founder of successful businesses • Prior Director of Strat
Slide 22: Board of Directors
Board of Directors Georges Antoun • Over 30 years of experience in global technology Fred Thiel companies DIRECTOR • Expertise in energy-efficient technologies from First Solar CHAIRMAN & CEO • Proven tech entrepreneur with a track record Janet George • Led multi-billion-dollar business units and la
Slide 23: Thank You
THANK YOU Contact us at ir@mara.com