Mara Holdings, Inc. · NASDAQ:MARA
Mara — Marathon Digital Holdings — Investor Presentation (March 2024)
26 slides from Mara's investor presentation, Mar 20, 2024
Slide 1: Securing and Supporting the Bitcoin Ecosystem
MARATHON Securing and Supporting ereuras weweues the Bitcoin Ecosystem NASDAQ: NARA | MAR 2624
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 21E 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 Our Business i i: 3 4 + Converting electricity into economic value with Increasing Energized Hash Rate® 102% By 2025: the most efficient hardware available 50 + Developing new technologies to advance the Bitcoin 45 = mining network 0 Our Strategy 35 30 Increase
Slide 4: Setting the Pace for the Bitcoin Mining Industry
Setting the Pace for the Bitcoin Mining Industry ONE OF THE LARGEST & MOST LIQUID MINERS. EFFICIENTLY SCALING & EXPANDING OPERATIONS. PROACTIVELY MANAGING LIQUIDITY UNRESTRICTED CASH AS OF 2129/208 TICKER HAS EATe & CASH EQUIVALENTS. NASDAQ: MARA 28.7 EH/s ~50 EH/s $425.6m Energized (as of 2/29/24)5
Slide 5: 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” 24.7 Average Fleet Efficiency (3/TH)® Share of Bitcoin Miner Rewards® +40 bps 4.4% 5 dtined as Marathons mining rewards nthe paid dided ty total newerk rewards avlable nthe patos NASDAQ:
Slide 6: Proactive Treasury Management: Building Cash and Reserves While Paying Down Debt
Proactive Treasury Management: Building Cash and Reserves While Paying Down Debt TOTAL SHORT-TERM LIQUIDITY: $1.5 BILLION?° TOTAL LONG-TERM DEBT: $325.7 MILLION? mUnrestricted Bitcoin Holdings um Short-Term Debt mLong-Term Debt mUnrestricted Cash & Cash Equivalents $1,600" ‘$9een $1,400" ‘$8een $1,2
Slide 7: Vertically Integrated Tech Stack Improves Operational Efficiency and Enhances Economic Moat
Vertically Integrated Tech Stack Improves Operational Efficiency and Enhances Economic Moat SOF Wape Mining sn, Technology — Stack MARAPOOL + Self-owned & operated mining pool + Reduces latency & increases transparency Custom Controller Boards + Proprietary firmware optimizes our miners’ performance
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 Applying Portfolio Theory To Anh aa Key Advantages Bitcoin Mining Assets y 9 Third-Party Hosted — | Rapid deployment; outperforms in bull cycles ‘y P| ploy ip cy Self-Hosted 4 Lower operating cost and greater control; outperforms in bear cycles
Slide 10: Building the Bitcoin Mining Portfolio - The Acquisition of Marathon's First Fully Owned and Operated Sites
Granbury, TX geese Building the Bitcoin Mining Portfolio —- The Acquisition of Marathon’s First Fully Owned and Operated Sites Garden City, Tx MARATHON:
Slide 11: MARA Acquired Two Hosting Sites From Generate Capital
MARA Acquired Two Hosting Sites From Generate Capital2223.24 Transaction Acquired two data centers with a total of 390 MW in power capacity At the time of the transaction, Marathon represented 64 MW (2.2 EH/s) or 16% of the total Potential to add another 310 MW, Financial Highlights Power cost expec
Slide 12: MARA to Acquire Wind-Powered Site From Applied Digital
MARA to Acquire 200 MW, Wind-Powered Site From Applied Digital?> Transaction Entered definitive agreement to acquire one data center with a total of 200 MW in power capacity Marathon is currently the only tenant and utilizes 100 MW (4.5 EH/s) or 50% of the total Potential to add another 100 MW, 30 M
Slide 13: Acquisitions Boost Potential Megawatt Capacity 80%, Creates Path to 50 EH/s
Acquisitions Boost Potential Megawatt Capacity 80%, Creates Path to 50 EH/s26 Strategic Benefits Financial Impact 203 Cements path to 50 EH/s over Boosts baseline 2024 revenue next 18-24 months by over 50% ¢ Boosts potential power i Increases gross margin capacity 80% to 1.1 GW (ay Increases site ow
Slide 14: Significantly Increasing Our Power Capacity and Ownership
Significantly Increasing Our Power Capacity and Ownership 12/31/23 CAPACITY (MW) BY LOCATION?” PRO FORMA CAPACITY (MW) BY LOCATION?9* Total: 619 MW. Total: 1,116 MW. Owned: 4% Owned: 54% ‘Abu Dhabi other a Granbury, eo s 1% o% Jamestown, . Jamestown, . Granbury, 7X “ee arden city, 21% oe 1x 17% Elle
Slide 15: Distributed Operations: Sites on Three Continents
Distributed Operations: 11 Sites on Three Continents”? 1.1 GW of Total Mining Capacity Following Close of Acquisitions and Anticipated Expansion Diversified Portfolio 11Bitcoin mini untries Collaborative Efforts w Partnerships with multiple ai hosting providers Working with renewable energy companie
Slide 16: Financially Attractive Transaction
Financially Attractive Transaction®® + Significant Revenue Boost: Acquisitions are expected to Boosts 2024 Revenue Outlook By Over 50% add an additional $230 million to 2024 revenues 600+ — through power optimization and curtailment an | | + Increased Ownership: Recent transactions increased owned f
Slide 17: Strategic Differentiators: Generating New Revenue Streams via Energy Harvesting and Technology Solutions
Strategic Differentiators: Generating New Revenue Streams via Energy Harvesting and Technology Solutions MARATHON NASDAQ: MARA | 17
Slide 18: Reduce Input Costs, Diversify Revenue Streams, and Improve Environmental Sustainability with Energy Harvesting Technologies
Reduce Input Costs, Diversify Revenue Streams, and Improve Environmental Sustainability with Energy Harvesting Technologies Opportunities Include: Waste Heat Recovery ‘The heat by-product from our operations can be repurposed for diverse activities, such as warming greenhouses and buildings. Strande
Slide 19: Leveraging Our Technology Team to Launch New Tools and Services
Leveraging Our Technology Team to Launch New Tools and Services For Those Building the Future of Bitcoin Marathon Slipstream?5 MARATHON + Launched in February 2024 A M Platform enables users to submit large or non-standard transactions directly to Marathon for mining + Made possible by Marathon's sc
Slide 20: Experienced Management Team
Experienced Management Team Fred Thiel CHAIRMAN & CEO + Chairman and CEO since April 2021 + Proven publiccompany tech entrepreneur, built many successful businesses + Known for creating value through innovation + Bitcoin industry thought leader + Extensive private equity and venture capital experien
Slide 21: DDDDYLLLLLP~LPPPPPPLPPLPLPPPPPPPPPPPPLPDPDPDDPP
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Slide 22: Quarterly Financials: Q4 2022 to Q4 2023
Quarterly Financials: Q4 2022 to Q4 2023 BTC Production?” SUMMARY BALANCE SHEET4° cAARB 82,926 ERABD $MILLIONS DEC 3I, SEP 30, o-oo os = Sa = 6 Cash & Cash Equivalents 357.8 61.2 Q4 2022 Qi 2023 Q2 2023 Q3 2623 04 2023 Digital Assets 639.7 286.8 Revenue** Other Receivables ara ile $156.8" = $81.88 $
Slide 23: Annual Financials: YE 2022 to YE 2023
Annual Financials: YE 2022 to YE 2023 BTC Production“! SUMMARY BALANCE SHEET“4 212,852 $MILLIONS DEC 3), DEC 31, 24,144 2023 2022 | Cash & Cash Equivalents $357.3 $103.7 2022 2028 Restricted Cash 0.0 8.8 4a GStEONS Digital Assets 639.7 121.8 $287.5H Other Receivables 24 18.0 Suis Deposits 7.2 2.4 a
Slide 24: Our Fleet Across the World
Our Fleet Across the World*5 Total sites Total Megawatts Total Operational Miners Energized Hash Rate Fleet Efficiency 1 730 MW 230,968 28.7 EH/s 2453/TH Site Location Powered Type Cooling Method Operational Miners Energized Hash Rate McCamey, TX Wind, Grid Air 68,240 TT7EH/s Ellendale, ND Grid Air
Slide 25: References
References “Marathon Digital Holdings Announces Biteoin Preuctin and Wining Operation Updatesfor February 2024. Marathon Digtal Heldings, March § 2024, ios hou coma “Operations” Marathon Digtal Holdings Accessed Mach 18,2026 luis! susan aac “FORMIGHR® Marathon Digital eldings Accessed Maren 2024005
Slide 26: Securing and Supporting the Bitcoin Ecosystem
MARATHON Securing and Supporting ereuras weweues the Bitcoin Ecosystem NASDAQ: NARA | MAR 2624
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