Mara Holdings, Inc. · NASDAQ:MARA

Mara — Marathon Digital Holdings — Investor Presentation (March 2024)

36 slides from Mara's investor presentation, Mar 20, 2024

  1. Slide 1: MARATHON

    MARATHON NASDAQ: HARA | MAR 2024

  2. 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

  3. Slide 3: Slide

    Slide 2 SKO Language needs to be updated Salman Khan, 2024-03-1571652.35.753 PBO 0 [@Zabi Nowaid] mind reviewing language? Anything we need to update? Priyag Babar, 2024-03-15716:17-16.769 MG1_ recommend striking the “including...deployed” Morgan J Galper, 2024-03-19715:23:48.464 PB10 Done Priyag Ba

  4. Slide 4: Marathon - We Think Outside the Blocks

    Marathon - We Think Outside the Blocks Our Business Converting electricity into economic value with Increasing Energized Hash Rate? By 2025+ the most efficient hardware available 50 + Developing new technologies to advance the Bitcoin 45 mining network Aa Our Strategy 35 30 + Software + hardware + i

  5. Slide 5: 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 TICKER HASH RATE Energized (as of229/24)* By YE2025¢ CLOSING SHARE PRICE asor2naneilil MARKET CAP & VOLUME ‘AS OF 2128/26" AVG. 30-DAY V

  6. Slide 6: Slide

    Slide 4 MPO Cash and BTC = $1,461.3 Cash = $425.6 1,461.3 - 425. Mason Price, 2024-0 $1,035.7 in BTC 12721:29:24,233 PB1 Reached out Jim for new target, if applicable Priyag Babar, 2024-03-13701:3803.679 PB2 —[@Mason Price] did you reach out Matt for volume and market cap data? Priyag Babaria, 2024-

  7. Slide 7: Increasing Hash Rate, BTC Production, Efficiency, and Market Share

    Increasing Hash Rate, BTC Production, Efficiency, and Market Share Operational Hash Rate (EH/s)* os 24.7 » 19.1 WT : | [ Average Fleet Efficiency (J/TH)'® Bitcoin Mined’” 94,242 baad 83,490 sve 92,926 92,195 i Share of Bitcoin Miner Rewards 4.4% 30.9 29.9 sa A. * ae 2B 24.5 5233 a al 2.5% 20, 1.80%

  8. Slide 8: Proactive Treasury Management: Building Cash and Bitcoin Reserves While Paying Down Debt

    Proactive Treasury Management: Building Cash and Bitcoin Reserves While Paying Down Debt TOTAL SHORT-TERM LIQUIDITY: j20 TOTAL LONG-TERM DEBT: Fl mUnrestricted Bitcoin Holdings Short-Term Debt mLong-Term Debt Unrestricted Cash & Cash Equivalents $1,600" soeen $1,400" seeen $1,200 $76eM | $1,800" sea

  9. Slide 9: Slide

    Slide 6 SKO Please double check, thought it was 56% debt reduction. Salman Khan, 2024 7:39:24, PBOO 12/31/23, Notes payable = 325,654 12/31/22, Notes Payable = 732,289 12/31/22, Term Loan* = 49,882 “term loan categorized as LT Debt in 10k 12/31/22, Long Term Debt = 782,171 % change, (325,654 / 782,1

  10. Slide 10: Vertically Integrated Tech Stack Improves Operational Efficiency and Enhances Economic Moat

    Vertically Integrated Tech Stack Improves Operational Efficiency and Enhances Economic Moat M| Mining Technology Stack MARGE MARAPOOL + Self-owned & operated mining pool + Reduces latency & increases transparency Custom Controller Boards + Proprietary firmware optimizes our miners’ performance + Bet

  11. Slide 11: 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

  12. Slide 12: Marathon's Portfolio Approach To Bitcoin Mining Assets

    Marathon’s Portfolio Approach To Applying Portfolio Theory To Bitcoin Mi ing Assets Third-Party Hosted Rapid deployment; outperforms in bull cycles Self-Hosted Lower operating cost and greater control; outperforms in bear cycles Bitcoin Reserves Hedge against currency risk and inflation; historical

  13. Slide 13: Building the Bitcoin Mining Portfolio - The Acquisitions

    Building the Bitcoin M Portfolio - The Acqui Marathon’s First Fully Owned and Operated Sites MARATHON NASDAQ: MARA | 10

  14. Slide 14: MARA Acquired Two Hosting Sites From Generate Capital

    MARA Acqu ital22:23.24 ed Two Hosting Sites From Generate Capi + Acquired two data centers with a total of 390 MW in power capacity Transaction + At the time of the transaction, Marathon represented 64 MW (2.2 E/s) or 16% of the total + Potential to add another 310 MW + Power cost expected to be ~$0

  15. Slide 15: Slide

    Slide 11 PBO Let PB10 e141 Lez Confirm with Jim Priyag Babar, 2024-03-14716:48:24 The current numbers for our miners at Kearney/Granbury are: 134 MW (5.0 EH) or 34% of the total (previous numbers are from early January) Lindsey € Curtis, 2024-03-15716:20:47 488 What would be figures as of Feb 24 end

  16. Slide 16: MARA to Acquire 200 MW Wind-Powered Site From Applied Digital

    MARA to Acquire 200 MW, Wind-Powered Site From Applied Digital25 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,

  17. Slide 17: Slide

    Slide 12 PBO sK1 PB10 Check figures Priyag Babaria, 2024-03-1471650:12.135 Is the cost per bitcoin al in cost per coin or power cost per cain. May need to define as SEC can question these kind of statistics. Salman Khan, 2024-03-15T Directly from PR: "This transaction increases our influence over ou

  18. Slide 18: 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 Cements path to 50 EH/s over Boosts baseline 2024 revenue next 18-24 months by over 50% Boosts potential power S Increases gross margin capacity 80% to 1.1 GW Increases site ownership

  19. Slide 19: Slide

    Slide 13 MGO Assuming this information is not citable/based on internal estimations? [@Priyag Babaria] Morgan J Galper, 2024-03-19719:37:09.163 MGO 0 if so, please cite similarly to the citations on the following slide. Morgan J Galper, 2024-03-19719:38:04.805 PBO 1 Correct. Based on internal data,

  20. Slide 20: Significantly Increasing Our Power Capacity and Ownership

    Significantly Increasing Our Power Capacity and Ownership 12/31/23 CAPACITY (MW) BY LOCATION?” Total: 619 MW PRO FORMA CAPACITY (MW) BY LOCATION?®* Total: 1,116 MW Owned: 4% Owned: 54% Inelave other cae Granbury, a 3 2 ™ 2% Jamestown, Jamestown, ND Granbury, ND Garden city, we ee oe * 1% Ellendale,

  21. Slide 21: Slide

    Slide 14 PBO —[@Mason Price] can you find out as of what date this was for? Priyag Babaria, 2024-03-13T0152: 3 MPO 0 Does this need to be updated? | can ask Lindsey if this is still accurate and if itis, we can say as of 2/29 in the footnote. Mason Price, 2024-03-13T 16-4557. 944 PBO 1 Yep, | reache

  22. Slide 22: Distributed Operations: Sites on Three Continents

    Distributed Operations: 11 Sites on Three Continents2? Diversified Portfolio Collaborative Efforts Resulting Strengths: MARATHON NASDAQ: MARA | 15

  23. Slide 23: Financially Attractive Transaction

    Financially Attractive Transaction2° ™ + Significant Revenue Boost: Acquisitions are expected to add an additional $230 million to 2024 revenues + Additional Financial Contribution: significant contribution through power optimization and curtailment + Increased Ownership: Recent transactions increas

  24. Slide 24: Slide

    Slide 16 SLO sK1 PB10 G2 PB20 ‘Adam, Wyatt and Minjae are working on updating this slide Stephanie Llerandl, 2024-03-14721:3433.050 Venice is an internal name...lets be consistent with how we disclosed previously on naming convention Salman Khan, 2024-03-1ST17:58:24.737 Updated for consistency. Priy

  25. Slide 25: 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

  26. Slide 26: Reduce Input Costs, Diversify Revenue Streams, and Improve Environmental Sustainability with Energy Harvesting

    Reduce Input Costs, Diversify Revenue Streams, and Improve Environmental Sustainability with Energy Harvesting Technologies Opportunities Include: Potentially Providing: ‘The heat by-product from our operations can be repurposed for diverse activities, such as warming greenhouses and buildings" Agri

  27. Slide 27: 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 + Launched in February 2024 FAM Platform enables users to submit large or non-standard transactions directly to Marathon for mining + Made possible by Marathon’s scale, self-owned and op

  28. Slide 28: Slide

    Slide 19 MGO please source logo with TM subscript from design [@Priyag Babaria) Morgan J Galper, 2024-03-19719-44:04.833, PBO 0 Morgan, we don't have this logo TM’ed. Priyag Babaria, 2024-03-19719%58:15.920 MG1_ please cite to this https://ir.mara.com/news-events/press-releases/detail/1344/marathon-

  29. Slide 29: Experienced Management Team

    Experienced Management Team + Chief Financial Officer since June 2023 25 years in public companies and Big Four accounting/consulting + High-tech, renewable energy, oil and gas industries + Finance, M&A, controllership, operations, IR, startups, scale up and exit, MBA from University of Michigan, Ce

  30. Slide 30: MARATHON

    MARATHON NASDAQ: MARA | 21

  31. Slide 31: Quarterly Financials: Q4 2022 to Q4 2023

    Quarterly Financials: Q4 2022 to Q4 2023 BTC Production’” SUMMARY BALANCE SHEET“° a,240 eS 52,926 Bae $MILLIONS DEC3I, SEP 30, 81, 562 " i | i | (2023, 2023, — lu Cash & Cash Equivalents 357.3 "01. Q4 2022 Qi 2023 Q2 2023 Q3 2023 Q4 2023 Digital Assets 639.7 286.8 Revenue** Other Receivables ail ez

  32. Slide 32: Slide

    Slide 22 sko PBOO MPO1 PBI Adjusted EBITDA - lets be consistent in the explanation how we explained in PR and 10K. Its not just FV, but also higher production, slightly better price ete. Salman Khan, 2024-03-15T180 293 [@Mason Price] can you address Sk's comment here? Priyag Babaria, 2024-03-15T18:5

  33. Slide 33: Annual Financials: YE 2022 to YE 2023

    Annual Financials: YE 2022 to YE 2023 BTC Production®) 12,852 34,144 2022 2023 Revenue‘? $387.5 $117.84 a 2022 2023 Adjusted EBITDA (non-GAAP) $419.94 | : Bison production gain om debt extngdsmet ~$543 46 SE. millon aso gl scat 2022 2023 MARuIGEIN SUMMARY BALANCE SHEET44 $MILLIONS DEC31, DEC 31, 202

  34. Slide 34: Our Fleet Across the World

    Our Fleet Across the World*> Site Location Powered Type Cooling Method Operational Miners Energized Hash Rate McCamey, TX Wind, Grid Air 68,240 TTEH/s Ellendale, ND Grid Air 56,590 TB EH/s Jamestown, ND Grid Air, Immersion 10,600 14 EH/s Garden City, Tx Wind, Grid Air, Immersion 34,200 45EH/s ‘Abu D

  35. Slide 35: References

    References a ‘Btcain Production ana Mining Operation Updates or Fobroary 2085" Marathon Distal Hollings March 5.2025 a Historical Prices &Onta"Yanco! Finance, Accessed March 9,202, : 5 Aeceazed March Is 2026 10 mn Dita Holdings Announces Biteoin Production ang Mining Operation Updates for February 2

  36. Slide 36: MARATHON

    MARATHON NASDAQ: HARA | MAR 2624

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