Mara Holdings, Inc. · NASDAQ:MARA
Mara — Q1 2025 Earnings Presentation
23 slides from Mara's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Update
Q1 2025 UPDATE NASDAQ:MARA • MARA.COM • MAY 8, 2025
Slide 2: Disclaimer
Disclaimer 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, other than statements o
Slide 3: The largest vertically integrated digital compute company
The largest vertically integrated digital compute company 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, providing flexible pow
Slide 4: Q1 2025 Financial & Operation Highlights
Q1 2025 Financial & Operation Highlights Energized Hashratea BTC Production Blocks Wonb UP 95% YOY TO 54.3 EH/S FROM UP 81% YOY TO 666 DOWN 19% YOY TO 2,286 BTC 27.8 EH/S FROM 368 (primarily due to halving in April 2024) Revenue Net Income (Loss) Adjusted EBITDA INCREASED 30% YOY TO $214M $(533)M ($
Slide 5: Q1 2025 Hashrate and Blocks
Q1 2025 Hashrate and Blocks PRIOR QUARTER COMPARISON Q1 2025 Q4 2024 %Δ NUMBER OF BLOCKS WON 666 703 (5)% BTC PRODUCED 2,286 2,492 (8)% AVERAGE BTC PRODUCED PER DAY 25.4 27.1 (6)% SHARE OF AVAILABLE MINER REWARDS1 5.5% 5.6% NA ENERGIZED HASHRATE (EH/s) 2 54.3 53.2 2% SOURCE: COMPANY DATA 1. THESE ME
Slide 6: Trending BTC Production & Holdings
Trending BTC Production & Holdings Holdings Balance BTC Production BTC Blocks Won +174% 47,531* 2,811 44,893* 2,492 2,286 2,058 2,070 26,747 18,488 17,320 703 666 604 457 368 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 SOURCE: COMPANY DATA * BTC HOLDINGS INCLUDE LOANED AND COLLATERIZED BTC 7
Slide 7: BTC Yield through Q1 2025
BTC Yield through Q1 2025 EVERY 1M SHARES HELD THEORETICALLY REPRESENTS 100 BTC HOLDINGS December 31, 2024 March 31, 2025 TOTAL BITCOIN HOLDINGS 44,893 47,531 SHARE OUTSTANDING (IN '000s) COMMON STOCK 340,258 346,279 CONVERTIBLE NOTES DECEMBER 2026 1,321 1,321 SEPTEMBER 2031 19,854 19,854 MARCH 2030
Slide 8: Q1 2025 Financial Performance
Q1 2025 Financial Performance $ in millions REVENUES UNRESTRICTED CASH & BTC HOLDINGS* $4,575.8 $214.4 $213.9 $4,105.7 $165.2 $145.1 $131.6 $1,857.4 $1,559.0 $1,414.6 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 NET INCOME ADJUSTED EBITDA $528.3 $796.0 $337.2 $542.
Slide 9: Cost per Petahash
Cost per Petahash 25% IMPROVEMENT YOY (Q1 2024 vs. Q1 2025) SOURCE: COMPANY DATA DEFINITIONS AND NOTES: * DAILY COST PER PETAHASH QUANTIFIES THE COST OF 1 PH/S OF COMPUTE POWER PER DAY. 10
Slide 10: Fleet Efficiency Improves YOY
Fleet Efficiency Improves YOY Fleet Efficiency Improvements Current Hash Rate Contribution Mix 40% 60% Below 20 J/TH Above 20 J/TH 12
Slide 11: MARA acquired seven sites across the U.S. in 2024
MARA acquired seven sites across the U.S. in 2024 1.2GW Nameplate Capacity Average Price Paid of ~400K/MW Paying 28% less on average than our three closest competitors for similar acquisitions SOURCE: COMPANY REPORTS. 14 NOTE: THE HANSFORD COUNTY, TEXAS ACQUISITION CLOSED IN Q1 2025
Slide 12: MARA's Disciplined Inorganic Growth Strategy
MARA's Disciplined Inorganic Growth Strategy … At the Lowest Turnkey … and the Lowest All-in Material, Low-Risk Additions… Purchase Multiples… Purchase Multiples MW Operating Growth $/ OPERATING KW $/ TOTAL KW 900 $1,800 $600.0 750 $1,500 $500.0 600 $1,200 $400.0 450 $900 $300.0 300 $600 $200.0 150
Slide 13: 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 *Site Capacity (MW) Capacity (MW) Owned Granbury, TX 232 300 Garden City, TX 126 200 Hannibal, OH 41 200 Hansford County, TX - 180 Findlay, OH 26 150 Kearney, NE 92 100 Hopedale, OH 21 25 Hearne, TX 22 22 International 57 57
Slide 14: We have Started to Operate Our Own Power Infrastructure
We have Started to Operate Our Own Power Infrastructure | NASDAQ:MARA | PRIVILEGED & CONFIDENTIAL 139 MW MARA-Owned Generation SOURCE: COMPANY DATA 17
Slide 15: MW Portfolio of Power Generation Assets
139 MW Portfolio of Power Generation Assets Hansford County, Texas Verticalizing to own renewable generation • 114 MW of MARA-owned wind power • This acquisition expanded MARA’s power | NASDAQ:MARA | PRIVILEGED & CONFIDENTIAL generation portfolio to 139 MW Optimizing generation with behind-the-meter
Slide 16: Dispatchable Compute on the Edge at Oil & Gas Sites
Dispatchable Compute on the Edge at Oil & Gas Sites Every year, roughly 140 billion cubic meters of natural gas are flared globally. • 25 MW of onsite power distributed across wellheads in Texas and North Dakota • Exclusively powered by associated natural gas, which | NASDAQ:MARA | PRIVILEGED & CONF
Slide 17: Recycling heat for various low-grade heating applications
Recycling heat for various low-grade heating applications 50% of the world’s total energy consumption is used for heating. • 2 pilot projects located in Finland, where district heating is the primary heat source. • Data centers provide heat to towns with a | NASDAQ:MARA | PRIVILEGED & CONFIDENTIAL c
Slide 18: Appendix
5 5 51g Appendix
Slide 19: Quarterly Financials: Q1 2025 v. Q4 2024
Quarterly Financials: Q1 2025 v. Q4 2025 SUMMARY BALANCE SHEET March 31, 2025 December 31, 2024 (in millions) (unaudited) CASH & CASH EQUIVALENTS 196.2 391.8 RESTRICTED CASH 12.0 12.0 DIGITAL ASSETS 3.1 4.3 OTHER RECEIVABLES 8.6 6.3 | NASDAQ:MARA | PRIVILEGED & CONFIDENTIAL DEPOSITS 22.7 18.8 DERIVA
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations (in thousands) UNAUDITED Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 RECONCILIATION TO ADJUSTED EBITDA NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (533,199) $ 528,528 $ (124,789) $ (199,659) $ 337,173 INTEREST EXPENSE (INCOME), NET (2,054) 93 (1,552) (939) (1,317) IN
Slide 21: MARA’s experienced management team
MARA’s experienced management team Prior Director of Strategic Finance at Kraken Digital Asset Exchange Previously early-stage venture capitalist Fred Thiel Adam Swick Founded Swick Capital in 2018 CHAIRMAN & CEO CHIEF STRATEGY Former strategy consultant at BCG OFFICER MBA from Northwestern’s Kellog
Slide 22: Deep expertise in AI data centers & energy - BOD
Deep expertise in AI data centers & energy, proven track record in driving innovation & growth - BOD Georges Antoun • Over 30 years of experience in global technology companies Fred Thiel DIRECTOR • Expertise in energy-efficient technologies from CHAIRMAN & CEO First Solar • Proven tech entrepreneur
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