Mara Holdings, Inc. · NASDAQ:MARA
Mara — Investor Presentation (September 2024)
29 slides from Mara's investor presentation, Sep 10, 2024
Slide 1: Leveraging dispatchable compute to support the energy transition
Leveraging dispatchable compute to support the energy transition NASDAQ:MARA - INVESTOR PRESENTATION - SEPTEMBER 2024
Slide 2: Disclaimer
M NASDAQ: MARA INVESTOR PRESENTATION Disclaimer Investor Notice Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our mo
Slide 3: Who We Are
mM WhoWe Are MARA is one of the largest dispatchable compute companies. We support the energy transformation. We assist in securing the world’s preeminent blockchain ledger. NASDAQ: MARA We help convert clean, stranded, or otherwise underutilized energy into value. Our mission is to build a more sus
Slide 4: One of the world's largest dispatchable compute companies
mM One of the world's largest dispatchable compute companies One of the Largest Efficiently Scaling & Proactively & Most Liquid Expanding Operations Managing Liquidity , Unrestricted Cash . Energized Compute Power? fH Ticker & Cash Equivalents NASDAQ: MARA 35.2 EH/s ~50 EH/s $256.0M AS OF 8/31/24 BY
Slide 5: MARA at a glance
ES NASDAQ: MARA INVESTOR PRESENTATION a MARA at a glance Our Core Business + Converting clean, stranded, or otherwise underutilized energy into economic value with the most efficient hardware available + Developing new technologies to advance the Bitcoin mining network Our Strategy Vertically Integr
Slide 6: Three strategic business verticals for a more diversified, integrated, sustainable operating model
ES NASDAQ: MARA INVESTOR PRESENTATION o MARA - Three strategic business verticals for a more diversified, integrated, and sustainable operating model Utility-Scale Computing + Large, flexible, grid-connected data centers + Monetizes excess power generation + Improves economic viability of energy pro
Slide 7: We excel in optimizing energy use on a global scale
M NASDAQ: MARA INVESTOR PRESENTATION x We excel in optimizing energy use on a global scale USA UAE Paraguay 13 4 DATA CENTERS CONTINENTS OF OPERATIONS Finland @ DATA CENTERS ~1100 MW DATA CENTER PORTFOLIO SOURCE: COMPANY DATA
Slide 8: Localizing the energy transformation
ES NASDAQ: MARA INVESTOR PRESENTATION © Localizing the energy transformation Abu Dhabi: Load Balancing the Power Grid The Challenge: In the UAE, energy consumption peaks during the hot summer months primarily due to high air conditioning demand.° However, power facilities must operate at the same ca
Slide 9: Vertically integrated tech stack improves operational efficiency and enhances economic moat
mM _ Vertically integrated tech stack improves operational efficiency and enhances economic moat MARAPOOL: Secure & Transparent | A Bitcoin Mining Pool fll + Self owned and operated mining pool + Reduces latency, generates above average fee revenues MARAFW: Custom Bitcoin Mining Firmware + Proprieta
Slide 10: Key metrics in focus
mM Key metrics in focus ENERGIZED COMPUTE POWER (EH/S)@ BITCOIN BLOCKS PRODUCED* 31.5 aa ws 27:8 = 24.7 44 368 : } L i < if i if Bs 23 0s 2023 a3 am te 2024 223 ees ners wae (2 20% z A AVERAGE FLEET ENERGY EFFICIENCY (J/TH)> DAILY COST PER PETAHASH? Z (THE AMOUNT OF ENERGY USED, MEASURED IN JOULES,
Slide 11: Proactive treasury management: Increasing total short-term liquidity on the balance sheet
M Proactive treasury management: Increasing total short-term liquidity on the balance sheet Total Short-Term Liquidity: ~$1.4 Billion ™CASH & BITCOIN@? mTOTAL DEBT® $1, 800M $1,600" = $1, 400M = = $1, 200M Z a 2 $1,000" = $800M $600" = S & $400m = = a $200" z & $om & Q2 2023 Q3 2023 Q4 2023 Qa 2024
Slide 12: Long-term confidence in bitcoin: Full HODL approach
mM _ Long-term confidence in bitcoin: Full “HODL" approach, retaining all BTC mined and making strategic open market purchases MARA’'S Key Bitcoin Purchases Timeline MMEUNRESTRICTED BITCOIN HOLDINGS ——BTC / SHARE® 30,000 BTC 190 January 25, 2021: 90 MARA invests $150 million in BTC, which remains on
Slide 13: A Diversified, Portfolio Approach to Bitcoin Mining
ES RA S P=) I INVESTOR PRESENTATION b a 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 portfol
Slide 14: Significantly increasing power capacity and ownership
mM Significantly increasing power capacity and ownership 12/31/23 Capacity (MW) by Location? Expected Available Capacity (MW) by Location TOTAL: 619 MW TOTAL: ~1,100 MW OWNED: 4% OWNED: 54% ABU DHABI, UAE 4% -INT’L JVS [7% GRANBURY, TX 8% < = = JAMESTOWN, ND—— = 3% GRANBURY, TX Ss GARDEN CITY, TX 27
Slide 15: MARA's portfolio approach to dispatchable compute
M NASDAQ: MARA INVESTOR PRESENTATION b a MARA’s portfolio approach to dispatchable compute Applying Portfolio Theory To Bitcoin Mining Assets Key Advantages Third-Party Hosted Rapid deployment; outperforms in bull cycles Self-Hosted Lower operating cost and greater control; outperforms in bear cycle
Slide 16: World-class dispatchable compute fleet
ES NASDAQ: MARA INVESTOR PRESENTATION b o World-class dispatchable compute fleet 13 1,100 MW 265,000 35.2 EH/S 23.2 J/TH Total Sites Total Available Capacity? Total Operational Miners Energized Compute Power Fleet Efficiency {a ener ents vee ie) Wa Ure GARDEN CITY, TX SELF-OWNED AND OPERATED AIR, IM
Slide 17: Strategic Differentiators
ES 17 Strategic Differentiators Generating New Revenue Streams via Energy Harvesting and Technology Products
Slide 18: Reducing input costs, diversifying revenue streams with Energy Harvesting
mM Reducing input costs, diversifying revenue streams, and improving environmental sustainability with Energy Harvesting Stranded Natural Gas Oil and gas well operators often flare natural gas since it may be more economical than selling or storing it, and for regulatory requirements. Potentially Pr
Slide 19: MARA in action: Monetizing landfill gas and reducing methane emissions
mM MARA in action: Monetizing landfill gas and reducing methane emissions” >50% of US landfills vent their methane due to a lack of gas collection systems” - Partnered with Nodal Power - Announced in November 2023 + 280 kW pilot project located in Utah The pilot landfill reduced its methane emission
Slide 20: Recycling heat for various low-grade heating applications
ES NASDAQ: MARA INVESTOR PRESENTATION N cc Recycling heat for various low-grade heating applications 50% of the world’s total energy consumption is used for heating” + 2 MW pilot project located in Finland - Providing heat to a town with 11,000 residences. - Fully contained within a room measuring n
Slide 21: Opening up our tech stack to earn non-bitcoin revenues
M Opening up our tech stack to earn non-bitcoin revenues MARAFW Launched in March 2024 Advanced firmware for Bitmain Antminers Designed to optimize Bitcoin mining performance, efficiency, and stability MARAF VV. Potential to earn non-bitcoin revenue through direct sales, dev fees, monthly subscripti
Slide 22: 2PIC: Opening doors for AI/HPC with next-generation immersion cooling
ES NASDAQ: MARA INVESTOR PRESENTATION N S 2PIC: Opening doors for Al/HPC and MARA with next-generation immersion cooling In Production 2PIC1000 FOR AI/HPC DATA CENTERS: DIMENSIONS: 8’ X 4’ X 4? FT In Development Designed to maximize energy efficiency & power density”’ 2PIC sY¥MARA 2-4X more power wi
Slide 23: Experienced management team
mM Experienced management team . Entrepreneur with 20 years of experience in Jim Crawford operations and IP at publicly traded companies, EVP/GM UTILITY-SCALE MINING specializing in scaling and optimization, MBA from Washington State, and a patent holder. =) Fred Thiel CHAIRMAN & CEO Proven tech ent
Slide 24: Appendix
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Slide 25: Setting the pace for the dispatchable compute industry
ES NASDAQ: MARA INVESTOR PRESENTATION i a Setting the pace for the dispatchable compute industry MARKET CAPITALIZATION (Q2 2024) COMPUTE POWER (Q2 2024) $6.08 35 EH/S 1 30 EH/S 5 i 31 a 5 29) EN/S To reid 20 EH/S Billion 53.0 EH/s 45 EH/s. $2.08 10 EH/S 7 ¢ 5 EH/S EEEBEE 1.68 P Market Compute Power
Slide 26: Quarterly Financials: Q2 2023 to Q2 2024
M NASDAQ: MARA INVESTOR PRESENTATION NS o Quarterly Financials: Q2 2023 to Q2 2024 414 Q2 2023 $81.8" Q2 2023 $35.8M Q2 2023 SOURCE: COMPANY DATA BTC BLOCKS PRODUCED 528 562 7 [| - Q3 2023 Q4 2023 Qi 2024 REVENUE $156.8M $165.2M $97.8M | | | Q3 2023 Q4 2023 Qa 2024 ADJUSTED EBITDA (NON-GAAP) $528.8"
Slide 27: Adjusted EBITDA Reconciliation
M MARA NASDAQ INVESTOR PRESENTATION Adjusted EBITDA Reconciliation RECONCILIATION TO ADJUSTED EBITDA NET INCOME (LOSS) $ (8,962) $ 64,137 $ 151,826 $ 337,173 $ (199,659) EXCLUDE: INTEREST EXPENSE 2,840 2,536 1,214 1,256 1,369 EXCLUDE: INCOME TAX EXPENSE (BENEFIT) 203 73 16,075 38,051 (31,657) EBIT (
Slide 28: By yf (
ES + NASDAQ:MARA | INVESTOR PRESENTATION i © HG, | By yf ( \ “y ‘MARA oe ZV ¥y |
Slide 29: References
M MARA NASDAQ INVESTOR PRESENTATION | References -MELLERUD, JARAN. “BITCOIN MINING AROUND THE WORLD: UNITED ARAB EMIRATES. - “2PIC BY MARA: REVOLUTIONIZE YOUR DATA CENTER COOLING.” 2PIC BY MARA | REVOLUTIONIZE YOUR DATA CENTER COOLING. ACCESSED AUGUST 23, 2024. HTTPS: //\iW.MARA.COM/2PIC/HOME. - “MA
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