MARA Holdings, Inc. (MARA) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to the MARA Q2 2025 earnings call. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Robert Samuels, Vice President, Investor Relations. Please go ahead. Thank you, operator. Good afternoon and welcome to MARA's second quarter 2025 earnings call. Thank you for joining us today. With me on today's call are our Chairman and Chief Executive Officer, Fred Thiel, and our Chief Financial Officer, Salman Khan. Today's call includes forward-looking statements, including those about our growth plans, liquidity, and financial performance. These involve risks and uncertainties, and actual results made different materially. We disclaim any obligation to update these statements, except as required by law. For more details, see the risk factor section of our latest 10-K and other SEC filings. We'll also reference non-GAAP financial measures like adjusted EBITDA and return on capital employed, which we believe are important indicators of MARA's operating performance because they exclude certain items that we do not believe directly reflect our core operations. Please see our earnings release for reconciliations to the most comparable GAAP measures. We hope you've had the chance to read our shareholder letter and look forward to your feedback. We'll begin with some prepared remarks from Fred and Salman. After their comments, we are going to be conducting an analyst interview with management. Today's session will be conducted by Chris Bredler, analyst at Rosenblatt Securities. And with that out of the way, I'm going to turn the call over to Fred to kick things off. Fre...