MARA Holdings, Inc. (MARA) Q3 2025 Earnings Call

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WEBVTT 00:00:01.465 -- 00:00:06.773 Greetings. Welcome to Mara's Q3 2025 earnings conference call. 00:00:06.773 -- 00:00:10.258 At this time, all participants are in a listen-only mode. 00:00:10.258 -- 00:00:13.462 If anyone should require operator assistance during the conference, please press star 00:00:13.462 -- 00:00:18.069 zero on your telephone keypad. Please note this conference is being recorded. 00:00:18.069 -- 00:00:21.634 I will now turn the conference over to Robert Samuels, VP of Investor Relations. 00:00:21.634 -- 00:00:24.375 Thank you. You may begin. 00:00:24.518 -- 00:00:29.966 Thank you, Operator. Good morning and welcome to Mara's third quarter 2025 earnings call. 00:00:29.966 -- 00:00:34.461 Thank you for joining us today. With me on today's call are our Chairman and Chief Executive 00:00:34.461 -- 00:00:38.666 Officer, Fred Thiel, and our Chief Financial Officer, Salman Khan. 00:00:38.666 -- 00:00:42.690 Today's call includes forward-looking statements, including those about our growth plans, 00:00:42.690 -- 00:00:47.155 liquidity, and financial performance. These involve risks and uncertainties, and actual 00:00:47.155 -- 00:00:51.961 results may differ materially. We disclaim any obligation to update these statements, 00:00:51.961 -- 00:00:56.446 except as required by law. For more details, see the risk factor section of our latest 00:00:56.446 -- 00:01:01.728 10-K and other SEC filings. We'll also reference non-GAAP financial measures 00:01:01.728 -- 00:01:06.674 like adjusted EBITDA and return on capital employed, which we believe are important indicators 00:01:06.674 -- 00:01:10.998 of MARA's operating performance because they exclude certain items that we do not believe 00:01:10.998 -- 00:01:15.664 directly reflect our core operations. Plea...