MARA Holdings, Inc. (MARA) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.415 Greetings and welcome to the MARA 4Q25 00:00:03.415 -- 00:00:08.321 earnings call. At this time, all participants are in a listen-only mode. 00:00:08.321 -- 00:00:11.645 A question and answer session will follow the formal presentation. 00:00:11.645 -- 00:00:16.191 If anyone should require operator assistance during the conference, please press star 00:00:16.191 -- 00:00:21.096 zero on your telephone keypad. As a reminder, this conference is being recorded. 00:00:21.096 -- 00:00:26.643 It is now my pleasure to introduce your host, Robert Samuels, VP Investor Relations. 00:00:26.643 -- 00:00:29.785 Thank you, Robert. You may begin. 00:00:29.950 -- 00:00:34.095 Thank you, operator. Good afternoon, everyone, and welcome to MARA's fourth quarter and 00:00:34.095 -- 00:00:38.640 fiscal year 2025 earnings call. Thank you for joining us today. 00:00:38.640 -- 00:00:43.126 With me on today's call are our chairman and chief executive officer, Fred Thiel, and 00:00:43.126 -- 00:00:48.192 our chief financial officer, Salman Khan. Today's call includes forward-looking statements, 00:00:48.192 -- 00:00:52.657 including those about our growth plans, liquidity, and financial performance. 00:00:52.657 -- 00:00:57.187 These involve risks and uncertainties, and actual results may differ materially. 00:00:57.187 -- 00:01:01.973 We disclaim any obligation to update these statements, except as required by law. 00:01:01.973 -- 00:01:08.220 For more details, see the risk factor section of our latest 10-K and other SEC filings. 00:01:08.220 -- 00:01:12.785 We'll also reference non-GAAP financial measures like adjusted EBITDA and return on capital 00:01:12.785 -- 00:01:17.631 employed, which we believe are important indicators of MAR's operating performanc...