MARA Holdings, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Marathon Digital Holdings Q1 2022 Earnings Summary

  • Record Bitcoin Production: Marathon produced 1,259 Bitcoin in Q1 2022, a 556% increase YoY and 15% increase QoQ (vs. Q4 2021).
  • Revenue: $51.7 million, up 465% YoY but down $8.6 million QoQ, primarily due to decline in average Bitcoin price.
  • Adjusted EBITDA: $39.4 million, up $33.3 million YoY, down $10.3 million QoQ due to lower Bitcoin prices despite higher production.
  • Bitcoin Holdings: 9,374 BTC as of March 31, 2022, with a market value of approximately $427.7 million.
  • Operational Scale-Up: From 12,000 to 37,000 installed miners YoY, expanding hash rate more than 3x. Employee count increased from 4 to 15.
  • CapEx & Investments: Spent $192.4 million in miner server deposits, $6.5 million in property, plant & equipment, and $6.3 million in co-host infrastructure.
  • Cash Balance: $118.5 million; down from $268.5 million in Q4 2021.
  • Deployment Delays: Approximately 45 days delay in Q1 due to regulatory and permitting issues at Texas facilities operated with Compute North.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good day, ladies and gentlemen. Welcome to Marathon Digital Holdings First Quarter 2022 Earnings Webcast and Conference Call. I would now like to turn the call over to your host, Charlie Schumacher, Vice President of Corporate Communications. Please go ahead. Charlie Schumacher: Thank you, Karen. Hello, everyone and welcome to Marathon Digital Holdings inaugural earnings call. Today, we will be reviewing our results for the first quarter ended March 31, 2022. We will begin with some prepared remarks from our Chairman and CEO, Fred Thiel and our CFO, Hugh Gallagher. After their prepared remarks, we will be taking questions from our covering analysts. Before we start, a few reminders. I would like to remind you all that this call – management that in this call management’s prepared remarks contain forward-looking statements, which are subject to risks and uncertainties and management may make additional forward-looking statements during the question-and-answer session. These forward-looking statements are subject to risks and uncertainties and actual results may differ materially. When used in this call, the words anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions as they relate to Marathon Digital Holdings are as such a forward-looking statement. Please refer to our earnings release for a full recitation of our forward-looking statements. Investors are cautioned that all forward-looking statements i

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional