MARA Holdings, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Overview: Q1 2023 was Marathon’s strongest quarter to date in terms of productivity and operational performance.
  • Bitcoin Production: Produced a record 2,195 bitcoins in Q1, a 41% increase from Q4 2022.
  • Hash Rate Growth: Operational hash rate increased by 64% during Q1, from 7 EH/s at the start of January to 11.5 EH/s by the end of March. As of early Q2 (April), operational hash rate reached 14 EH/s; installed hash rate stands at 18 EH/s – 80% of the goal.
  • Target: Company remains on track to achieve its stated target of reaching 23 EH/s by mid-year 2023.
  • Revenue: Q1 2023 revenue was $51.1 million, slightly down from $51.7 million in Q1 2022. Despite a 74% YOY increase in bitcoin production, lower average bitcoin prices offset gains.
  • Net Loss: Narrowed to $7.2 million ($0.05/share) from $12.9 million ($0.12/share) in Q1 2022.
  • Adjusted EBITDA: Improved to $18.6 million from $9.8 million in the prior-year period.
  • Balance Sheet: Ended Q1 with $124.9 million in cash and 11,466 BTC held. Additionally repaid $50 million Silvergate Bank term loan during the quarter.

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Operator: Good day, ladies and gentlemen and welcome to Marathon Digital Holdings First Quarter Earnings Webcast and Conference Call. I would now like to turn the call over to your host, Chris Brendler, Vice President of Investor Relations. Please go ahead. Chris Brendler: Thank you, Sherry. Good morning and welcome to Marathon Digital Holdings first quarter 2023 earnings call. Thank you for joining us for our call today. With me on the call our Chairman and CEO, Fred Thiel; and our CFO, Hugh Gallagher. Before we get started, I'd like to remind everyone that our prepared remarks may contain forward-looking statements, which are subject to risks and uncertainties, and that we 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 involve risks and uncertainties, which may cause actual results to differ materially from those anticipated by Marathon at this time. In addition, other risks are more fully described in Marathon's public filings with the

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