MARA Holdings, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Overview and Strategic Highlights

  • Q1 2026 marked a pivotal shift for MARA toward a digital infrastructure company focused on AI/HPC, sovereign AI, and Bitcoin mining as a foundation. Key moves included advancing the Starwood joint venture from announcement to execution, closing the majority acquisition of Exaion, retiring ~30% of convertible debt, and announcing the definitive agreement to acquire Long Ridge Energy & Power (post-quarter).
  • Long Ridge acquisition adds 1,600 acres and a path to >1 GW total capacity (from existing 200 MW at Hannibal), including a 505 MW combined-cycle gas plant generating $144M annualized adjusted EBITDA (H2 2025) with 76% contracted capacity. Expected to increase owned/operated capacity by ~65% to ~2.2 GW upon closing (with expansion to 2.4 GW). Initial 200 MW AI build-out planned for construction start H1 2027, online mid-2028. Power cost ~$15/MWh; existing Bitcoin mining at Hannibal continues uninterrupted.
  • Starwood JV provides capital-efficient monetization of powered sites (MARA receives equity credit for contributed land/power/interconnection value). Structure targets 9-15% yield on cost; example 200 MW project could yield $50-100M net annualized stabilized cash flow with minimal incremental equity. Multiple tenant discussions active across 90% of sites; first leases targeted by year-end 2026. Starwood brings 7+ GW data center development experience.

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Operator: Greetings, and welcome to the MARA First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Robert Samuels, Vice President of Investor Relations. Thank you. You may begin. Robert Samuels: Thank you, operator. Good afternoon, everyone, and welcome to MARA's First Quarter Fiscal Year 2026 Earnings Call. Thanks 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 may differ materially. We disclaim any obligation to update these statements, except as required by law. For more details, see the Risk Factors section of our latest 10-K and other SEC filings. We'll also reference non-GAAP financial measures like adjusted EBITDA, 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 will open the call to Q&A. I'm going to t

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