MARA Holdings, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Marathon Digital Holdings Q2 2022 Earnings Summary

  • Quarter Summary: Q2 2022 proved challenging due to declining bitcoin prices (-56% from the prior quarter), rising energy costs, and production setbacks. Despite these obstacles, Marathon made significant progress post-quarter to enhance operational and financial resilience.
  • Revenue: $24.9 million, down from $29.3 million in Q2 2021. The revenue decline was primarily due to lower bitcoin prices, though partially offset by an 8% increase in bitcoin production.
  • Net Loss: $191.6 million compared to $108.9 million in Q2 2021. Loss was driven by impairment/fair value decline of digital assets ($207.3M), accelerated exit costs from Harden facility ($10.3M), and increased depreciation expenses.
  • EBITDA (Adjusted): -$147.2 million, worse than -$105.2 million in Q2 2021.
  • Bitcoin Holdings (as of June 30): 10,055 BTC total, 7,235 BTC unrestricted with a fair market value of $143 million; 2,820 BTC used as loan collateral.
  • Cash Position: $86.5 million unrestricted cash with additional cash from equipment sales and equity issuance. Total cash uses YTD reached $179 million.

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Operator: Good day, ladies and gentlemen. Welcome to the Marathon Digital Holdings Second Quarter 2022 Earnings Webcast and Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Charlie maker, Vice President of Corporate Communications. Sir, please go ahead. Charlie Schumacher: Thank you, Vikram. Hello, everyone, and welcome to Marathon Digital Holdings second quarter 2022 earnings call. Joining me on today's call are 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, Inc. are, as such, a forward-looking statement. Please refer to our earnings release for a full reputation of our forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, which may cause actual results to differ from those anticipated by Marathon at this time. In addition, other

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