MARA Holdings, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Marathon Digital Holdings - Q2 2023 Earnings Summary

  • Hash Rate Expansion: Marathon increased its operational hash rate by 54% in Q2 2023, growing from 11.5 exahashes on April 1 to 17.7 exahashes on June 30. As of the latest update, operational hash rate is approximately 19 exahashes. The company has installed its full fleet to reach 23 exahashes, with energization of the final tranche imminent.
  • Bitcoin Production: Produced a record 2,926 BTC in Q2 2023, up 33% from Q1 2023. In July, Marathon won 179 blocks — another record, showing continued improvement into Q3.
  • Sustainability: Approximately 58% of energy used in H1 2023 came from renewable and sustainable sources. Marathon is committed to achieving 100% carbon neutrality in 2023, using renewable energy credits where needed.

Financial Results (Compared to Q2 2022)

  • Revenue: $81.8M, an increase of 228% from $24.9M.
  • Net Loss: $21.3M, or $0.13/share, improved from $212.6M loss, or $1.94/share.
  • Adjusted EBITDA: $25.6M versus a loss of $167.1M in the prior year.
  • Total Margin (non-GAAP): $26.5M, up 222% YoY.
  • Bitcoin Production: Averaged 32 BTC per day, 314% higher YoY.

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Operator: Good day, ladies and gentlemen. Welcome to Marathon Digital Holdings Second 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, Daryl. Good afternoon, and welcome to Marathon Digital Holdings second quarter 2023 earnings call. Thank you for joining us for our call today. With me on today's call are Chairman and Chief Executive Officer, Fred Thiel; and our Chief Financial Officer, Salman Khan. 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 describ

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