MARA Holdings, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

MARA Q2 2024 Earnings Summary

  • Revenue: $145 million, up 78% YoY from $82 million in Q2 2023; primarily driven by a 136% increase in the average price of Bitcoin mined.
  • Net Loss: $200 million ($0.72/share), compared to a $9 million loss ($0.07/share) in Q2 2023 due to a $148 million fair market value loss on digital assets.
  • Adjusted EBITDA: Loss of $85 million vs. gain of $36 million in Q2 2023.
  • Daily Bitcoin Production: 22.9 BTC/day, down from 32.2 BTC/day in Q2 2023 due to April's halving, network difficulty, and equipment/transmission issues.
  • Bitcoin Holdings: Increased from 17,320 to 18,488 BTC in Q2; now over 20,000 BTC held post-quarter.
  • Cash & BTC Position: $256 million in cash + $1.2 billion in BTC = ~$1.4 billion in assets as of June 30, 2024.

Key Operational Highlights

  • Total Installed Hash Rate: 31.5 EH/s, up from 17.7 EH/s YoY; on target for 50 EH/s by year-end 2024.
  • Fleet Efficiency: Improved to 23.5 J/TH; expected to improve further with S21 Pros and immersion cooling.
  • Energy Efficiency: Software upgrades improved hosted miner efficiency from 29 J/TH to 23 J/TH.

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Operator: Good day, ladies and gentlemen. Welcome to MARA's Second Quarter 2024 Earnings Webcast and Conference Call. I would now like to turn the call over to your host, Robert Samuels, Vice President of Investor Relations. Please go ahead. Robert Samuels: Thank you, Darryl. Good afternoon, and welcome to MARA's second quarter 2024 earnings call. Thank you 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. Certain statements made during this call may be considered forward-looking statements within the meaning of the federal securities laws. In particular, any statements about our future growth plans and performance, our liquidity position, our growth opportunities and our future financial performance are forward-looking statements. These statements are often identified by the use of words such as anticipate, believe, estimate, intend, design, may, plan, project, would, and similar expressions or variations. Investors are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements made on today's call involve risks and uncertainties. While we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so, except to the extent required by applicable law. Our actual results and outcomes may differ materially from those included in these forward-looking statements as a result o

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