MARA Holdings, Inc. Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Record revenue of $238.5 million, up 64% from $145.1 million in Q2 2024, driven primarily by a 50% increase in average bitcoin prices and operational scalability.
  • Net Income: Achieved record net income of $808.2 million ($1.84 per diluted share), compared to a net loss of $199.7 million ($0.72 per diluted share) in Q2 2024. This included a $1.2 billion gain on bitcoin holdings.
  • Bitcoin Production & Holdings:
    • Q2 2025 average daily production was 25.9 BTC, up from 22.9 BTC in Q2 2024.
    • Total bitcoin held at quarter end: ~50,000 BTC (up 170% YoY from ~18,500 BTC in Q2 2024).
    • Total market value of holdings grew by 362% YoY to over $5 billion.
    • MARA is now the second largest public corporate holder of bitcoin globally.
  • Energized Hashrate: Reached 57.4 EH/s, up 82% from 31.5 EH/s in Q2 2024.
  • Operational Highlights:
    • Purchased energy cost per bitcoin: $33,735 (among the lowest in the sector).
    • May 2025 set a new monthly record for blocks won and operational performance.
    • 70% of hashrate now from MARA-owned and operated locations.

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Operator: Greetings, and welcome to the MARA Q2 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Robert Samuels, Vice President, Investor Relations. Please go ahead. Robert Samuels: Thank you, operator. Good afternoon, and welcome to MARA's Second Quarter 2025 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. 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 also reference non-GAAP financial measures like adjusted EBITDA and return on capital employed 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 are going to be conducting an analyst interview with m

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