MARA Holdings, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Operational Highlights:
    • Transitioned out of the Hardin, Montana coal-powered facility, which had reliability issues and negatively impacted uptime and revenues.
    • New hosting sites in McCamey, Texas (King Mountain wind farm) and others have increased operational hash rate.
    • Hash rate grew from 0.7 EH/s on July 1 to 3.8 EH/s by Sept 30, and then to 7.0 EH/s by Nov 1 — nearly a 10x increase quarter-over-quarter.
    • Bitcoins mined increased significantly:
      • July: 72 BTC
      • August: 184 BTC
      • September: 360 BTC
      • October: 615 BTC (record month)
  • Financial Results (compared to Q3 2021):
    • Revenue declined by $39M YoY due to reduced production and lower BTC prices.
    • Net loss was $75.4M vs. $22.2M in Q3 2021 — a $53.2M increase in net loss.
    • Impairments:
      • $5.9M impairment of digital assets
      • $39M impairment related to exposure to Compute North bankruptcy
    • Legal settlement expense recorded: $25M
    • Gain on sale of assets: $31.9M (22,000 miners sold from Hardin for $46.5M, $4M gain)

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Operator: Good day, ladies and gentlemen. Welcome to Marathon Digital Holdings Third Quarter 2022 Earnings Webcast and Conference Call. I would now like to turn the call over to your host, Charlie Schumacher, Vice President of Corporate Communications. Please go ahead. Charlie Schumacher: Thank you, Diego. Hello, everyone, and welcome to Marathon Digital Holdings Third 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 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 from those anticipated by Marathon at this time. In addition, other risks are more fully described in Marathon's public filings with the U.S. Securities and

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