MARA Holdings, Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Financial & Operational Highlights

  • Revenue: Q3 2024 revenue increased by 35% year-over-year (YoY) compared to Q3 2023, despite the Bitcoin halving event and rising global hash rate.
  • Energized Hash Rate: Grew 93% YoY to 36.9 EH/s in Q3. The energized fleet surpassed 40 EH/s after the close of Q3, moving toward a target of 50 EH/s.
  • Cost Efficiency: Cash cost of revenue dropped 18% YoY, from $45.20 to $37.10 per petahash/day. Sequentially down 10% from Q2 2024.
  • Total Nameplate Capacity: Expanded to ~1.5 GW, with 65% now owned and operated by MARA.
  • BTC Holdings: Post-Q3, MARA holds over 27,000 BTC, now valued at almost $2.5 billion. Average acquisition cost is under $50,000/BTC.

Key Strategic Developments

  • Ohio Data Centers Acquisition: Secured 372 megawatts of interconnect-approved capacity across three locations (Hannibal, Hopedale, and Findlay). Purchased at $270K per megawatt, one of the lowest multiples in the industry.

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Operator: Greetings. Welcome to MARA's Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Robert Samuels, Vice President of Investor Relations. Thank you. You may begin. Robert Samuels: Thank you, operator. Good afternoon, and welcome to MARA's third 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

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