MARA Holdings, Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Marathon Digital Holdings: Q4 and Full-Year 2023 Earnings Summary

  • Record-Breaking Performance: Marathon achieved record operational and financial results in 2023, surpassing its goal of reaching 23 exahash (EH/s) by ending the year at 24.7 EH/s — a 253% increase from 7 EH/s in 2022.
  • Record Bitcoin Production: 12,852 BTC mined in 2023, up 210% from 4,144 BTC in 2022. Q4 alone produced 4,242 BTC — more than all of 2022 and more than three major competitors combined.
  • Fleet Efficiency Gains: Efficiency improved 21% YoY, from 30.9 joules/terahash to 24.5 joules/terahash by year-end.
  • Operational Site Uplift: Major utilization increases at King Mountain (51% to 92%) and Granbury (56% to 99%) by December 2023.
  • Ownership Shift: Following the $179M acquisition of two datacenters (Kearney, NE and Granbury, TX), direct control of capacity grew from 3% to 45% of total 910 MW.
  • International Expansion:
    • Paraguay: Launched a 27 MW site converting otherwise unused hydropower into Bitcoin mining capacity (~1.1 EH/s).
    • UAE and global presence across 11 sites on 3 continents now give international scalability to Marathon’s business.

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Operator: Good day, ladies and gentlemen, welcome to Marathon Digital Holdings Fourth Quarter and Fiscal Year 2023 Earnings Webcast and Conference Call. I'd now like to turn the call over to your host, Charlie Schumacher, Vice President of Corporate Communications. Please go ahead, Charlie. Charlie Schumacher: Thank you, Kevin. Good afternoon, and welcome to Marathon Digital Holdings fourth quarter and fiscal year 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 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 statements. Please refer to our earnings release for a full reputation 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. Some of these risks and uncertainties a

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