MARA Holdings, Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q4 revenue grew 37% YoY to $214.4M (from $156.8M in Q4 2023). Full-year 2024 revenue increased 69% YoY to $656.4M (from $387.5M in 2023).
  • Net Income: Q4 net income jumped 248% YoY to $528.3M or $1.24/share (from $151.8M or $0.66/share). Full-year net income increased 107% to $541M compared to $261.2M in 2023.
  • Adjusted EBITDA: Surged to $794.4M in Q4 2024 (from $259M in Q4 2023). Full-year adjusted EBITDA was $1.2B, up from $417.1M in 2023.
  • Operational Efficiency: Direct energy cost to mine one Bitcoin at own sites was $28,801 in 2024. Energy cost per kWh was $0.039. Cost per petahash per day (excluding depreciation) improved 5% QoQ and 17% YoY.
  • Vertically Integrated Strategy: MARA transitioned from asset-light to vertically integrated, now owning 70% of capacity via 5 acquired data centers. Total energy portfolio increased from 0.5 GW to 1.7 GW (+300%).
  • Energy Asset Ownership: Focused on reducing energy costs by owning generation assets (e.g., Texas wind farm) to maximize capital efficiency and miner lifespan, thus reducing maintenance CapEx.

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Operator: Greetings, and welcome to MARA's Q4 2024 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note that this conference is being recorded. I will now turn the conference over to our host, Robert Samuels, Vice President, Investor Relations. Thank you. You may begin. Robert Samuels: Thank you, operator. Good afternoon, and welcome to MARA's Fourth Quarter and Full Year 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 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 outco

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