Q1 2025 MARA Holdings Inc Earnings Call Transcript
Key Points
- MARA Holdings Inc (MARA) delivered strong operational metrics in Q1, with a 25% year-over-year improvement in daily cost per petahash.
- The company completed construction of a fully owned 200-megawatt data center in Ohio, with 100 megawatts now online.
- MARA is transforming into a vertically integrated digital energy and infrastructure company, focusing on long-term, low-cost energy solutions.
- The company is investing in digital energy technologies and has begun manufacturing custom miners, providing unique cost and performance advantages.
- MARA's strategic growth includes discussions with governments and global energy corporations to achieve lower energy costs and greater CapEx efficiency.
- MARA reported a net loss of $533.4 million in Q1 2025, compared to a net income of $337.2 million in the first quarter of the previous year.
- The average price of Bitcoin declined significantly in Q1, impacting MARA's production and resulting in an unrealized fair market value loss of $510.2 million.
- Despite operational improvements, MARA's stock price is down 15% year-to-date, reflecting a disconnect between market sentiment and company fundamentals.
- The company faces challenges from rising global hash rates and increased network difficulty, which have impacted Bitcoin production.
- MARA's adjusted EBITDA decreased to a loss of $483.6 million in Q1 2025 from $542.1 million in Q1 of 2024.
Ladies and gentlemen, thank you for your patience. Please. Good day, ladies and gentlemen, and welcome to MARA's Holdings Quarter 1 2025 Earnings Call. (Operator Instructions)
At this time, it is my pleasure to turn the floor over to your host, Robert Samuels, VP of Investor Relations. Sir, the floor is yours.
Thank you, operator. Good afternoon, and welcome to Mara's first-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, Saul Manon. 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'll also reference non-GAAP financial
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