MARA Holdings Q4 Earnings Highlights: Record Revenue, Net Income, Bitcoin Holdings Hit 44,893 BTC

MARA Holdings, Inc. (NASDAQ: MARA), a global leader in leveraging digital asset compute to support the energy transformation, has reported record-breaking financial results for the fourth quarter and full year of 2024. The company's strong performance is highlighted by record revenue, net income, and adjusted EBITDA, as well as a significant increase in bitcoin (BTC) holdings.



Key highlights from MARA's Q4 earnings include:

1. Record Revenue, Net Income, and Adjusted EBITDA: MARA achieved record-high revenue, net income, and adjusted EBITDA for both Q4 and the full year of 2024. This remarkable performance signals robust operational execution in a challenging post-halving environment, as the company successfully navigated the April 2024 Bitcoin halving event that reduced mining rewards by 50%.
2. Direct Energy Cost per Bitcoin: MARA's direct energy cost per bitcoin from owned sites was $28.8K in 2024. This figure represents a critical efficiency metric, as energy typically constitutes 75-90% of bitcoin mining operational expenses. With industry average production costs ranging between $30K-$40K per bitcoin in late 2024, MARA's efficiency is among the industry leaders, contributing to its overall profitability and competitive advantage.
3. BTC Yield per Share: MARA's reported BTC yield per share of 62.9% for 2024 indicates substantial bitcoin production relative to outstanding shares. This metric helps investors quantify the company's bitcoin generation efficiency on a per-share basis, effectively measuring how much bitcoin-denominated value MARA created for each share outstanding during the year. A high BTC yield per share suggests that MARA is effectively utilizing its resources to generate bitcoin, which can drive future growth and increase shareholder value.

MARA's emphasis on owned sites for bitcoin production highlights vertical integration in its operations, reducing exposure to third-party hosting risks and potentially improving margins. This approach aligns with industry trends toward greater operational control and site ownership among leading miners, which can further enhance the company's valuation and potential for future growth.

In conclusion, MARA Holdings' record-breaking financial performance in Q4 and full-year 2024 reflects the company's strategic decisions and operational efficiency. By achieving record revenue, net income, and adjusted EBITDA, maintaining a competitive direct energy cost per bitcoin, and generating a high BTC yield per share, MARA has solidified its position as a global leader in leveraging digital asset compute to support the energy transformation. As the company continues to expand its mining capacity and explore opportunities in artificial intelligence, investors can expect MARA to remain a strong player in the digital asset compute industry.