What were the key takeaways from MARA Holdings's earnings call?

What were the key takeaways from MARA Holdings’s earnings call?

What is the revenue and EPS growth rate for MARA Holdings year over year?

What guidance did MARA Holdings's management provide for the next earnings period?

What is MARA Holdings's gross profit margin?

What factors drove the changes in MARA Holdings's revenue and profit?

Did MARA Holdings beat or miss consensus estimates last quarter?

What is MARA Holdings's latest dividend and current dividend yield?

- **Strategic Pivot to AI**: MARA integrates Bitcoin mining with AI inference, targeting 'profit per megawatt hour' as core metric. 
- **Major Deals**: $1.5B potential with MPLX for low-cost AI/HPC, and Exaion acquisition for enterprise-grade AI infrastructure. 
- **Financial Strength**: $252M Q3 revenue, 256% BTC holdings growth, $7B liquid assets for expansion. 
- **Cost Efficiency**: 15% YoY improvement in mining costs, $39,235/BTC mined. 
- **AI Focus**: Exiting 2-phase cooling to prioritize ASIC-based inference AI with open-source models.

**【CEO Summary Section】**
- MARA is transitioning from a Bitcoin miner to a vertically integrated digital infrastructure company, focusing on energy-to-value and AI inference. 
- Installed first AI inference racks at Granbury site, with potential to expand to 1.5 GW through the MPLX partnership. 
- Acquired Exaion for enterprise-grade AI infrastructure, targeting 50% international revenue by 2028. 
- Emphasized 'profit per megawatt hour' as the key metric, balancing Bitcoin mining with AI workloads. 
- Exited 2-phase immersion cooling to focus on immediate AI opportunities. 

**【CFO Financial Commentary】**
- Q3 2025 revenue: $252.4M (92% YoY growth), Bitcoin holdings: 52,850 BTC (256% YoY increase). 
- Cost efficiency: $39,235/BTC mined, 15% YoY improvement in cost per petahash. 
- Issued $1.025B zero-coupon convertible notes, providing liquidity for growth. 
- Liquid assets: $7B, supporting domestic expansion and international projects. 

**【Q&A Key Highlights】**
- **Strategy Shift**: CEO Fred Thiel highlighted energy control as competitive advantage, with modular AI/HPC facilities at low-cost power sites. 
- **Exaion Acquisition**: Exaion's expertise in secure, private cloud solutions complements MARA's energy infrastructure. 
- **MPLX Deal**: 400 MW initial capacity with option to scale to 1.5 GW, leveraging MPLX's low-cost natural gas. 
- **AI vs HPC**: Thiel emphasized inference AI's long-term value over HPC, driven by open-source models and ASICs. 
- **Milestones**: Look for inference AI revenue contribution, sovereign partnerships, and profit per MWh metrics. 
- **Bitcoin Mining**: Continued hashrate growth (64% YoY) balanced with AI opportunities, using Auradine miners for grid flexibility.

MARA Holdings, Inc. (MARA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MARA

MARA fundamentals

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