The earnings call highlighted significant achievements in terms of acquisitions, cost reductions, and revenue growth. The strategic expansion in Ohio and effective bitcoin holdings strategy underscore MARA's strong position. However, challenges related to the global hash rate increase were noted. Overall, the positive aspects significantly outweigh the challenges.

Company Guidance

During MARA's Q3 2024 earnings call, the company provided detailed guidance on several key metrics and strategic initiatives. They announced the acquisition of 372 megawatts across three sites in Ohio, which includes two data centers with a combined capacity of 222 megawatts and a greenfield data center expected to add 150 megawatts. This expansion is set to increase MARA's total compute capacity by over 70% and will be fully energized by the end of 2025. The acquisitions were made at a cost of approximately $270,000 per megawatt, one of the lowest among peers. MARA's total nameplate capacity has reached just under 1.5 gigawatts, with about 65% owned and operated by the company. Additionally, the company highlighted a significant increase in their bitcoin holdings, totaling over 27,000 BTC, and discussed their strategic approach to utilizing this asset for financial flexibility and potential yield generation. MARA also emphasized their focus on reducing energy costs to near zero, leveraging on-site generation at a cost of approximately $0.01 per kilowatt-hour. The company remains committed to expanding its portfolio while maintaining cost efficiency and is poised to achieve a target hash rate of 50 exahash per second.

Expansion in Ohio

MARA announced the addition of approximately 372 megawatts of owned and operated capacity across three sites in Ohio. This includes the acquisition of two data centers with a combined 222 megawatts of capacity and the development of a third greenfield data center, expected to add another 150 megawatts.

Increased Compute Capacity

These acquisitions will increase MARA's total owned and operated compute capacity by over 70%, aligning with their strategic goal to become one of the most cost-effective operators in the industry.

Cost-Effective Acquisitions

MARA acquired assets at a multiple of approximately $270,000 per megawatt, one of the lowest disclosed multiples among larger publicly traded peers, demonstrating their ability to deliver accretive acquisitions.

Bitcoin Holdings Strategy

MARA holds approximately 27,000 bitcoins, with an average cost of under $50,000 per bitcoin, reflecting a significant appreciation in value and providing financial flexibility.

Revenue and Hash Rate Growth

MARA's revenue increased by 35% compared to the same quarter last year, and their energized hash rate increased by 9% to 36.9 exahash per second.

Cost Reduction Achievements

The cost of revenue per petahash has dropped by 18% from $45.2 to $37.1 per petahash per day, driven by strategic acquisitions and organic growth.

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Marathon Digital Holdings (MARA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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MARA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 31, 2025	2024 (Q4)	-0.15 / -	0.74	―	―	―
Nov 12, 2024	2024 (Q3)	-0.34 / -0.42	0.379	-210.82% (-0.80)
Aug 01, 2024	2024 (Q2)	-0.13 / -0.72	-0.104	-592.31% (-0.62)	―
May 09, 2024	2024 (Q1)	0.02 / 1.26	-0.05	2620.00% (+1.31)	―
Feb 28, 2024	2023 (Q4)	0.04 / 0.74	-3.094	123.92% (+3.83)	―
Nov 08, 2023	2023 (Q3)	-0.11 / 0.38	-0.65	158.31% (+1.03)	―
Aug 08, 2023	2023 (Q2)	-0.06 / -0.10	-1.75	94.06% (+1.65)	―
May 10, 2023	2023 (Q1)	-0.09 / -0.05	-0.13	61.54% (+0.08)	―
Mar 16, 2023	2022 (Q4)	-0.15 / -3.09	0.11	-2912.73% (-3.20)	―	―
Nov 08, 2022	2022 (Q3)	-0.15 / -0.65	-0.22	-195.45% (-0.43)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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MARA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2024	$25.23	$21.70	-13.99%
Aug 01, 2024	$18.14	$17.19	-5.24%
May 09, 2024	$19.65	$17.16	-12.67%
Feb 28, 2024	$31.03	$25.90	-16.53%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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