MARA (MARA) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 rose 78% year-over-year to $145.1 million, driven by higher Bitcoin prices despite a 30% drop in production and new hosting services.

• Net loss for Q2 2024 was $199.7 million ($0.72 per diluted share), mainly due to a $148 million fair value loss on digital assets and increased costs.

• Adjusted EBITDA for Q2 2024 was a loss of $85.1 million, down from a $35.8 million gain in Q2 2023, reflecting lower Bitcoin production and digital asset revaluation.

• Company reorganized into three business teams: utility scale mining, energy harvesting, and technology, to drive diversification and growth.

• Major acquisitions in Texas and Nebraska expanded self-owned mining capacity and operational capabilities.

Financial highlights

• Q2 2024 revenue: $145.1 million (+78% YoY); six-month revenue: $310.3 million (+134% YoY).

• Q2 2024 net loss: $199.7 million; six-month net income: $137.5 million, primarily from a $340.8 million gain in digital asset fair value.

• Adjusted EBITDA: loss of $85.1 million in Q2 2024; six-month adjusted EBITDA: $443.7 million.

• BTC produced: 2,058 in Q2 2024, down 868 YoY due to halving and equipment issues.

• Combined cash and digital asset holdings totaled $1.4 billion as of June 30, 2024.

Outlook and guidance

• Targeting 50 EH/s energized hash rate by year-end 2024, with ongoing miner installations and site upgrades.

• Company expects sufficient liquidity to support operations, with plans to fund growth through public capital markets and equity issuances.

• Anticipates further reduction in cost per petahash as operations scale and synergies from acquisitions are realized.

• Future revenue growth expected from technology and energy harvesting businesses, with non-utility scale mining targeted to reach 50% of revenues long-term.