MARA (MARA) Q4 2024 earnings summary

Executive summary

• Achieved record high revenues, net income, and Adjusted EBITDA for Q4 and full year 2024, driven by transformation into a vertically integrated energy and technology provider and significant operational milestones.

• Energized hashrate grew 115% year-over-year to 53.2 EH/s, with a 23% improvement in fleet energy efficiency to 19.2 J/TH.

• Expanded energy capacity by 300%, now operating 1.7 GW, and deployed first owned power assets, reducing reliance on grid power.

• Transitioned to 70% owned data center capacity through acquisition of multiple sites, enhancing operational control and efficiency.

• Ended 2024 with 44,893 BTC, a 197% increase over 2023, and a BTC yield per share of 62.4%.

Financial highlights

• Q4 2024 revenue rose 37% year-over-year to $214.4 million; full year revenue up 69% to $656.4 million.

• Q4 net income increased 248% to $528.3 million ($1.24/diluted share); full year net income up 107% to $541 million ($1.72/share).

• Q4 Adjusted EBITDA reached $794.4 million, up from $259 million; full year Adjusted EBITDA was $1.2 billion, up 195% year-over-year.

• Cash and BTC holdings reached ~$4.6 billion at year-end.

• Daily cost per petahash improved 17% year-over-year, reaching $35.1 in Q4 2024.

Outlook and guidance

• Plans to accelerate vertical integration in 2025, with a goal of 50% international capacity by 2028.

• Management highlights a hybrid bitcoin acquisition strategy, leveraging both mining and market purchases, supported by $2.2B in convertible notes.

• Focused on expanding both domestically (through asset ownership) and internationally (via joint ventures with energy partners).

• Intends to grow hash rate opportunistically, prioritizing capital efficiency over scale.

• AI business to be further detailed next quarter, with ongoing R&D investment and pilot deployments.