Summary of MARA Q2 2026 Earnings Call

1Key Financial Results and Metrics:

Revenue: $175 million, down from $239 million year-over-year, primarily due to a 28% decrease in Bitcoin prices.

Bitcoin Production: 2,420 Bitcoin mined (26.6 Bitcoin/day), an increase of 64 Bitcoin year-over-year.

Net Loss: $611 million or $1.60 per diluted share, compared to a net income of $808 million or $1.84 per diluted share in Q2 2025.

Adjusted EBITDA: Negative $361 million, heavily impacted by unrealized mark-to-market adjustments related to Bitcoin price fluctuations.

Cash and Cash Equivalents: $1.21 billion, with total cash and Bitcoin holdings around $2.5 billion.

Hash Rate: 70.3 exahash per second, a 22% increase from the prior year.

2Strategic Updates and Business Highlights:

Power Portfolio Expansion: Acquired rights to a site in Matagorda County, Texas, with potential to support 2 GW of capacity, expected to double total power portfolio to approximately 4.8 GW.

Long Ridge Acquisition: Progressing towards closing, expected to contribute $144 million in annualized EBITDA with 70% of its output under long-term contracts.

Digital Infrastructure Focus: Transitioning from Bitcoin mining to a broader digital infrastructure platform, including AI and high-performance computing.

Partnerships: Collaboration with Starwood to enhance development capabilities and secure financing for infrastructure projects.

3Forward Guidance and Outlook:

Execution Focus: The second half of 2026 will prioritize converting infrastructure into long-term shareholder value by signing customers and bringing assets online.

Customer Engagement: Anticipate signing at least two leases before year-end and expect to see increasing visibility of investments in financial results.

Investor Day: Planned for later in the year to provide deeper insights into strategy and infrastructure portfolio.

4Bad News, Challenges, or Points of Concern:

Bitcoin Price Volatility: The significant drop in Bitcoin prices has adversely affected revenue and led to substantial net losses.

Market Conditions: Broader economic uncertainties and tighter risk appetites are impacting mining economics and revenue generation.

Operational Costs: General and administrative expenses increased to $69.5 million, reflecting scaling operations and litigation costs, although underlying G&A is expected to trend lower over time.

Dependency on Regulatory Approvals: The Long Ridge acquisition and new site developments depend on timely regulatory approvals, which could pose risks to timelines.

5Notable Q&A Insights:

Long Ridge Acquisition Timeline: Management expects FERC approval soon, with no anticipated hurdles to closing the deal.

Customer Engagement: Active discussions with potential tenants are ongoing, and lease negotiations are progressing despite the acquisition still pending.

Market Demand: There is strong interest in the Matagorda site, with expectations that the audit process will clarify demand and streamline approvals.

Revenue Diversification: Exaion's revenue is expected to grow, although it remains modest in the near term. The company is optimistic about future contracts as it expands its customer base. Overall, MARA is navigating a challenging financial environment while strategically positioning itself for growth in digital infrastructure, particularly in AI and high-performance computing, despite the headwinds posed by Bitcoin price volatility and regulatory dependencies.