MARA Holdings, Inc.

Welcome to MARA's third quarter 2024 earnings call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Robert Samuels, Vice President of Investor Relations. Thank you. You may begin.

Thank you, operator. Good afternoon and welcome to MARA's third quarter 2024 earnings call. Thank you for joining us today. With me on today's call are our Chairman and Chief Executive Officer, Fred Kiel, and our Chief Financial Officer, Salman Khan. Certain statements made during this call may be considered forward-looking statements within the meaning of the federal securities laws. In particular, any statements about our future growth plans and performance, our liquidity position, our growth opportunities, and our future financial performance are forward-looking statements. These statements are often identified by the use of words such as anticipate, believe, estimate, intend, design, may, plan, project, would, and similar expressions or variations. Investors are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements made on today's call involve risks and uncertainty. While we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Our actual results and outcomes may differ materially from those included in these forward-looking statements as a result of risk factors, including but not limited to the factors discussed under the heading risk factors in our most recent annual report on Form 10-K and any other periodic reports that we may file with the Securities and Exchange Commission. Finally, please note that on today's call, we will refer to certain financial measures that were not prepared in accordance with generally accepted accounting principles in the United States. including adjusted EBITDA and non-GAAP total margin. Marr believes these non-GAAP financial measures are important indicators of its operating performance because they exclude certain items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations. Please refer to the earnings release for a full reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures. We hope you've had the chance to read our new shareholder letter and look forward to your feedback. Today's call will be a little bit different. We'll begin with some brief prepared remarks from Fred and Salmon. After their comments, we are going to be conducting an analyst interview with management. We are going to be doing this on a rotating basis, and our inaugural session will be conducted by Kevin Deedy, analyst at H.D. Wainwright. Once Kevin is finished, we will go through some of the more popular questions from our retail investors. And with that out of the way, I'm going to turn the call over to Fred to kick things off. Fred?

Hello, everybody. Yesterday, we announced the addition of approximately 372 megawatts of owned and operated capacity across three sites in Ohio. These additions include the acquisition of two data centers, offering a combined 222 megawatts of interconnect approved capacity, and the development of a third Greenfield data center, which is expected to add another 150 megawatts of compute capacity. We acquired two operational data centers in Hannibal and Hopedale, Ohio, with 222 megawatts of combined capacity. These sites have 122 megawatts of current capacity and approved to expand by another 100 megawatts in 2025. Simultaneously, MARA has begun developing a 150 megawatt operation in Findlay, Ohio, which already has 30 megawatts of capacity. These three facilities have a combined interconnect approved capacity of 372 megawatts, which MARA intends to fully energize by the end of 2025. Compute for these sites is purchased, secured, and ready for deployment. These data centers contribute to the resilience of MARA's flexible compute portfolio. This initiative increases MARA's exposure to PJM, one of the largest and most sophisticated independent system operators, or ISOs. Once energized, our data centers will be further diversified across multiple jurisdictions, ensuring that no single ISO contains more than 50% of our owned and operated capacity. We intend to further expand and diversify our portfolio of owned and operated sites, which we expect to yield significant cost savings. These growth initiatives align with our strategic goal to position Mara as one of the most cost-effective and cost-efficient operators in the industry. And with that, I'll hand it over to Salma.