MARA Holdings, Inc.

Greetings and welcome to the MARA Q2 2025 earnings call. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Robert Samuels, Vice President, Investor Relations. Please go ahead.

Thank you, operator. Good afternoon and welcome to MARA's second quarter 2025 earnings call. Thank you for joining us today. With me on today's call are our Chairman and Chief Executive Officer, Fred Thiel, and our Chief Financial Officer, Salman Khan. Today's call includes forward-looking statements, including those about our growth plans, liquidity, and financial performance. These involve risks and uncertainties, and actual results made different materially. We disclaim any obligation to update these statements, except as required by law. For more details, see the risk factor section of our latest 10-K and other SEC filings. We'll also reference non-GAAP financial measures like adjusted EBITDA and return on capital employed, which we believe are important indicators of MARA's operating performance because they exclude certain items that we do not believe directly reflect our core operations. Please see our earnings release for reconciliations to the most comparable GAAP measures. We hope you've had the chance to read our shareholder letter and look forward to your feedback. We'll begin with some prepared remarks from Fred and Salman. After their comments, we are going to be conducting an analyst interview with management. Today's session will be conducted by Chris Bredler, analyst at Rosenblatt Securities. And with that out of the way, I'm going to turn the call over to Fred to kick things off. Fred?

Good afternoon, everyone, and thank you for joining us. No matter how you look at it, Q2 was a record-breaking quarter for Mara, setting new highs in revenues, adjusted EBITDA, net income, energized hash rate, lead efficiency, and blocks produced in a single month in May. Beyond performance, we continued to invest in the infrastructure that underpins our business, from scaling low-cost, flexible load data centers to exploring international opportunities in regions with abundant energy and growing demand for sovereign compute. This quarter, in support of our strategy to support the load-balancing needs of AI HPC data centers, we announced strategic partnerships with TAE Power Solutions, backed by Google, and Pato AI, backed by LG. Together, we're co-developing grid-responsive load-balancing platforms that support the next generation of AI infrastructure, enabling us to monetize our energy and compute capabilities across broader markets. As part of our low-cost energy strategy, we completed construction of a new behind-the-meter data center at our wind-powered site in Hanford County, Texas. This gives us access to low-cost power directly at the source, improving our margin structure and boosting energy efficiency. And subsequent to quarter-end, our holdings surpassed 50,000 Bitcoin, a milestone that solidifies Mara as the second-largest Bitcoin holder globally. More importantly, this is a treasury we built through disciplined infrastructure development, scaled operations, and focused execution. Now, while some people may see us as a Bitcoin treasury company given the size of our Bitcoin holdings, we don't consider ourselves as one. We're innovators, builders, and operators. We're actively managing our Bitcoin holdings to create long-term value for shareholders. Bitcoin remains our reserve asset, and we will continue to build on our holdings. whether through production or opportunistic purchases, depending on market conditions. To that end, we made a minority investment in 2Prime, a digital asset management firm specializing in risk-optimized yield strategies, who've been managing a portion of our holdings. We will continue to make prudent decisions around allocation and risk exposure based on broader macro and market conditions. Regarding the current price of Bitcoin, our view is that things feel a little frothy at the moment. While there is persistent demand for Bitcoin, this is balanced by an ample supply owing to long-term holders taking profits from Bitcoin held in some cases since the earliest years of Bitcoin's infancy. Supply is currently being absorbed relatively well. But if the buying demand were to subside, we could see downward pressure as sellers attempt to lock in gains at these high price points. With our recent convertible notes offering, we have significantly bolstered our balance sheet to have the flexibility to act across a range of strategic priorities, including opportunistic Bitcoin purchases, debt repurchase, M&A, and general corporate purposes. Whether Bitcoin goes up or Bitcoin goes down, we believe we are positioned to benefit. We're positioning Mara at the forefront of what's increasingly being recognized as digital energy, or the use of technologies and data to make energy systems more efficient, reliable, and sustainable. This strategic focus enables us to capture value at the intersection of compute and energy, a convergence that will define next generation infrastructure economics. We're exploring ways to design infrastructure for hybrid workloads like AI inference, which is rapidly emerging as the dominant workload in AI infrastructure. Another area that we believe will drive value is sovereign edge infrastructure. and allowing enterprises and public sector customers to have jurisdictional and operational control over data, compute, and AI outputs. We see growing demand for compute infrastructure that is geographically sovereign, energy aligned, and secure by design. We believe the addressable market is accelerating, particularly in Europe and emerging markets, where data sovereignty and energy efficiency are critical factors in purchasing decisions. Our intent is to extend MARA's vertically integrated compute platform into edge environments that meet the unique needs of latency-sensitive, compliance-driven, and workload-diverse use cases. In this regard, we are working closely with government officials and major energy partners to extend our reach into global markets. As part of this effort, As part of these efforts, we've been laying the groundwork for a regional headquarters in Saudi Arabia, and we have established an entity in France as a European headquarters. We believe this approach will provide us access to low-cost energy by partnering with energy companies and infrastructure capital providers to lower our capital commitments. Through these efforts, we built a global growth pipeline exceeding three gigawatts, positioning us to scale efficiently across key markets. When you put it all together, As inference increasingly becomes the dominant cost center in AI, control over geography, latency, and energy costs becomes a strategic advantage. We'll continue to invest here to ensure Mara is well positioned to meet this demand. We're excited to host our first ever Investor Day this fall. This inaugural event will offer a deep dive into our long-term roadmap with insights into how we are activating our digital energy strategies across mining, infrastructure, and AI. To join us, please reach out to our investor relations team. To wrap up, Q2 was a milestone quarter. We grew our treasury, expanded our infrastructure, and proved once again that Mara is far more than a Bitcoin mining company. We are the category leader in Bitcoin mining. But our value lies in the infrastructure that underpins it, infrastructure that we're now leveraging to shape the future of compute. Thank you for your continued support as we build what is next. Now I'll turn it over to Salman for additional insights on the quarter.