MARA Holdings, Inc.

Greetings. Welcome to Mara's Q3 2025 earnings conference 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 Robert Samuels, VP of Investor Relations. Thank you. You may begin.

Thank you, Operator. Good morning and welcome to Mara's third 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 may differ 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 brief 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 Reggie Smith, analyst at JP Morgan. And with that out of the way, I'm going to turn the call over to Fred to kick things off. Fred?

Thanks, Rob, and thank you all for joining us. This quarter, we continue to evolve Mara from a pure play Bitcoin miner into a vertically integrated digital infrastructure company, one that converts energy into both value and intelligence. At the heart of our strategy is a simple belief. Electrons are the new oil. Energy is becoming the defining resource of the digital economy, powering everything from Bitcoin mining to artificial intelligence. And we believe those who control abundant, low-cost energy will shape the future of both finance and intelligence. Bitcoin has now entered its institutional phase. We're seeing financial leaders such as BlackRock, Citicorp, and now even JP Morgan integrating Bitcoin into traditional frameworks. and we're seeing the establishment of strategic Bitcoin reserves by corporations and governments alike, and even the Secretary of Treasury has posted positive notes about Bitcoin on X. What miners have always understood is now being recognized by global markets. Bitcoin is digital energy, a mechanism for storing and transmitting value. As one of the largest Bitcoin miners in the world, Mara sits at the center of this shift. Our energy-to-value infrastructure allows us to convert raw power directly into Bitcoin, that we hold on our balance sheet, a distinct advantage that grounds our broader mission, transforming energy into intelligence. Every electron has potential value, and artificial intelligence represents the next frontier of this transformation of energy into even higher value. We believe that inference AI, where the value of AI is actually created and derived and not training in foundational models, is where the AI industry will create the greatest amount of value over time. Every insight produced by an AI model has a cost per token driven by the cost to build and operate the data center of which the energy cost makes up a major component. Over time, computing the cost to build the data center will drop as technology advances, such as low-cost ASICs, open source models, and the ability to operate in less sophisticated and less costly data centers drive efficiencies, resulting in rapidly declining drops in cost per token, making the AI data centers of today unable to compete on cost per token over time without significant technology refreshes, requiring even more and higher capital injections. We believe energy, not compute, really becomes the primary constraint on AI growth. We are already seeing the alternatives to GPUs enter the market, and open-source AI is making it far easier and much less expensive for companies to deploy advanced AI systems directly in their own private cloud environments. In the past, most models were only available through public cloud APIs. That meant enterprises had to send data off-site and pay high per-token fees to access AI capabilities. But today, many of the world's most capable models, like Lama, Mistral, and others, are available in open source form, giving companies full control to run AI more cost-efficiently and fine-tune their models privately. This is a major inflection point for enterprise computing and a shift that plays directly to our strengths as we build out low-cost, high-efficiency compute powered by our own energy infrastructure. We believe we're positioned to provide the kind of private, scalable environments enterprises need to deploy these open models securely. Mara is positioning itself at the nexus of these two AI trends. Open source AI is expanding the addressable market for private cloud compute. We believe that the future infrastructure will be able to serve that demand efficiently and profitably. This is where Mara's expertise in securing and operating low-cost power gives us a distinct advantage. Just as we optimize for the lowest cost per P to hash in mining, we're now optimizing for the lowest cost per token in AI inference. Our long-term vision is to integrate these two energy pathways, Bitcoin and AI, into a single platform. Bitcoin mining monetizes underutilized energy and stabilizes grids, while AI inference transforms that same energy into intelligence and productivity. By bringing Bitcoin and AI together, we seek to maximize the value of every megawatt hour we manage. We've already begun executing on this strategy. This quarter, we installed our first AI inference racks at our Granbury site within a modular, non-water-cooled, containerized data center. This site currently has 300 megawatts of nameplate capacity with potential opportunities to expand our growing AI inference business in combination with our Bitcoin mining operations at the site. This milestone marks a significant step forward in proving out our infrastructure and next generation inference hypothesis. It also demonstrates the versatility of our platform, underscoring the potential flexibility of our mining sites to support AI workloads along with Bitcoin mining. Two major initiatives this quarter are propelling our strategy going forward. First, our pending acquisition. Of Exxon, a subsidiary of EDF. In France. Once regulatory approvals are completed and closing conditions have been met, Exion will expand our capabilities into enterprise-grade, AI-optimized private cloud and HPC infrastructure. We believe this will position Mara as a credible partner for enterprises seeking secure, localized inference capacity. Second, today we announced an initiative with MPLX, a separately traded public company formed by Marathon Petroleum Corporation, the largest petroleum refinery operator in the United States, to develop and operate multiple integrated power generation facilities and state of the art data center campuses in West Texas. Under this initiative, MPLX will provide long term access to lower cost natural gas at scale, where MARA will develop and operate onsite power generation and compute infrastructure. The initial capacity is expected to reach 400 megawatts, with the option to expand to up to 1.5 gigawatts across three plant sites. We are also evaluating additional prospective sites to support modular AI and HPC data centers alongside mining operations, creating optionality for future AI inference workloads. Mara's approach is to deploy smaller modular facilities directly at lower cost power sites instead of building hyperscaler campuses. We believe this distributed model will enable us to capture value at the inference layer while continuing to monetize mining and grid sales. This modular structure also gives Mara the optionality to shift capacity towards HPC over time, as and if economics and infrastructure maturity support greater AI utilization. We believe Mara is positioned to capitalize on a key structural advantage as power becomes the primary constraint in AI growth. Together, Exxon and MPLX connect the two sides of our AI and data center business, energy and compute, and strengthen our ability to control both cost and performance from power to inference. Internationally, we're deepening relationships across Europe and the Middle East, where we see significant opportunity to deploy our integrated energy and compute model. Our pending Zion acquisition exemplifies this, and we're honored to welcome Gerard Mistralet, President Macron's Special Energy Envoy, as an advisor tomorrow. His expertise strengthens our global strategy as we pursue our goal of deriving 50% of revenue from international operations by 2028. On the financial front, we continue to operate with discipline and transparency. We ended the quarter with 52,850 Bitcoin, having mined over 2,100 BTC during Q3. We remain focused on improving free cash flow through ongoing cost optimization, site-level efficiency gains, and disciplined capital allocations. We have begun opportunistically monetizing Bitcoin from production to fund operating expenses and aim to limit reliance on our ATM to support growth initiatives, helping to mitigate shareholder dilution. As I spoke about last quarter, Bitcoin prices have consolidated within a range since Q2. With intermittent volatility, we view this as a healthy period of equilibrium characterized by institutional inflows into ETFs balanced by long-term holder liquidation activities. Using Jordi Visser's IPO analogy, Bitcoin is going through an IPO where early investors and VCs are exiting and institutional investors are coming in, forming a new base and foundation for growth. Meanwhile, broader macro trends, including rate cuts and expanding liquidity, suggest improving condition for risk assets. Regardless of short-term volatility, our long-term trajectory remains unchanged, building enduring value through energy ownership, operational excellence, and strategic execution. Finally, I want to provide an update on 2PIC. While we continue to recognize the long-term potential of two-phase immersion, its practical broad application is still a few years out, and direct-to-chip cooling remains the preferred cooling methodology of data center operators and compute OEMs. We have exited near-term investment in two-phase immersion to focus resources on opportunities with more immediate and higher return potential. In closing, Mara is evolving from a Bitcoin miner into a digital infrastructure leader, combining energy generation, Bitcoin mining, and AI compute under one scalable platform. Our guiding metric is simple, profit per megawatt hour. It measures how effectively we convert energy into value, whether in Bitcoin, AI inference, or grid stability. As we continue to execute, we believe the market will increasingly recognize the strength of this diversified model and the strategic importance of energy ownership in the digital economy. I want to thank our employees for their exceptional work this quarter and our shareholders for their continued support as we build Mara into the world's leading digital energy and infrastructure company. With that, I'll turn it over to Salman to review the financials.