Marathon Digital Holdings, Inc. Q2 FY2026 Earnings Call

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Date: Q2 FY2026 Earnings Call | Focus: Digital infrastructure expansion, AI/HPC pivot, power portfolio growth to ~4.8 GW, Bitcoin mining operations

Strategic Highlights & Portfolio Expansion

  • Advancing Long Ridge acquisition (expected to add positive EBITDA at close; ~70% of power output under long-term contracts; ~$144M annualized EBITDA contribution post-close).
  • Post-quarter acquisition of Matagorda County, Texas site (1,200 acres; up to 2 GW potential capacity pending ERCOT/interconnection approvals).
  • Expected total power portfolio: ~4.8 GW upon transaction completions and approvals (more than double current capacity; one of industry's largest powered land portfolios).
  • Partnership with Starwood for capital support and development expertise; targeting at least 2 AI/HPC leases signed by year-end.
  • Exaion (sovereign AI/cloud): Low 8-digit revenue expected in 2026; growing traction with EU customers; long-term focus on open-source models and data sovereignty.
  • Technology initiatives (e.g., Vertebra AI, Hashrate Under Management/HUM): Commercial traction emerging; HUM viewed as 8-digit annualized revenue opportunity.

Financial Performance (Q2 FY2026 vs. Q2 FY2025)

  • Revenue: $175M (down from $239M) — Bitcoin price decline (-28% YoY) reduced revenue by $65.9M; offset partially by higher Bitcoin production (+$7.2M).

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Operator: Greetings, and welcome to Mara's Second Quarter 26 Earnings Conference Call. At this time, all participants are in a listen only mode. Please note this conference is being recorded. I will turn the conference over to your host today, Robert Samuels, VP of Investor Relations. Robert Samuels: Thank you. Operator: You may begin. Robert Samuels: Thank you, operator. Good afternoon, and welcome to Mara's Second Quarter Fiscal Year 26 Earnings Call. So much for joining us today. With me on today's call are our Chairman and Chief Executive Officer, Frederick G. Thiel and our Chief Financial Officer, Salman H. 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 Factors section of our latest 10-K and other SEC filings. We will also reference non GAAP financial measures like adjusted EBITDA, 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 have had the chance to read our shareholder letter and look forward to your feedback. We will begin with some prepared remarks from Fred and Salman. A

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