MARA Holdings (MARA.US)2025年第一季度业绩电话会
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会议摘要
The company discusses its strategic focus on AI and digital infrastructure, including partnerships with OEMs and compute providers, the potential of liquid cooling solutions, and the impact of tariffs. It highlights the rationale behind founding Auradon and its AI-related ventures, the choice of an ATM equity facility for fundraising, and a Bitcoin treasury policy. Key operational and financial metrics are shared, showcasing efforts to become a vertically integrated digital energy firm amidst market volatility influenced by global events and Bitcoin sentiments.
会议速览
Tomorrow's Holdings Q1 2025 Earnings Call OverviewDuring the May 9, 2025 earnings call, Tomorrow's Holdings discussed its first quarter financial performance, including insights from the chairman and CEO, CFO, and VP of Investor Relations. The call highlighted growth plans, liquidity, financial performance, and addressed the use of non-GAAP financial measures.
Mara's Transformation into a Vertically Integrated Digital Energy and Infrastructure CompanyDespite volatile global markets, Bitcoin has shown resilience, positioning itself as a macro hedge. Mara is transforming into a vertically integrated digital energy and infrastructure company, focusing on long-term, low-cost energy solutions and efficient capital deployment. Key achievements include improving operational metrics, constructing a 200 MW data center, and investing in digital energy technologies. The company is also developing custom miners and deploying innovative cooling solutions to increase efficiency and reduce costs.
Mara's Q1 2025 Financial Results and Bitcoin Mining Strategy UpdateDespite challenges in Q1 2025, including decreased Bitcoin prices and increased network difficulty, the company reported a 95% increase in energized hash rate and holds over 48,000 Bitcoins. Revenues increased by 30%, though a net loss was recognized due to an unrealized fair market value loss. The company expects significant value creation for shareholders through its Bitcoin mining and acquisition strategy, aiming to reduce operating costs with a shift to a vertically integrated model and the utilization of low-cost energy projects.
Bitcoin's Market Dynamics and Mars Corp's Hodl StrategyDespite Mars Corp's share price decline, the company maintains a full hodl strategy amid rising Bitcoin demand, influenced by institutional inflows, corporate and ETF holdings, and potential state strategic reserves.
Off Grid Expansion Strategy: Partnering with Energy Companies for Flexible Load SolutionsThe focus is on partnering with governments and energy companies to utilize underutilized energy sources, including flared gas, wind, and solar, for off-grid growth. By offering flexible load balancing solutions, particularly to the AI industry, the strategy aims to unlock significant power capacity and monetize stranded electrons globally.
Strategic Expansion and Cost Reduction in Global Mining BusinessThe company aims to balance its US and international business, contributing to US global mining share growth through partnerships expected to show progress and announcements throughout the year. With a focus on capital and operational efficiencies, the company has achieved sequential reductions in hash costs, driven by off-grid power capacity expansion and the utilization of lower-cost electricity sources like wind farms. The strategy includes deploying less efficient machines at low-cost energy sites to further decrease hash costs, emphasizing value creation for shareholders over specific performance metrics.
Strategies for Competitive Bitcoin Mining: Balancing Efficiency, Costs, and Environmental ImpactThe dialogue explores strategies for maintaining competitiveness in Bitcoin mining, emphasizing the benefits of retiring older machines gracefully, utilizing off-grid solutions like wind farms and Flare gas sites for lower operational costs, and developing technologies to shape load according to energy supply. The speakers discuss the economic advantages, including significantly higher IRRs for off-grid mining sites compared to grid-connected ones, despite potential trade-offs like reduced uptime and higher operational expenses. They highlight the importance of partnerships with energy companies and the shift towards intermittent operations to meet energy demands, aiming for best-in-class operating costs and sustainable mining practices.
Innovative Cooling Solutions for AI and Bitcoin Mining OperationsThe speaker discusses the successful implementation of overclocking capabilities in Bitcoin mining operations, leading to significant cost savings. They anticipate similar benefits in the AI sector through the deployment of two-phase liquid cold plate technology, designed to reduce cooling costs and environmental impact. Pilots with multiple compute OEMs are underway to characterize the benefits across various applications and configurations, aiming to decrease sales friction and increase product demand. The company plans to expand its offerings in the AI and digital infrastructure market, leveraging power management and orchestration capabilities.
Impact of Tariffs and Ownership Stake in Semiconductor CompanyThe speaker discusses owning nearly 15% of a semiconductor company they co-founded, emphasizing the company's focus on solutions beyond Bitcoin mining, including AI infrastructure technology. They also address the challenges and strategies regarding tariffs imposed by the Trump administration, detailing efforts to minimize impacts through manufacturing their own mining rigs and optimizing supply chains.
Mara's Strategic Rationale Behind Choosing ATM Program for Capital DeploymentIn March 2025, Mara established a $2 billion equity facility, opting for an ATM program over additional leverage. The decision was based on the company's history of predominantly ATM-dependent capital sourcing, coupled with strategic capital deployment in accretive projects with high return thresholds. Mara emphasizes prudent balance sheet management and flexibility in capital sources, focusing on healthy return on capital employed metrics despite fluctuations due to Bitcoin price changes.
Mara's Bitcoin Treasury Policy and Hodl Strategy OutlookMara discusses maintaining its Bitcoin hodl strategy despite other miners liquidating, emphasizing its cost-effective mining approach and the benefits for shareholders as Bitcoin prices rise. The company highlights its significant Bitcoin holdings and commitment to a long-term strategy.
Mara Com's Investor Update Call ConcludesThe May 9, 2025, conference call concluded with no retail questions taken as most had been addressed. Participants were directed to contact IR at Mara Com for unanswered inquiries.
要点回答
Q：What are the key priorities for strategic growth mentioned by the speaker?
A：The key priorities for strategic growth mentioned by the speaker are focusing on low-cost energy solutions and efficient capital deployment.
Q：How has the power industry's view on Bitcoin mining evolved, according to the speaker?
A：The power industry's view on Bitcoin mining has evolved to acknowledge the benefits of Bitcoin mining as a flexible load to deliver on the vision of grid stabilization and profit maximization.
Q：What is the significance of the newly built data center in Ohio?
A：The significance of the newly built data center in Ohio is to house 12,000 S21 Pro miners, and it is now fully operational, contributing to the company's infrastructure and increasing the efficiency of operations.
Q：What is the speaker's approach to diversifying revenue streams?
A：The speaker's approach to diversifying revenue streams is by investing in and developing digital energy technologies that can improve the efficiency of operations and provide unique cost and performance advantages.
Q：What is the speaker's strategy for supporting AI inference workloads?
A：The speaker's strategy for supporting AI inference workloads is to position Mara solutions to enable modular, low latency infrastructure and is in advanced talks with several compute Oems to roll out pilots.
Q：What changes have been made to financial reporting due to the increase in owned and operated capacity?
A：To provide a clearer view of the company's business, financial results have been transformed to show a change from 0% owned and operated capacity to approximately 70%, and prior period numbers have been reclassified to be consistent with the new format.
Q：What was the net loss reported in the quarter and how does the current Bitcoin price impact second quarter results?
A：A net loss of $533.4 million, or negative 1.55 per diluted share, was reported in the quarter. The current Bitcoin price, if it holds steady or strengthens, is expected to have a meaningful positive impact on the second quarter results, potentially implying a fair value gain of over $800 million.
Q：How did the purchase energy costs for Bitcoin mining change from Q1 2024 to Q1 2025?
A：The purchase energy costs for Bitcoin mining decreased to $35728 per coin in Q1 2025 from an amount not specified in Q1 of 2024, and the cost of revenue per Peta hash per day, excluding depreciation, declined 10% sequentially.
Q：What is the expected impact of the low-cost projects on mining costs over time?
A：The low-cost projects, such as the 114 MW wind farm and on-site and edge compute operations at oil and natural gas fields in Texas and North Dakota, are expected to further reduce mining costs over time.
Q：What is the disconnect between the company's fundamentals and share performance according to the speaker?
A：The market values the company for its Bitcoin holdings but gives no credit for its Bitcoin mining operations. This is contrary to how the market values peers who don't hold Bitcoin, and the company believes it should receive the benefit of both Bitcoin holdings and mining operations.
Q：What new developments have influenced the Bitcoin price action?
A：New developments influencing Bitcoin price action include the state of New Hampshire approving a Bitcoin strategic reserve and other states considering similar moves. Corporate and ETF inflows continue to drive the price of Bitcoin up.
Q：Why does the speaker believe Bitcoin will continue to see demand in excess of supply?
A：The speaker believes that Bitcoin will continue to see demand in excess of supply because even though most miners are selling, a full has been strategy is being maintained by the entity, suggesting a shortage of supply. Additionally, the market is influenced by stock to flow ratios and the fact that more Bitcoin is being purchased daily by a handful of players than being emitted through mining.
Q：What is the off grid expansion strategy and what types of sites are being prioritized for future growth?
A：The off grid expansion strategy involves partnering with energy companies to find different ways to structure business without relying on grid power, as the speaker had predicted previously. Public private partnerships with governments and energy companies are currently being discussed. The types of off grid sites being prioritized for future growth are not specified, but there is a focus on partnering with energy companies to navigate the future of grid detached Bitcoin mining.
Q：How can the flexibility of the Bitcoin mining operation help the AI industry?
A：The flexibility of Bitcoin mining operations can help the AI industry by providing a flexible load that allows AI data centers to operate efficiently, potentially reducing the amount of power they need and allowing them to be located closer to customers in private cloud operations.
Q：What is the anticipated future of energy generation and how does it relate to AI industry?
A：The anticipated future of energy generation involves a mix of different sources like thermal, wind, solar, and flared gas, tailored to different markets and partners. This diversity of energy sources will be increasingly integrated with the AI industry, with a focus on utilizing flexible loads and stranded energy to monetize excess capacity and support the shift to inference in AI data centers.
Q：What opportunities exist for partnering with energy companies and government entities?
A：Partnerships with energy companies, sovereigns, and government entities can help to monetize stranded or underutilized energy by structuring business relationships to build, operate, and manage flexible loads. This approach targets markets with excess power availability, such as the UAE and Saudi Arabia, and works with a mix of energy sources, including thermal, wind, solar, and flared gas.
Q：What role does flared gas play in the future plans for the company?
A：Flared gas plays a significant role in the company's future plans, with discussions ongoing to deploy Bitcoin mining operations in different parts of the world to monetize stranded gas from oil and gas producers.
Q：What is the company's strategy for growing its international business and how does it impact the company's hash rate?
A：The company aims to grow its international business to achieve a balanced mix between U.S. and international operations. This growth contributes to the company's hash rate by potentially directing it to U.S.-controlled pools, enhancing global mining share growth across various countries.
Q：What is the anticipated timeline for realizing the benefits of the partnerships formed?
A：While the company does not provide specific guidance on extra hash numbers, it aims to make good progress on partnerships and is expected to announce potential future developments. Events and announcements will provide indications of the potential over the next few years.
Q：How is the company's focus on capital and operational efficiencies impacting its hash cost position?
A：The company has been focused on capital and operational efficiencies, which has resulted in sequentially reduced hash costs. The company expects these costs to continue declining due to actionable projects, including those related to off-grid power capacity expansion.
Q：What measures are in place to manage potential downturns in the Bitcoin market?
A：The company is building its operations in a manner that does not solely rely on the Bitcoin price for growth. It is prepared for potential downturns by sourcing low-cost, on-grid electricity from environmentally friendly sources like wind farms, which help reduce costs and improve efficiency.
Q：How does the company view the focus on specific metrics like joules per terahash?
A：While certain metrics like joules per terahash and uptime are important, the company prioritizes value creation for stockholders. It may compromise on metrics that do not drive the most value for stockholders, as long as it ensures overall value and cost-efficiency for them.
Q：How do low energy prices and the use of less efficient machines affect the profitability of mining operations?
A：When energy prices are substantially lower, such as less than 3 or 2 cents a kilowatt hour, it allows the use of slightly less efficient machines. This can significantly reduce hash costs because machines that have already been fully depreciated can be reused at intermittent sites, eliminating the need for high uptime. Therefore, any operational kilowatt is profitable, which positively impacts the overall hash costs.
Q：What are the benefits of grid detached mining and the ability to replace older machines with less efficient ones?
A：Grid detached mining enables the replacement of older machines with less efficient ones, which can be done every three or four years to maintain competitiveness. Due to the fixed prices and potential rising costs on the grid, the ability to retire and replace machines through a graceful retirement program at behind-the-meter sites reduces the impact on hash rate compared to peers who must net zero replacements. Additionally, purchasing less efficient machines at a third of the price of state-of-the-art machines is advantageous.
Q：How do off-grid Bitcoin mining sites compare to grid-connected sites in terms of IRR and profitability?
A：Off-grid Bitcoin mining sites, such as those powered by wind farms or flare gas, can have lower infrastructure costs and minimal power costs, leading to very low operating costs. If these sites can operate even at 60% efficiency, they represent a great opportunity for profit. The IRRs for off-grid sites are significantly higher, with some projections ranging from 30% to 40%, supported by the minimal cost of infrastructure and power.
Q：What technology advancements are being made to shape Bitcoin mining's load to meet energy company demands?
A：The technology team has been focusing on systems that allow Bitcoin mining operations to shape their load to meet the energy companies' supply. This involves developing systems that can adapt to intermittent operation and be a more attractive partner for energy companies.
Q：What are the expected IRRs and operating costs for the AARP program?
A：The expected IRRs for the AARP (Advanced Afib Replacement or Retirement Fleet) program are significantly higher than traditional models, even with a depressed hash price assumption. The expected all-in cost is around $10 per megawatt, with operating costs in the range of 30% to 40%, demonstrating a shift towards lower cost operations.
Q：What early market feedback is being gathered from the 2P pilot immersion project and what are the revenue opportunities from commercial deployments of 2P and AI data centers?
A：The early market feedback from the 2P immersion pilot project, which has been deployed with Bitcoin mining operations, indicates the ability to substantially overclock the system and reduce the number of expensive miners needed by a third. This results in cost savings that outweigh the marginal increase in costs related to two-phase immersion cooling and AI. There are significant cost savings and potential revenue opportunities from commercial deployments of 2P and AI data centers.
Q：What are the benefits of using liquid cold plate technology in AI data centers and what are the plans for future deployment?
A：The benefits of using liquid cold plate technology in AI data centers include substantial cost savings on cooling, as it allows for the transition from rackmount systems to liquid immersion technology without using water. This technology also helps in lowering the cost of cooling and is environmentally friendly. Future plans involve pilots with multiple compute OEMs, testing a broad set of applications to characterize the benefits for different Oems, with the goal of becoming a reference point for cooling in the AI market.
Q：What percentage of Aurora does Bitfury own, and what are the company's focus areas?
A：Bitfury owns a little under 15% of Aurora. Aurora focuses on solutions outside of Bitcoin mining, with its predominant customer being Bitfury's 'amazing' and power-efficient chip that supports special requirements related to energy efficiency and target settings such as hash rate, energy efficiency, and maximum Bitcoin production.
Q：What is the strategic rationale behind choosing an ATM program over additional leverage, and what are the priorities for deploying the funds?
A：The strategic rationale for using an ATM (At the Market) program is that it has been the predominant source of capital for Bitfury in recent years, alongside convertible notes. The company does not engage in the market daily but opportunistically looks for specific KPI-driven capital raising programs. Bitfury aims to deploy capital in accretive projects and has a high threshold for capital allocation and expected rates of return.
Q：How is the return on capital employed (ROCE) managed and what does its long-term perspective look like?
A：Bitfury manages the return on capital employed (ROCE) by focusing on prudent balance sheet management, which includes investing capital and utilizing it while maintaining an eye on the metric. Over the long term, the company is proud of its healthy ROCE. The strategy involves investing in projects that provide more value with the same investment and keeping an eye on the balance sheet to preserve flexibility in sources of capital.
Q：What is the rationale behind maintaining the full HODL approach to Bitcoin in the treasury policy, and how does it benefit stockholders?
A：The rationale behind the full HODL approach is to provide stockholders with exposure to Bitcoin price appreciation, leveraging both the cost per coin advantage and the potential upside. This strategy benefits stockholders as it turbocharges returns if the Bitcoin price increases. Bitfury adopted this approach in July 2024 and has been accumulating Bitcoin, not selling it, while also benefiting from the largest HODLer worldwide, which has over 48,000 coins.
