MARA (MARA) investor relations material

Executive summary

• Q1 2026 marked a transformative quarter with major strategic moves, including the Starwood JV, Exaion acquisition, Meerkat data center addition, and a definitive agreement to acquire Long Ridge Energy & Power, adding significant power and land assets.

• Realigned organization and reduced workforce by 15% to support the shift toward AI and digital infrastructure, incurring $45.9 million in restructuring costs.

• Preliminary, unaudited Q1 2026 results released, with details available in a shareholder letter and to be discussed in a webcast and conference call.

• Strategy centers on controlling and monetizing power for AI and digital infrastructure, leveraging both large-scale and modular sites.

Financial highlights

• Q1 2026 revenue was $174.6 million, down 18% year-over-year, mainly due to an 18% drop in Bitcoin price and a 2% decrease in production.

• Net loss of $1.3 billion ($3.31 per diluted share), driven by a $1 billion unrealized mark-to-market loss on digital assets.

• Adjusted EBITDA was -$1.04 billion, dominated by Bitcoin mark-to-market changes.

• Cash and cash equivalents at quarter-end were $513.7 million; total liquidity including bitcoin holdings was $2.9 billion.

• Sold $1.5 billion of Bitcoin to fund operations and debt repurchases.

Outlook and guidance

• Long Ridge acquisition expected to close in H2 2026, adding 505 MW of power capacity and supporting AI/HPC expansion, with initial 200 MW AI build-out starting construction in H1 2027 and coming online mid-2028.

• Expect to sign multiple tenant leases by year-end, with hyperscalers dominating near-term tenant mix.

• G&A run rate expected to trend lower as restructuring savings are realized.

• Management expects continued volatility in bitcoin prices and energy costs, with liquidity sufficient for near-term obligations.