Unpacking the Numbers: Q1 2025 at MARA
MARA CFO Salman Khan joins VP of IR Rob Samuels to unpack the details behind yesterday’s Q1 Shareholder Letter. From revenues to wind farms to our Bitcoin acquisition strategy — watch the full conversation: 00:00 – Introduction 00:30 – Revenue and Hashrate Growth 01:26 – Transition to Owned and Operated Model 02:14 – Energy Cost Reductions 03:26 – Fair Market Value Impact on Net Income 04:32 – Capital and Operational Efficiency Strategy 06:10 – Texas Wind Farm Acquisition 07:35 – Technology Updates: Liquid Cooling and 2PIC 09:02 – MARA’s “Twin Turbo” Bitcoin Acquisition Strategy