Marathon Digital Holdings, Inc. Q4 FY2025 earnings call

• Announced strategic partnership with Starwood Digital Ventures for digital infrastructure expansion into AI and HPC. • Closed investment in Exxon to enhance enterprise AI layer. • Increased Nebraska footprint with 42 - megawatt data center acquisition. • Doubled Ngon gas - to - power operations. • Discussed Bitcoin mining operations with changes in hash rate and Bitcoin holdings, and strategic capital allocation.

No specific product segments detailed with absolute financials and revenue contribution% as focus is on strategic partnerships and business transitions; however, mention of Bitcoin mining operations with changes in hash rate and Bitcoin holdings, and potential from JV in digital infrastructure.

• Expect JV with Starwood to generate NOI and FCF over time, improve NOI profile. • Plan to continue monetizing Bitcoin opportunistically to enhance financial flexibility. • Prioritize highest value near - term opportunities.

• Volatility in Bitcoin price impacting financial performance. • Uncertainty in timing of Bitcoin price recovery. • Execution risks in JV and infrastructure development.

• Q: Details on JV financing and load balancing; A: JV structure with asset contribution and load balancing via battery tech. • Q: Timeline of deal signing with Starwood; A: Accelerated timeline due to Starwood's tenant relationships. • Q: Status of MLPX deal; A: Put on back burner, prioritizing immediate opportunities. • Q: Interest in other locations; A: Prioritizing sites with available power, internet, water. • Q: Size and economics of JV; A: Varies by tenant, details to come with project progress. • Q: Timelines for JV projects; A: Depends on tenant signing, permits and construction to follow. • Q: Leveraging XION; A: Using XION's tech for private cloud and enterprise AI solutions in international markets.