MARA - CFO Salman Khan Q&A - Q3 Earnings & Strategy!

Power Mining Analysis

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22h ago 52:36

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We unpack MARA Q3 records, liquidity moves, and a power-first strategy that treats electricity as the core asset and compute as an allocation decision. We also dig into AI inference, grid balancing, policy, and how to scale internationally without losing discipline.
• record revenue, 60.4 EH/s, growing Bitcoin treasury
• $1.025b 0% convert, liquidity and optionality
• electrons as moat and low-cost power strategy
• FASB swings versus real free cash flow
• capex discipline, depreciation, and fleet longevity
• Xion acquisition for edge inference and data centers
• MPLX path to 2–3.5 GW and gas-to-power
• pairing AI with mining to smooth load behind the meter
• national hashrate, mining pool ownership, policy posture
• AI HPC risks, GPU obsolescence, customer concentration
• team buildout across energy, trading, and data centers
• international growth goals and geopolitical filters
Hit the like button. Feel free to subscribe to the channel. Let us know in the comments if you’re holding shares of Mara and what you thought about their earnings.
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Chapters

1. Welcome And Earnings Agenda (00:00:00)

2. Q3 Records And Liquidity Position (00:01:04)

3. AI Expansion: Xion And MPLX (00:03:33)

4. Power First Strategy And Electrons (00:05:16)

5. Revenue Mix And Cost Reality (00:06:54)

6. Cash Flow vs GAAP And Depreciation (00:09:27)

7. Volatility, FASB Rules, And IRR (00:12:20)

8. Why Miners Chase HPC Capital (00:15:35)

9. National Hashrate And Policy (00:18:15)

10. Allocating Megawatts Across Use Cases (00:21:03)

11. Pairing AI Loads With Bitcoin Mining (00:23:10)

12. Global Grid Balancing And Abu Dhabi (00:26:10)

13. Build GPUs Or Host Customers (00:28:30)

14. Team, Execution, And Power Buildout (00:31:10)

15. International Growth And Geopolitics (00:33:20)

16. Closing And Listener Questions (00:35:10)

435 episodes

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