Operator
Greetings. Welcome to MARA’s Q3 2025 Earnings Convention Name. [Operator Instructions] Please observe, this convention is being recorded. I’ll now flip the convention over to Robert Samuels, VP of Investor Relations. Thanks. You could start.
Robert Samuels
Vice President of Investor Relations
Thanks, operator. Good morning, and welcome to MARA’s Third Quarter 2025 Earnings Name. Thanks for becoming a member of us in the present day. With me on in the present day’s name are our Chairman and Chief Govt Officer, Fred Thiel; and our Chief Monetary Officer, Salman Khan. At the moment’s name contains forward-looking statements, together with these about our progress plans, liquidity and monetary efficiency. These contain dangers and uncertainties, and precise outcomes might differ materially. We disclaim any obligation to replace these statements, besides as required by regulation.
For extra particulars, see the Danger Elements part of our newest 10-Ok and different SEC filings. We’ll additionally reference non-GAAP monetary measures like adjusted EBITDA and return on capital employed, which we consider are necessary indicators of MARA’s working efficiency as a result of they exclude sure gadgets that we don’t consider instantly replicate our core operations. Please see our earnings launch for reconciliations to essentially the most comparable GAAP measures.
We hope you’ve got had the possibility to learn our shareholder letter and look ahead to your suggestions. We’ll start with some transient ready remarks from Fred and Salman. After their feedback, we’re going to be conducting an analyst interview with administration. At the moment’s session might be performed by Reggie Smith, analyst at JPMorgan. And with that out of the way in which, I’ll flip
