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Bitcoin (CRYPTO: BTC) miner Marathon Digital Holdings Inc (NASDAQ:MARA) reported first-quarter financial results after the market close on Thursday. Here’s everything you need to know.
Q1 Earnings: Marathon Digital’s first-quarter revenue grew 223% year-over-year to $165.2 million, which missed the consensus estimate of $180.69 million, according to Benzinga Pro. The bitcoin miner reported adjusted earnings of $1.26 per share, beating analyst estimates of 22 cents per share.
Marathon Digital’s energized hash rate increased 142% to 27.8 EH/s in the first quarter. The company said it produced 2,811 bitcoin during the quarter, up 28% year-over-year.
Marathon noted that it recently increased its hash rate target for fiscal-year 2024 from a previous range of 35 EH/s to 37 EH/s, to a new target of 50 EH/s.
Marathon Digital had $1.6 billion in unrestricted cash, cash equivalents and bitcoin as of March 31.
“Despite the operational challenges we faced in the first quarter, we were able to leverage our agility to redistribute equipment to newly acquired sites amidst ongoing repairs. When combined with our HODL strategy, these actions allowed us to capitalize on Bitcoin’s positive momentum and produce record financial results for the quarter,” said Fred Thiel, chairman and CEO of Marathon.
“With the expansion capacity we have gained from our recent acquisitions, with 45 additional exahash of capacity available to us between current orders and options, and with $1.6 billion of liquidity, we are now targeting 50 exahash of energized hash rate by the end of 2024 and additional growth in 2025.”
Management will hold a conference call to discuss these results at 5 p.m. ET.
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MARA Price Action: Marathon Digital shares were volatile following the print. At the time of publication, the stock was down 2.8% after hours at $19.09, according to Benzinga Pro.
Photo: Eivind Pedersen from Pixabay
