Business
MARA Reports Second Quarter 2024 Results
- Revenues Increase 78% to $145.1 Million- Fair Market Value Loss of $148.0 Million, Resulting in Net Loss of $199.7 Million, or $0.72 Loss per Diluted Share-
About this update from Mara Holdings, Inc.
[{"type":"text","content":"- Revenues Increase 78% to $145.1 Million- Fair Market Value Loss of $148.0 Million, Resulting in Net Loss of $199.7 Million, or $0.72 Loss per Diluted Share- Adjusted EBITDA Decreases to a Loss of $85.1 Million Fort Lauderdale, FL, Aug. 01, 2024 (GLOBE NEWSWIRE) -- MARA (NASDAQ:MARA) (“MARA” or the “Company”), a global leader in leveraging digital asset compute to support the energy transformation, reported its financial and operational results for the quarter ended June 30, 2024. Second Quarter 2024 Financial and Operational Highlights -Energized hash rate increased 78% to 31.5 EH/s in Q2 2024 from 17.7 EH/s in Q2 2023-Produced 2,058 bitcoin (“BTC”) during Q2 2024, a 30% decrease from Q2 2023-Revenues increased 78% to $145.1 million in Q2 2024 from $81.8 million in Q2 2023-Net loss increased to $199.7 million, or $0.72 loss per diluted share, in Q2 2024 from a net loss of $9.0 million, or $0.07 loss per diluted share, in Q2 2023. Net loss includes $148.0 million loss on fair value of digital assets.-Adjusted EBITDA decreased to a loss of $85.1 million in Q2 2024 from $35.8 million in Q2 2023-Combined unrestricted cash and cash equivalents and BTC increased to $1.4 billion as of June 30, 2024-Organized the company into three strategic business teams – Utility Scale Mining, Energy Harvesting, and Technology – to better align MARA’s internal structure with its pursuit of growth opportunities-Successfully acquired and closed the Garden City data center in Texas-Signed a partnership with the government of Kenya aimed at developing underutilized energy assets-Diversified the Company’s portfolio of digital asset compute through the successful launch of Kaspa mining operations Management Commentary “During the second quarter of 2024, our BTC production was impacted by unexpected equipment failures and transmission line maintenance at the Ellendale site operated by Applied Digital, increased global hash rate, and the April halving event,” said Fred Thiel, MARA’s chairman and chief executive officer. “However, I’m pleased to report that transformer issues at the Ellendale site were mitigated and remediated post quarter end, and our hash rate recovery effort is complete. We reached an all-time high installed hash rate of 31.5 exahash in the second quarter and continue to target 50 exahash of energized hash rate by the end of 2024 with ad...