Business
Marathon Digital Holdings Reports First Quarter 2023 Results
FORT LAUDERDALE, Fla., May 10, 2023 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ: MARA) ("Marathon" or "Company"), a leader in supporting and
About this update from Mara Holdings, Inc.
[{"type":"text","content":"FORT LAUDERDALE, Fla., May 10, 2023 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ: MARA) (\"Marathon\" or \"Company\"), a leader in supporting and securing the Bitcoin ecosystem, reported its financial and operational results for the first quarter ended March 31, 2023. First Quarter 2023 Financial ResultsThe Company recorded a net loss of $(7.2) million, or $(0.05) per share, during the fiscal quarter ended March 31, 2023, compared to a net loss of $(12.9) million, or $(0.12) per share, in the prior-year period ended March 31, 2022. Revenues were $51.1 million for the quarter, slightly below prior year revenues of $51.7 million, as a 74% increase in bitcoin production was more than offset by lower bitcoin prices in the current year period. The company recorded gains on the sale of bitcoin of $17.6 million in the quarter as a result of its previously reported program of selling bitcoin to fund operating costs. In addition, the Company experienced lower impairments in the carrying value of its digital assets of $11.5 million, as bitcoin prices were generally rising during the current-year period. In addition, the Company benefitted from the absence of a $5.3 million unrealized loss on digital assets it held in an investment fund in the prior year. Partially offsetting these favorable earnings variances was lower total margin of $25.3 million, primarily resulting from lower bitcoin prices, and increased tax expense of $4.3 million due to the establishment of a valuation allowance at year-end 2022. Adjusted EBITDA was $18.6 million in the current year period compared with $9.8 million in the prior year period, as the aforementioned gain on the sale of bitcoin, the lower impairment charges, and absence of the unrealized loss were partially offset by lower margin excluding depreciation and amortization of $21.5 million. First Quarter 2023 Production Highlights Year-Over-Year Comparison Prior Quarter ComparisonMetricQ1-23Q1-22% Δ Q1-23Q4-22% ΔBTC Produced2,1951,25974% 2,1951,56241%Avg. BTC Produced per Day24.414.074% 24.417.044%Operational/Energized Hash Rate (EH/s)111.53.9195% 11.57.064%Installed Hash Rate (EH/s)115.4NANA 15.49.169% Management Commentary“After weathering a tumultuous 2022 that tested the resilience of our entire industry, this year is off to a strong start as we grew our hash rate, reduced our cost to mi...