Business
Marathon Digital Holdings Reports Fourth Quarter and Fiscal Year 2021 Results
Revenues Increase 3,353% Year-over-Year to $150.5 Million with Non-GAAP Net Income of $168.7 Million, or $1.70 per Diluted Share, in Fiscal Year 2021 LAS
About this update from Mara Holdings, Inc.
[{"type":"text","content":"Revenues Increase 3,353% Year-over-Year to $150.5 Million with Non-GAAP Net Income of $168.7 Million, or $1.70 per Diluted Share, in Fiscal Year 2021\nLAS VEGAS, March 01, 2022 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) (\"Marathon\" or \"Company\"), one of the largest enterprise Bitcoin self-mining companies in North America, reported financial results for the fourth quarter and fiscal year ended December 31, 2021. Fourth Quarter and Fiscal Year 2021 Financial Highlights Q4 2021 revenue increased 2,180% year-over-year to $60.3 million from $2.6 million in Q4 2020Fiscal year 2021 revenue increased 3,353% year-over-year to $150.5 million from $4.4 million in fiscal year 2020Produced 1,098 self-mined bitcoin during Q4 2021, an 599% increase from Q4 2020Produced 3,197 self-mined bitcoin in fiscal year 2021, an 846% increase year-over-yearMarathon’s investment fund, which purchased 4,813 BTC for approximately $150 million in January 2021, increased in fair value by $73.8 million during fiscal year 2021Non-GAAP income from operations* was $118.7 million for fiscal year 2021Non-GAAP net income** was $168.7 million, or $1.70 per diluted share, for fiscal year 2021As of December 31, 2021, cash and cash equivalents was $268.5 million and total liquidity, defined as cash and bitcoin holdings, was approximately $615.5 millionObtained a $100 million revolving line of credit, secured by bitcoin and USD, with Silvergate BankSuccessfully raised $747.5 million in a convertible note offering in which the notes are unsecured and the coupon rate is 1%* Non-GAAP income from operations excludes the impact of depreciation and amortization of fixed assets, impairment losses on mined cryptocurrency, server maintenance contract amortization, and stock compensation expense. This metric does not include the change in fair value of the Company’s investment fund, which purchased 4,813 BTC for approximately $150 million in January 2021.** Non-GAAP net income excludes the impact of depreciation and amortization of fixed assets, impairment losses on mined cryptocurrency, server maintenance contract amortization, and stock compensation expense. This metric includes the change in fair value of the Company’s investment fund, which purchased 4,813 BTC for approximately $150 million in January 2021. Fiscal Year 2021 and Recent Bitcoin Mining ...