Business
Marathon Digital Holdings Reports Second Quarter 2021 Results
Revenues Increase 220% Q2 over Q1 2021 and 10,147% Year-over-Year to $29.3 Million with Non-GAAP Income from Operations of $20.1 Million LAS VEGAS, Aug. 13,
About this update from Mara Holdings, Inc.
[{"type":"text","content":"Revenues Increase 220% Q2 over Q1 2021 and 10,147% Year-over-Year to $29.3 Million with Non-GAAP Income from Operations of $20.1 Million\nLAS VEGAS, Aug. 13, 2021 (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 second quarter ended June 30, 2021. Second Quarter and Recent Financial Highlights Increased total revenue to $29.3 million, a 220% increase from $9.2 million in the first quarter of 2021 and a 10,147% increase year-over-year from $286,000 in the second quarter of 2020Produced 654 newly minted bitcoins in the second quarter of 2021; as of June 30, 2021, produced 846 newly minted bitcoins in 2021Marathon’s investment fund, which purchased 4,812.66 BTC for approximately $150 million in January 2021, increased in fair value by $16.9 million during the first six months of 2021Non-GAAP income from operations*, which excludes the impact of depreciation and amortization of fixed assets, impairment losses on mined cryptocurrency, server maintenance contract amortization, and stock compensation expense, was $20.1 million, or $0.21 per diluted share As of June 30, 2021, cash and cash equivalents was $170.6 million and total liquidity, defined as cash and bitcoin holdings, was approximately $366.5 million * Non-GAAP income from operations does not include the change in fair value of the Company’s investment fund, which purchased 4,812.66 BTC for approximately $150 million in January 2021. Second Quarter and Recent Bitcoin Mining Highlights Increased the number of total miners deployed to 19,395 miners, which could generate approximately 2.09 EH/s as of June 30, 2021As of June 30, 2021, held approximately 5,784 bitcoins, each of which had a market price of approximately $34,856; as a result, the approximate fair market value of Marathon’s bitcoins held as digital currencies was approximately $201.6 million Second Quarter and Recent Corporate Highlights Strengthened management team by appointing Fred Thiel to chief executive officer as Merrick Okamoto remained executive chairman of the board of directorsAnnounced binding letter of intent with Compute North to host approximately 73,000 of the Company’s previously purchased Bitcoin miners as part of a new 300-megawatt data cent...