Business
Marathon Digital Holdings Reports Second Quarter 2023 Results
Fort Lauderdale, FL, Aug. 08, 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, FL, Aug. 08, 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 quarter ended June 30, 2023. Second Quarter 2023 Financial Results The Company recorded a net loss of $21.3 million, or $0.13 per share, during the three months ended June 30, 2023, compared to a net loss of $212.6 million, or $1.94 per share, in the same period last year. Revenues were $81.8 million for the quarter, significantly above second quarter 2022 revenues of $24.9 million, as a 314% increase in bitcoin production more than offset 14% lower average bitcoin prices during the current year period. Gains on sale of bitcoin were $23.4 million in the quarter as the Company sold 63% of the bitcoin produced in the quarter to fund operating costs. Results also benefited from lower impairment in the carrying value of digital assets of $8.4 million, as bitcoin prices were generally rising during the current-year period. In addition, year-ago comparisons benefited from the absence of a $79.7 million loss on digital assets held in an investment fund and a $54.1 million gain on the sale of equipment in the prior year. Adjusted EBITDA was $25.6 million in the current year period compared with a loss of $167.1 million in the prior year period. In addition to the gains and lower impairment noted above, total margin excluding depreciation and amortization improved to $26.5 million, up from $8.2 million in the year-ago period. Second Quarter 2023 Production Highlights Year-over-Year Comparison Quarter-on-Quarter Comparison Metric Q2-23 Q2-22 % Δ Q2-23 Q1-23 % Δ BTC Produced 2,926 707 314% 2,926 2,195 33%Avg. BTC Produced per Day 32.2 7.8 314% 32.2 24.4 32%Operational/Energized Hash Rate (EH/s)1 17.7 0.7 2429% 17.7 11.5 54% Avg Operational Hash Rate (EH/s)1 12.1 NA 12.1 6.9 75%Installed Hash Rate (EH/s)1 21.8 3.6 NA 21.8 15.4 42% Management Commentary “After a strong start to the year, we accelerated our progress in the second quarter by significantly growing our hash rate and improving our efficiency,” said Fred Thiel, Marathon’s chairman and CEO. “In Q2, we grew our energized hash rate 54% from 11.5 to 17.7 exahashes. By growing our hash rate faster than the rest of the network and improving our...