Business
Marathon Digital Holdings Reports Third Quarter 2021 Results
Revenues Increase 76% Q3 over Q2 2021 and 6,091% Year-over-Year to $51.7 Million with Non-GAAP Income from Operations of $43.5 Million, or $0.43 per Diluted
About this update from Mara Holdings, Inc.
[{"type":"text","content":"Revenues Increase 76% Q3 over Q2 2021 and 6,091% Year-over-Year to $51.7 Million with Non-GAAP Income from Operations of $43.5 Million, or $0.43 per Diluted Share\nLAS VEGAS, Nov. 10, 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 third quarter ended September 30, 2021. Third Quarter and Recent Financial Highlights Increased total revenue to $51.7 million, a 76% increase from $29.3 million in the second quarter of 2021 and a 6,091% increase year-over-year from $835,000 in the third quarter of 2020Produced 1,252 self-mined bitcoins in the third quarter of 2021, a 91% increase from 654 bitcoins in the second quarter of 2021; as of September 30, 2021, produced 2,098 self-mined bitcoins in 2021Marathon’s investment fund, which purchased 4,812.66 BTC for approximately $150 million in January 2021, increased in fair value by $58.8 million during the first nine months of 2021Non-GAAP income from operations* was $43.5 million, or $0.43 per diluted shareNon-GAAP net income** was $85.4 million, or $0.85 per diluted shareAs of September 30, 2021, cash and cash equivalents was $32.9 million and total liquidity, defined as cash and bitcoin holdings, was approximately $315.6 millionIn October, obtained a $100 million revolving line of credit, secured by bitcoin and USD, with Silvergate Bank * 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 4,812.66 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 4,812.66 BTC for approximately $150 million in January 2021. Third Quarter and Recent Bitcoin Mining Highlights Increased the number of total miners deployed to 25,272 miners, which could generate approximately 2...