Business
Marathon Digital Holdings Reports Third Quarter 2023 Results
Fort Lauderdale, FL, Nov. 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, Nov. 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 September 30, 2023. Third Quarter 2023 Financial Results The Company recorded net income of $64.1 million, or $0.35 per diluted share, during the three months ended September 30, 2023, compared to a net loss of $72.5 million, or $0.62 loss per share, in the same period last year. Revenues were $97.8 million for the quarter, significantly above third quarter 2022 revenues of $12.7 million, as a 467% increase in bitcoin production was amplified by 32% higher average bitcoin prices during the current year period. Gains on digital assets were $31.7 million in the quarter as the Company sold 66% of the bitcoin produced in the quarter to fund operating costs. Realized gains were partially offset by higher impairment in the carrying value of digital assets, $11.9 million versus $1.4 million in the prior-year period. This quarter also uniquely benefited from a $82.6 million gain from the extinguishment of debt while the year-ago period included a $29.8 million gain on sale of equipment, a $25.0 million legal reserve, and a $39.0 million impairment due to vendor bankruptcy, all of which did not reoccur in 2023. Adjusted EBITDA was $43.7 million in the current year period compared with a loss of $6.1 million in the prior year period. The year-over-year increase was primarily due to improving profitability as total margin, excluding depreciation and amortization, improved to $38.2 million, up from a loss of $1.1 million in the year-ago period. Reported adjusted EBITDA also benefited from $19.8 million of bitcoin gains net of impairment losses versus a $1.4 million impairment loss in the third quarter of 2022. Third Quarter 2023 Production Highlights Year-over-YearComparison Quarter-on-QuarterComparison Metric1 Q3-23 Q3-22 % Δ Q3-23 Q2-23 % Δ BTC Produced 3,490 616 467% 3,490 2,926 19%Average Bitcoin Produced per Day 37.9 6.7 467% 37.9 32.2 18%Share of available miner rewards 4.0% 0.7% 457% 4.0% 3.3% 24%Energized Hash Rate (EH/s) 19.1 3.8 403% 19.1 17.7 8%Avg Operational Hash Rate (EH/s) 14.2 NA 14.2 12.1 18%Installed Hash Rate (EH/s) 23.1 3.8 508% 23.1 21.8 6% Management Commentary “...