Business
Marathon Patent Group Announces 2020 Fiscal First Quarter Financial Results
LAS VEGAS, May 14, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), today announced its operating results for the
About this update from Mara Holdings, Inc.
[{"type":"text","content":"LAS VEGAS, May 14, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) (\"Marathon\" or \"Company\"), today announced its operating results for the three months ended March 31, 2020. The Company anticipates filing its Form 10-Q with the Securities and Exchange Commission later today.\n Summary of Operating Results for the Quarter Ended March 31, 2020 Reported revenues of $592,487 during the three months ended March 31, 2020 as compared to $230,694 during the three months ended March 31, 2019, an increase of 157% over the same period in 2019. Operating loss was approximately $1.1 million (inclusive of non-cash expenses) for the quarter ended March 31, 2020 compared to an operating loss of approximately $1 million (inclusive of non-cash expenses) for the quarter ended March 31, 2019. Per share net loss improved to $(0.12) per basic and diluted share for the quarter ended March 31, 2020 compared to $(0.16) the quarter ended March 31, 2019. Net cash used in operating activities was approximately $1.1 million in the quarter ended March 31, 2020, compared to approximately $0.8 million for the first quarter in 2019. The Company had approximately $0.5 million of cash and cash equivalents as of March 31, 2020. Subsequently, the company raised $5.5mm from our effective ATM, purchased $3mm of new mining equipment and has $2.3mm cash on hand. Merrick Okamoto, Chief Executive Officer, stated, “While we are pleased to have seen improved financial performance in the quarter on a year over year basis, it is recent initiatives that we believe have positioned us for potential accelerated growth going forward. In the last week, we announced the purchase of 1,360 next generation miners. Our mining production will produce 2.8x the petahash of our previous miners and dramatically lower our breakeven costs.” Okamoto continued, “The combined purchase is another step supporting the Company's recent strategic initiatives focused on expanding its bitcoin mining operations. Marathon anticipates that the 700 M30S+ miners will be deployed in June of 2020 and the S19 Pro’s in late July. When all 1,360 miners are fully deployed, Marathon estimates its aggregate operating hash rate will be approximately 129 petahash per second (\"PH/s\").” Investor Notice Investing in our securities involves a high degree of risk. Before making an investment deci...