Business
Marathon Patent Group Announces 2020 Fiscal Third Quarter Financial Results
Year Over Year Quarterly Revenues Increase 160%Strengthened Balance Sheet with Current Cash of $27.1M Since May 1, 2020, Company has Invested $72M to Grow
About this update from Mara Holdings, Inc.
[{"type":"text","content":"Year Over Year Quarterly Revenues Increase 160%Strengthened Balance Sheet with Current Cash of $27.1M Since May 1, 2020, Company has Invested $72M to Grow Mining Operations LAS VEGAS, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) (\"Marathon\" or \"Company\"), the largest publicly traded Bitcoin self-mining company in North America, today announced its operating results for the three months and nine month periods ended September 30, 2020, as published in its Form 10-Q filed today with the Securities and Exchange Commission.\n Recent Financial Highlights Reported revenues of $835,184 and $1.7 million during the three and nine months ended September 30, 2020 as compared to $321,716 and $908,175 during the three and nine months ended September 30, 2019. For the three and nine months ended September 30, 2020, this represented an increase of $513,468 or 160% and an increase of $805,657 or 89% over the same period in 2019.Operating loss was approximately $2.0 million and $4.9 million for the three and nine months ended September 30, 2020 and operating loss of $807,859 and $2.5 million for the three and nine months ended September 30, 2019.Per share net loss was $(0.06) and $(0.28) per basic and diluted share for the three and nine months ended September 30, 2020 compared to $(0.12) and $(0.37) in the three and nine month periods ended September 30, 2019.Cash used in operations was $1.4 million and $3.4 million during the three months and nine months ended September 30, 2020, respectively.The Company had approximately $17.3 million of cash and cash equivalents as of September 30, 2020. Today, the Company has approximately $27.1 million of cash and cash equivalents. Marathon’s Chief Financial Officer, Sim Salzman, commented, “We are pleased to announce sizeable year over year revenue growth of 160% and 89% respectively in the three and nine-month periods. During the quarter, the Company was able to enter into favorable purchase agreements with Bitmain that allowed for the material improvement in its current and future financial position. We look forward to continuing our aggressive growth trajectory, while taking advantage of recently executed long term agreements with fixed pricing regardless of increased bitcoin pricing.” Recent Operational Highlights Completed $6.9 Million upsized underwritten public off...