Marathon Digital Q1 Earnings: EPS Beat, Revenue Up 223% YoY, 2,811 Bitcoin Mined And More
Portfolio Pulse from Adam Eckert
Marathon Digital Holdings Inc (NASDAQ:MARA) reported Q1 earnings with a 223% YoY revenue increase to $165.2 million, missing estimates of $180.69 million. Adjusted EPS was $1.26, surpassing the 22 cents forecast. The company mined 2,811 Bitcoin, a 28% increase YoY, and raised its 2024 hash rate target to 50 EH/s. Despite a post-earnings stock dip of 2.8%, Marathon Digital highlighted its strategic adjustments and liquidity strength, aiming for further growth in 2025.
May 09, 2024 | 8:30 pm
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NEUTRAL IMPACT
Marathon Digital reported a significant year-over-year revenue growth and an EPS beat in Q1, but missed revenue estimates. The company also announced an increased hash rate target for 2024 and highlighted its liquidity and strategic growth plans.
While MARA's revenue growth and EPS beat are positive, the miss on revenue estimates and the after-hours stock dip indicate mixed short-term impacts. The increased hash rate target and liquidity position suggest confidence in long-term growth, potentially stabilizing the stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100