Marathon Digital Q2 Earnings: Revenue Miss, Hash Rate Up 78%, More Than 20K Bitcoin On Balance Sheet And More
Portfolio Pulse from Adam Eckert
Marathon Digital Holdings Inc (NASDAQ:MARA) reported Q2 earnings with a revenue miss and an adjusted loss per share greater than expected. Despite a 78% increase in hash rate, Bitcoin production was down 30% year-over-year. The company holds over 20,000 Bitcoin and aims to increase its hash rate further by the end of 2024.
August 01, 2024 | 9:31 pm
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Marathon Digital reported Q2 revenue of $145.14M, missing estimates, and an adjusted loss of 19 cents per share. Despite a 78% increase in hash rate, Bitcoin production was down 30% YoY. The company holds over 20,000 Bitcoin and aims to increase its hash rate further by the end of 2024.
The revenue miss and higher-than-expected loss per share are likely to negatively impact MARA's stock price in the short term. Although the hash rate increased significantly, the drop in Bitcoin production and the issues at the Ellendale site add to the negative sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100