Marathon Digital Misses Revenue, Earnings Forecasts Despite Record BTC Mining

• Marathon Digital reported a $81.8 million revenue, missing Zacks Investment Research’s estimate of $83.2 million
• The crypto miner produced an average of 32 Bitcoin (BTC) per day in Q2 2023, representing a 314% increase year-on-year
• Marathon’s chairman and CEO Fred Thiel said the firm increased its hash rate by 54%, mining a record 2,926 Bitcoin during the quarter

Marathon Digital Falls Short of Revenue Expectations

Marathon Digital announced its second quarter 2023 results on Aug. 8, reporting revenues of $81.8 million versus Zacks Investment Research’s estimated $83.2 million. This was despite the crypto mining firm increasing its revenue by 228% compared to the second quarter of 2022.

Record Production for Marathon Digital

Despite missing projections, Marathon’s chairman and CEO Fred Thiel said in a press release that the firm significantly grew its hash rate and improved efficiency over the quarter. The company produced an average of 32 Bitcoin (BTC) per day in Q2 2023, representing a 314% increase year-on-year and mined a record 2,926 Bitcoin during the quarter — around 3.3% of all rewards on the network over that time period. Additionally, Marathon reported a net loss per share of 13 cents compared to Zacks‘ estimated 3 cent loss per share for Q2 2023.

Impairment Charges for Marathon Digital

The company also sold 63% of the Bitcoin it mined during Q2 to fund operating costs and reported a gain of $23.4 million from the sales. Impairment charges on digital assets held by Marathon were $8.4 million for this period as well. Despite these results, shares remained largely flat after market close with only 1.65% drop in after-hours trading to around $15.50 per share according to Google Finance data at that time .

Long Term Outlook for Marathon Digital

Looking forward to future quarters, Marathon has seen strong growth in revenues since 2022 which could continue into 2023 if production continues at current levels or increases further with improvements in efficiency or increased investment into new technologies such as renewable energy sources for mining rigs .

Conclusion

Overall , despite missing earnings estimates ,Marathon Digital made significant gains in terms of production and efficiency over their second quarter , which could mean good things if sustained into future quarters .

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