FMP
Marathon Digital Shares Plunge 9% on Wider Q3 Loss and Revenue Miss
Nov 13, 2024 12:27 PM - Davit Kirakosyan
Image credit: FMP
Marathon Digital (NASDAQ:MARA) reported a disappointing third quarter for 2024, with a larger-than-expected loss and revenue falling short of analyst estimates. The news sent shares down more than 9% in pre-market today.
The cryptocurrency mining company posted a net loss of $125 million, or -$0.42 per share, missing the Street consensus estimate of -$0.33 per share by $0.09. Revenue for the quarter reached $131.65 million, falling below the expected $142.69 million, though it represented a 35% year-over-year increase.
Despite a 93% year-over-year jump in energized hash rate to 36.9 EH/s, Marathon’s bitcoin production declined by 41% year-over-year to 2,070 BTC. The company did, however, achieve positive adjusted EBITDA of $21.8 million, a notable improvement compared to the negative $21.3 million reported in the same period last year.
Marathon’s bitcoin holdings grew significantly, ending the quarter with 26,747 BTC, a 45% increase from the prior quarter.
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