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Mar 31, 2025
Marathon Digital Q1 2025 Earnings Report
Marathon Digital reported a substantial net loss despite a significant increase in revenue and operational metrics.
Key Takeaways
The company posted a net loss of over $533 million due to a $510 million loss on the fair value of digital assets, despite achieving a 30% year-over-year revenue increase and improvements in mining efficiency and hashrate.
Revenue rose 30% YoY to $213.9 million due to a higher bitcoin price.
Reported a net loss of $533.4 million largely due to fair value losses on digital assets.
Energized hashrate nearly doubled to 54.3 EH/s compared to Q1 2024.
Cost per petahash per day improved by 25% to $28.5.
Forward Guidance
MARA aims to continue transforming into a vertically integrated digital energy and infrastructure company while leveraging its energy and infrastructure strategy to support AI workloads.
Positive Outlook
- Strong positioning to support emerging AI workloads.
- Plans to expand into favorable international energy markets.
- Continued cost optimization and efficiency gains.
- Investments in renewable energy and proprietary chip and cooling tech.
- Growing vertically integrated infrastructure reduces long-term costs.
Challenges Ahead
- Earnings highly sensitive to bitcoin price volatility.
- Fair value losses on digital assets can overshadow operational performance.
- G&A and infrastructure scale-up significantly increased expenses.
- Heavy reliance on at-the-market equity raises for capital.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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