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Sep 30, 2023
Marathon Digital Q3 2023 Earnings Report
Marathon Digital reported a net income of $64.1 million and revenues of $97.8 million, driven by increased bitcoin production and higher average bitcoin prices.
Key Takeaways
Marathon Digital Holdings reported a net income of $64.1 million, or $0.35 per diluted share, compared to a net loss of $72.5 million in the same period last year. Revenues significantly increased to $97.8 million, driven by a 467% increase in bitcoin production and higher average bitcoin prices.
Grew energized hash rate 8% quarter-over-quarter to 19.1 exahashes.
Increased U.S. average operational hash rate 18% to 14.2 exahashes.
Reduced long-term debt by 56% through a $417 million note exchange, capturing $101 million in cash savings.
Combined cash and bitcoin holdings exceeded debt for the first time in two years.
Forward Guidance
Marathon expects to reach 26 exahash by year-end 2023 and grow hash rate by approximately 30% in 2024, strengthening its position as a leading Bitcoin mining operation.
Positive Outlook
- Reach 26 exahash by year-end 2023.
- Grow hash rate by approximately 30% in 2024.
- Continue strengthening Marathon’s position as one of the largest Bitcoin mining operations globally.
- Continue strengthening Marathon’s position as one of the most energy-efficient Bitcoin mining operations globally.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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