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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.
Marathon Digital
Marathon Digital
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.