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Sep 30, 2024
Marathon Digital Q3 2024 Earnings Report
Marathon Digital reported a net loss of $125 million and revenue increased by 35% to $132 million. The company focused on expanding its owned and operated sites and diversifying geographically.
Key Takeaways
Marathon Digital reported a net loss of $125 million, or $0.42 loss per diluted share, in Q3 2024, compared to a net loss of $390 thousand in the same quarter last year. Revenue increased 35% to $132 million from $98 million in Q3 2023, driven by a higher average price of BTC. The company's BTC holdings increased by 45% to 26,747 BTC, and it secured a $200 million line of credit collateralized by BTC holdings.
Net loss was $125 million, or $0.42 loss per diluted share, compared to a net loss of $390 thousand in the third quarter of last year.
Revenue increased 35% to $132 million from $98 million in the third quarter of 2023.
BTC holdings increased by 45% to 26,747 BTC.
Secured a $200 million line of credit, collateralized by a portion of BTC holdings.
Forward Guidance
Marathon Digital aims to achieve 50 EH/s by mid- to late December and plans to expand across U.S. and international markets, selectively pursuing M&A opportunities and utilizing zero-cost energy to reduce dependency on hash cost and price volatility.
Positive Outlook
- 50 exahash goal for this year is firmly in sight and we expect to get there by mid- to late December.
- Anticipate continued expansion across U.S. and international markets.
- Have set ambitious goals to expand our portfolio of owned and operated sites.
- Selectively pursuing M&A opportunities to further enhance our capacity.
- Strategy to utilize zero-cost energy will reduce dependency on hash cost and price volatility, enabling scalable and sustainable growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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