Marathon Digital Posts Impressive Q4 Results: Revenue Up 452%
Marathon Digital Holdings has released its financial
results for the fourth quarter and fiscal year 2023, highlighting impressive
performance in revenue, net income, and BTC production.
During the fourth quarter of 2023, Marathon Digital reported an
increase of 452% in revenue compared to the same period in 2022. The company
sold 56% of the Bitcoins it produced during the quarter to fund operating costs and strengthen its financial position.
Similarly, during the fiscal year 2023, Marathon Digital’s revenue
soared 229% to an all-time high of $388 million. The company’s net income
experienced a remarkable turnaround, surging to $261.2 million, or $1.06 per
diluted share. This was a significant improvement from the previous year’s loss. Adjusted
EBITDA also showed impressive growth, reaching $419.9 million.
Marathon Digital’s hash rate experienced an expansion of
253%, reaching 24.7 EH/s in 2023. Additionally, Bitcoin production saw substantial
growth, rising 210% to a record 12,852 BTC. According to the press release,
the company is focusing on optimizing fleet efficiency and expanding its mining
portfolio.
Besides that, the company reduced debt 56% to
$331 million and increased its combined unrestricted cash and Bitcoin holdings
to $997 million. Additionally, Marathon Digital diversified its Bitcoin mining
portfolio across 11 sites on three continents.
Fred Thiel, Marathon Digital’s Chairman and CEO, mentioned: “In
2024, we plan to grow our hash rate to approximately 35 to 37 exahash. By the
end of 2025, we plan to be at 50 exahash, approximately double our
current capacity.”
“With orders for 22 exahash of miners already
placed and options to add an additional 23 exahash to these orders, we believe
there may be opportunities to accelerate our growth targets.”
Our Q4 and fiscal year 2023 results are here:
– Revenues Increase 229% to a Record $388 Million in 2023
– Net Income Improves to $261.2 Million, or $1.06 per Diluted Share, in 2023
– Adjusted EBITDA Improves to $419.9 Million in 2023
– #BTC Production Increases 210% to a Record…— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) February 28, 2024
Growth and Expansion Efforts
Last year, Marathon Digital faced challenges when
heatwaves in Texas and declining Bitcoin prices took a toll on its production.
This resulted in a decrease of 9% in production in August compared to the previous
month. The firm posted an average daily output of 34.3 BTC, down from July’s
figures.
Besides that, Marathon Digital’s
joint venture in Abu Dhabi contributed 50 Bitcoins in August, marking progress toward
its goal of scaling up to 7 exahashes. As of August 31, 2023, Marathon held a
total of 13,286 BTC, with plans for further expansion and growth initiatives.
Marathon Digital Holdings has released its financial
results for the fourth quarter and fiscal year 2023, highlighting impressive
performance in revenue, net income, and BTC production.
During the fourth quarter of 2023, Marathon Digital reported an
increase of 452% in revenue compared to the same period in 2022. The company
sold 56% of the Bitcoins it produced during the quarter to fund operating costs and strengthen its financial position.
Similarly, during the fiscal year 2023, Marathon Digital’s revenue
soared 229% to an all-time high of $388 million. The company’s net income
experienced a remarkable turnaround, surging to $261.2 million, or $1.06 per
diluted share. This was a significant improvement from the previous year’s loss. Adjusted
EBITDA also showed impressive growth, reaching $419.9 million.
Marathon Digital’s hash rate experienced an expansion of
253%, reaching 24.7 EH/s in 2023. Additionally, Bitcoin production saw substantial
growth, rising 210% to a record 12,852 BTC. According to the press release,
the company is focusing on optimizing fleet efficiency and expanding its mining
portfolio.
Besides that, the company reduced debt 56% to
$331 million and increased its combined unrestricted cash and Bitcoin holdings
to $997 million. Additionally, Marathon Digital diversified its Bitcoin mining
portfolio across 11 sites on three continents.
Fred Thiel, Marathon Digital’s Chairman and CEO, mentioned: “In
2024, we plan to grow our hash rate to approximately 35 to 37 exahash. By the
end of 2025, we plan to be at 50 exahash, approximately double our
current capacity.”
“With orders for 22 exahash of miners already
placed and options to add an additional 23 exahash to these orders, we believe
there may be opportunities to accelerate our growth targets.”
Our Q4 and fiscal year 2023 results are here:
– Revenues Increase 229% to a Record $388 Million in 2023
– Net Income Improves to $261.2 Million, or $1.06 per Diluted Share, in 2023
– Adjusted EBITDA Improves to $419.9 Million in 2023
– #BTC Production Increases 210% to a Record…— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) February 28, 2024
Growth and Expansion Efforts
Last year, Marathon Digital faced challenges when
heatwaves in Texas and declining Bitcoin prices took a toll on its production.
This resulted in a decrease of 9% in production in August compared to the previous
month. The firm posted an average daily output of 34.3 BTC, down from July’s
figures.
Besides that, Marathon Digital’s
joint venture in Abu Dhabi contributed 50 Bitcoins in August, marking progress toward
its goal of scaling up to 7 exahashes. As of August 31, 2023, Marathon held a
total of 13,286 BTC, with plans for further expansion and growth initiatives.
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