Marathon Digital Q2 results miss revenue and earnings forecasts

Despite the earnings miss, Marathon’s CEO said it mined a record 2,926 Bitcoin over the second quarter of 2023.

Crypto mining firm Marathon Digital missed earnings and revenue expectations with its second-quarter 2023 results.

Marathon’s Q2 2023 results on Aug. 8 reported revenues of $81.8 million compared to Zacks Investment Research’s estimate of $83.2 million.

The crypto miner reported a earnings per share net loss of 13 cents compared to Zacks’ estimate of a 3 cents per share loss.

Marathon’s share price largely remained sideways after market close, recording a 1.65% drop in after-hours trading to around $15.50 per share according to Google Finance.

Marathon’s chairman and CEO Fred Thiel said in a press release that the firm significantly grew its hash rate and improved efficiency over the quarter.

“In Q2, we grew our energized hash rate 54% from 11.5 to 17.7 exahashes,” Thiel reported. He added Marathon also increased its Bitcoin (BTC) production with a record 2,926 Bitcoin mined during the quarter, representing around 3.3% of the network’s rewards over that time.

Marathon reported a $23.4 million gain due to selling 63% of the Bitcoin mined in the quarter, used to fund operating costs. Impairment charges on the value of its held digital assets were $8.4 million.

This is a developing story, and further information will be added as it becomes available.