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Marathon Digital

Marathon Digital (MARA) Q3 2023 Earnings

Reported Nov 9, 2023 at 8:45 AM ET · SEC Source

Q3 23 EPS

$0.35

BEAT +418.18%

Est. $-0.11

Q3 23 Revenue

$97.8M

MISS 5.04%

Est. $103.0M

vs S&P Since Q3 23

-33.0%

TRAILING MARKET

MARA +37.6% vs S&P +70.6%

Market Reaction

Did MARA Beat Earnings? Q3 2023 Results

Marathon Digital Holdings delivered a sharply positive earnings surprise in Q3 2023, posting earnings per share of $0.35 against a consensus estimate of negative $0.11, a beat of 418.18%, while revenue of $97.85 million fell just short of the $103.04… Read more Marathon Digital Holdings delivered a sharply positive earnings surprise in Q3 2023, posting earnings per share of $0.35 against a consensus estimate of negative $0.11, a beat of 418.18%, while revenue of $97.85 million fell just short of the $103.04 million estimate despite soaring 671.1% year-over-year. The single most consequential driver of the quarter was an $82.60 million gain from debt extinguishment tied to a $417.00 million note exchange completed in September, which cut long-term debt by 56% and helped swing the company to net income of $64.14 million from a net loss of $72.46 million in the year-ago period. Fueling the revenue surge was a 467% jump in bitcoin production to 3,490 BTC, supported by energized hash rate climbing 403% year-over-year to 19.1 EH/s. Despite a post-earnings stock rally, some observers noted the shares remain technically pressured near key resistance levels. Looking ahead, management targets 26 EH/s by year-end and roughly 30% hash rate growth in 2024, positioning the company for the anticipated Bitcoin halving.

Key Takeaways

  • • 467% year-over-year increase in bitcoin production (3,490 BTC vs 616 BTC)
  • • 32% higher average bitcoin prices during Q3 2023 vs Q3 2022
  • • Energized hash rate grew 8% quarter-over-quarter to 19.1 EH/s
  • • U.S. average operational hash rate increased 18% sequentially to 14.2 EH/s
  • • Share of available miner rewards expanded to 4.0% from 0.7% year-over-year
  • • $82.6 million gain from extinguishment of debt via $417 million note exchange
24/7 Wall St

MARA YoY Financials

Q3 2023 vs Q3 2022, source: SEC Filings

24/7 Wall St

MARA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q3 24 Q4 25

“We made significant progress on our 2023 strategic priorities in the third quarter. First, we grew our energized hash rate 8% quarter-over-quarter to 19.1 exahashes. In addition, our new facility in Garden City started energizing last week and is expected to be fully operational later this month. Second, we experienced significantly higher uptime as optimization efforts helped increase our U.S. average operational hash rate 18% from last quarter to 14.2 exahashes. Third, we energized our first joint venture and our first international location in the UAE. This initial success has helped open new opportunities, and we recently entered into a new joint venture in Paraguay powered by hydroelectricity.”

— Fred Thiel, Q3 2023 Earnings Press Release

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