Q4 23 EPS
$0.66
BEAT +2,100.00%
Est. $0.03
Q4 23 Revenue
$156.8M
BEAT +0.00%
Est. $156.8M
vs S&P Since Q4 23
-101.8%
TRAILING MARKET
MARA -53.9% vs S&P +47.9%
Full Year 2023 Results
FY 23 EPS
$1.06
FY 23 Revenue
$387.5M
Market Reaction
Did MARA Beat Earnings? Q4 2023 Results
Marathon Digital Holdings delivered a standout Q4 2023, posting earnings per diluted share of $0.66 against a consensus estimate of just $0.03, a 2100.00% beat, while revenue of $156.77 million surged 451.6% year-over-year and landed exactly in line … Read more Marathon Digital Holdings delivered a standout Q4 2023, posting earnings per diluted share of $0.66 against a consensus estimate of just $0.03, a 2100.00% beat, while revenue of $156.77 million surged 451.6% year-over-year and landed exactly in line with expectations. The headline profit figure was heavily shaped by the company's adoption of new FASB fair value accounting rules for crypto assets, which contributed $213.62 million in unrealized digital asset gains during the quarter; excluding that accounting change, Marathon would have reported a net loss of approximately $5.00 million. The operational story remained compelling nonetheless, with bitcoin production rising 172% to 4,242 BTC as the company's energized hash rate grew 253% to 24.7 EH/s and fleet efficiency improved 21% to 24.5 J/TH. Marathon ended the year holding 15,126 bitcoin and $357.30 million in cash, a combined $997.00 million. Looking ahead, the company is targeting 35-37 EH/s of capacity by year-end 2024 and 50 EH/s by end of 2025, supported by orders for 22 EH/s of new miners and a planned acquisition of two data centers.
Key Takeaways
- • 172% increase in bitcoin production year-over-year in Q4
- • 101% higher average bitcoin prices during Q4
- • Energized hash rate grew 253% to 24.7 EH/s in 2023
- • Fleet efficiency improved 21% to 24.5 J/TH
- • $213.6 million gains on digital assets in Q4 from early adoption of FASB fair value accounting rules (ASU No. 2023-08)
- • Absence of impairments recorded in 2022 ($376 million in Q4 2022, $572.4 million in FY 2022)
MARA YoY Financials
Q4 2023 vs Q4 2022, source: SEC Filings
MARA Revenue by Segment
With YoY comparisons, source: SEC Filings
“2023 was a record-breaking year for Marathon, during which we achieved our primary objectives of energizing our fleet of previously purchased mining rigs and optimizing our performance. In 2023, we grew our hash rate 253% to 24.7 exahash; we improved our fleet efficiency 21% to 24.5 joules per terahash; and, we increased our Bitcoin mining portfolio to over 900 megawatts of total capacity, diversified across 11 different sites on three continents.”
— Fred Thiel, Q4 2023 Earnings Press Release
MARA Earnings Trends
MARA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MARA EPS Trend
Earnings per share: estimate vs actual
MARA Revenue Trend
Quarterly revenue: estimate vs actual
MARA Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.51 | $-3.31 | -555.45% | $174.6M | -5.22% |
| Q4 25 MISS FY | $-0.03 | $-4.52 | -17,980.00% | $202.3M | -19.51% |
| FY Full Year | — | — | — | $907.1M | — |
| Q3 25 MISS | $0.35 | $0.27 | -23.58% | $252.4M | -0.81% |
| Q2 25 BEAT | $-0.28 | $1.84 | +769.09% | $238.5M | +6.64% |
| Q1 25 MISS | $0.56 | $-1.55 | -376.00% | $213.9M | -2.92% |
| Q4 24 BEAT FY | $-0.08 | $1.24 | +1,650.00% | $214.4M | +14.58% |
| FY Full Year | $0.26 | $1.72 | +561.54% | $656.4M | +3.93% |
| Q3 24 MISS | $-0.25 | $-0.42 | -68.00% | $131.6M | -13.20% |
| Q2 24 MISS | $-0.14 | $-0.72 | -414.29% | $145.1M | -8.05% |
| Q1 24 BEAT | $0.22 | $1.26 | +472.73% | $165.2M | +0.00% |
| Q4 23 BEAT FY | $0.03 | $0.66 | +2,100.00% | $156.8M | +0.00% |
| FY Full Year | — | $1.06 | — | $387.5M | — |
| Q3 23 BEAT | $-0.11 | $0.35 | +418.18% | $97.8M | -5.04% |
| Q3 16 BEAT | $-3.92 | $-0.21 | +94.64% | $43,113 | — |