Q1 24 EPS
$1.26
BEAT +472.73%
Est. $0.22
Q1 24 Revenue
$165.2M
BEAT +0.00%
Est. $165.2M
vs S&P Since Q1 24
-76.4%
TRAILING MARKET
MARA -32.0% vs S&P +44.3%
Market Reaction
Did MARA Beat Earnings? Q1 2024 Results
Marathon Digital Holdings delivered a blowout first quarter for 2024, posting earnings of $1.26 per diluted share against a consensus estimate of just $0.22, a beat of 472.73%, while revenue of $165.20 million rose 223.1% year-over-year and landed pr… Read more Marathon Digital Holdings delivered a blowout first quarter for 2024, posting earnings of $1.26 per diluted share against a consensus estimate of just $0.22, a beat of 472.73%, while revenue of $165.20 million rose 223.1% year-over-year and landed precisely in line with expectations. The headline driver was Bitcoin's sharp appreciation, which, combined with the company's adoption of new fair value accounting rules for crypto assets, generated $488.81 million in non-cash digital asset gains as Bitcoin climbed to $71,289 at quarter-end; that mark-up propelled GAAP net income to $337.17 million. Operationally, the picture was more nuanced, with energized hash rate growing 142% year-over-year to 27.8 EH/s while actual BTC production of 2,811 coins declined 34% sequentially due to equipment failures and weather-related curtailments. Looking ahead, Marathon raised its 2024 hash rate target to 50 EH/s, representing roughly 100% growth during the year, backed by $1.60 billion in liquidity and 45 additional exahash of capacity available through current orders and options.
Key Takeaways
- • 126% increase in average price of bitcoin mined year-over-year
- • 28% increase in BTC production to 2,811 coins in Q1 2024 from 2,195 in Q1 2023
- • $20.8 million in new hosting services revenue from GC Data Center acquisition
- • Gains on digital assets of $488.8 million driven by Bitcoin price increase to $71,289
- • Energized hash rate increased 142% to 27.8 EH/s from 11.5 EH/s year-over-year
- • Adoption of new FASB fair value accounting rules (ASU No. 2023-08) for crypto assets
MARA YoY Financials
Q1 2024 vs Q1 2023, source: SEC Filings
MARA Revenue by Segment
With YoY comparisons, source: SEC Filings
“During the first quarter of 2024, we doubled the size of our portfolio of digital asset compute, launched our first products and services to support the Bitcoin ecosystem, and we battled against operational challenges to produce record financial results.”
— Fred Thiel, Q1 2024 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 | — |