Q3 24 EPS
$-0.42
MISS 68.00%
Est. $-0.25
Q3 24 Revenue
$131.6M
MISS 13.20%
Est. $151.7M
vs S&P Since Q3 24
-67.8%
TRAILING MARKET
MARA -42.0% vs S&P +25.8%
Market Reaction
Did MARA Beat Earnings? Q3 2024 Results
MARA Holdings delivered a disappointing third quarter, missing on both the top and bottom lines as the aftermath of April's Bitcoin halving weighed heavily on results. The company posted a net loss of $0.42 per diluted share, falling 68.00% short of … Read more MARA Holdings delivered a disappointing third quarter, missing on both the top and bottom lines as the aftermath of April's Bitcoin halving weighed heavily on results. The company posted a net loss of $0.42 per diluted share, falling 68.00% short of the consensus estimate of $0.25, while revenue of $131.65 million trailed the $151.67 million consensus by 13.20%, despite climbing 34.5% year-over-year. The core culprit was a meaningful drop in BTC production volume, which fell as daily output slipped to 22.5 BTC from 37.9 BTC in the year-ago period following the halving event, even as rising average BTC prices provided a partial cushion. Net losses widened sharply to $124.79 million from a near-breakeven $390,000 a year ago, driven by surging depreciation, tripling G&A costs, and the absence of a prior-year debt extinguishment gain. Still, MARA aggressively built its bitcoin treasury to 26,747 BTC and is targeting 50 EH/s of energized hash rate by late December 2024, signaling continued operational ambition despite the near-term financial pressure.
Key Takeaways
- • 116% higher average BTC price year-over-year drove revenue growth
- • Energized hash rate grew 93% YoY to 36.9 EH/s
- • 604 block wins in Q3 2024, a 32% increase over Q2 2024
- • Cost of revenue per petahash per day improved 18% YoY from $45.2 to $37.1
- • BTC production offset by April 2024 halving event reducing daily production from 37.9 to 22.5 BTC per day
- • Prior quarter operational issues at third-party sites fully remediated early in Q3
MARA YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
MARA Revenue by Segment
With YoY comparisons, source: SEC Filings
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 | — |