Companies /Financial Services

Marathon Digital Holdings Inc

NASDAQ: MARA Capital Markets
$11.43
▼ $0.49 (−4.11%) today
Markets closed · 8:01am ET

Q3 2024 Earnings

Reported Nov 12, 2024, 4:57pm ET · SEC source
$-0.42
Miss −68.00%
EPS · est. $-0.25
$131.6M
Miss −13.20%
Revenue · est. $151.7M
+11.6%
Beating market
MARA vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−12%−6%0+6%Nov 12Nov 13report 4:57pm ETearnings+0.1%−7.9%
−12%−6%0+6%Nov 12Nov 13earnings+0.1%−7.9%
MARA −7.9%S&P 500 +0.1%
−12%−6%0+6%Nov 12Nov 13report 4:57pm ETearnings−0.1%−7.9%
−12%−6%0+6%Nov 12Nov 13earnings−0.1%−7.9%
MARA −7.9%NASDAQ −0.1%
−20%−10%0Nov 11Nov 20report 4:57pm ETearnings−1.1%−3.1%
−20%−10%0Nov 11Nov 20earnings−1.1%−3.1%
MARA −3.1%S&P 500 −1.1%
−20%−10%0Nov 11Nov 20report 4:57pm ETearnings−1.9%−3.1%
−20%−10%0Nov 11Nov 20earnings−1.9%−3.1%
MARA −3.1%NASDAQ −1.9%
−13.99%
Day of report
−4.19%
Next session
+4.29%
One week
+13.18%
30 days

S&P 500 over the same 30 days: +1.61%.

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 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

Forward Guidance & Outlook

MARA targets reaching 50 EH/s energized hash rate by mid-to-late December 2024. The company expects fleet efficiency to improve to approximately 19.5 J/TH by year-end through deployment of additional S21 Pro miners and immersion cooling. MARA plans to fully energize 372 MW of Ohio data center capacity by end of 2025. The company aims to have 50% of its business from outside the United States by 2028 and is pursuing a growing pipeline of over 2 GW of domestic and international opportunities. MARA intends to continue its full HODL BTC treasury strategy and expects to convert the vast majority of its portfolio to owned and operated sites for significant cost savings.

MARA YoY Financials

Q3 2024 vs Q3 2023 · SEC filings Q3 2023 Q3 2024
$0$40.0M$80.0M$120.0M$97.8M$131.6MRevenue
$0$40.0M$80.0M$120.0MRevenue

MARA Revenue by Segment

Bitcoin Mining
Mining$131.6M

Figures from SEC filings and company reports. Not investment advice.