Companies /Financial Services

Marathon Digital Holdings Inc

NASDAQ: MARA Capital Markets
$11.43
▼ $0.49 (−4.11%) today
Markets closed · 7:56am ET

Q4 2024 Earnings

Reported Feb 26, 2025, 5:29pm ET · SEC source
$1.24
Beat +1,650.00%
EPS · est. $-0.08
$214.4M
Beat +14.58%
Revenue · est. $187.1M
−8.0%
Trailing market
MARA vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−5%0+5%Feb 26Feb 27report 5:29pm ETearnings−1.9%−1.1%
−5%0+5%Feb 26Feb 27earnings−1.9%−1.1%
MARA −1.1%S&P 500 −1.9%
−5%0+5%Feb 26Feb 27report 5:29pm ETearnings−3.2%−1.1%
−5%0+5%Feb 26Feb 27earnings−3.2%−1.1%
MARA −1.1%NASDAQ −3.2%
−8%0+8%+16%Feb 25Mar 6report 5:29pm ETearnings−3.5%+12.6%
−8%0+8%+16%Feb 25Mar 6earnings−3.5%+12.6%
MARA +12.6%S&P 500 −3.5%
−8%0+8%+16%Feb 25Mar 6report 5:29pm ETearnings−4.9%+12.6%
−8%0+8%+16%Feb 25Mar 6earnings−4.9%+12.6%
MARA +12.6%NASDAQ −4.9%
+5.46%
Day of report
+6.02%
Next session
+14.93%
One week
−12.41%
30 days

S&P 500 over the same 30 days: −4.39%.

Did MARA Beat Earnings? Q4 2024 Results

Marathon Digital delivered a decisive beat across every key metric in Q4 2024, swinging to a profit that left Wall Street's estimates in the dust, as the company reported earnings of $1.24 per diluted share against a consensus expectation of negative $0.08, a 1650.00% beat, while revenue climbed 36.8% year-over-year to $214.39 million, topping the $187.11 million estimate by 14.58%. The single biggest driver behind the quarter's $528.28 million net income was $742.70 million in fair value gains on digital assets, reflecting bitcoin's sharp price appreciation against MARA's growing 44,893 BTC treasury, which the company built partly by purchasing 15,574 BTC in Q4 alone without selling a single coin. Management noted that a $10,000 move in bitcoin's price now translates to more than $450.00 million in earnings impact, underscoring how deeply the balance sheet strategy shapes results. The company's stock jumped over 7% in after-hours trading on the print, and looking ahead, MARA is pivoting toward owned energy generation and AI inference infrastructure as long-term margin and diversification levers.

Key Takeaways
  • 132% higher average BTC price year-over-year in Q4 drove $119.9 million revenue increase
  • Energized hashrate grew 115% YoY to 53.2 EH/s
  • Vertical integration reduced direct energy cost per bitcoin to $28,801 at owned sites
  • Cost of revenue per petahash per day improved 17% for full year
  • Blocks won increased 25% in Q4 despite April 2024 halving
  • $742.7 million fair value gain on digital assets in Q4

Forward Guidance & Outlook

MARA's 2025 priorities center on three themes: Generate, Activate, and Differentiate. The company aims to own and operate energy generation assets to achieve near-zero cost of energy, further reducing reliance on grid power. MARA plans to expand its footprint in energy generation while maintaining dominance in bitcoin mining. The company is investing in R&D and positioning for AI inference infrastructure opportunities, deploying approximately 30 MW of two-phase immersion cooling systems to internal and external customers. Management expects costs to decline as savings from owned sites and self-generated power are realized. The company also anticipates the 2028 halving will force industry-wide consolidation among miners reliant on grid-attached power. MARA is exploring additional revenue opportunities from AI and adjacent markets over the long term.

MARA YoY Financials

Q4 2024 vs Q4 2023 · SEC filings Q4 2023 Q4 2024
$0$200.0M$400.0M$156.8M$214.4MRevenue$24.5M$341.0MOperating Income$223.4M$528.3MNet Income
$0$200.0M$400.0MRevenueOperating IncomeNet Income

MARA Revenue by Segment

Bitcoin Mining
Mining

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