201 Blocks Won in July, 27% Increase M/M BTC Production of 692 BTC, 17% Increase M/M Increased BTC Holdings to 20,818 BTC; Total Cash and BTC of $1.6B as of July 31, 2024 Fort Lauderdale, FL, Aug. 06, 2024 (GLOBE NEWSWIRE) -- MARA (NASDAQ: MARA) ("MARA" or the "Company"), one of the world's largest publicly traded bitcoin ("BTC") miners and a leader in supporting and securing the Bitcoin ecosystem, today published unaudited BTC production and miner installation updates for July 2024. Management Commentary " ...

Financial Data and Key Metrics Changes - The company reported a net loss of $200 million, or $0.72 loss per diluted share, compared to a net loss of $9 million, or $0.07 loss per diluted share in the same quarter last year [22] - Revenue increased by 78% to $145 million from $82 million in the second quarter of 2023, primarily driven by a $79 million increase in the average price of Bitcoin [24] - The average price of Bitcoin mined was 136% higher this quarter than the prior year period, but Bitcoin production decreased due to the halving event and increased global hash rate [24][22] - The company’s unrestricted cash and cash equivalents totaled $256 million, up from $114 million a year ago, with a combined balance of cash and Bitcoin approximately $1.4 billion as of June 30, 2024 [30] Business Line Data and Key Metrics Changes - The operational hash rate grew to 31.5 exahash, with a fleet efficiency of 23.5 joules per terahash [10][27] - The company produced an average of 22.9 Bitcoin each day during the quarter, down from 32.2 Bitcoin per day in the prior year period, resulting in a total production decrease of 868 Bitcoin [24] - Hosting revenues generated $9 million, which was not present a year ago, but are expected to taper off as the company transitions hosted customers [25] Market Data and Key Metrics Changes - The price of Bitcoin deteriorated on June 30, 2024, resulting in a loss on digital assets of $148 million during the second quarter [23] - The company currently mines approximately 9% of the global hash rate and expects that Kaspa will consume only 1% of its energy capacity, highlighting diversification benefits [13] Company Strategy and Development Direction - The company aims to become a globally diversified entity leveraging digital asset compute to transform the energy industry and enable a speedier energy transformation [8] - The internal structure has been reorganized into three specialized business teams: Utility Scale Mining, Energy Harvesting, and Technology, to enhance accountability and accelerate growth [8][28] - The company is focused on achieving a hash rate target of 50 exahash and plans to continue diversifying its portfolio through initiatives like Kaspa mining and energy harvesting projects [13][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged operational challenges in the past quarters but expressed confidence in overcoming these issues and achieving the 50 exahash goal by year-end [38] - The company is optimistic about the long-term value of Bitcoin and plans to adopt a full HODL strategy, retaining all mined Bitcoin going forward [29][68] - Management believes that co-locating AI with Bitcoin mining presents synergistic opportunities, particularly in balancing energy loads [35] Other Important Information - The company raised $345 million from at-the-market equity sales, primarily intended for Bitcoin purchases, miners, and operating costs [31] - The company has begun using its own technology to improve operations, with plans to convert most sites to immersion cooling technology [19] Q&A Session Summary Question: Can you talk about your investment in Auradine and are you currently using any of their miners? - The company has disclosed orders and payments to Auradine for their 3 nanometer miners, which are expected to outperform competitors [39] Question: With the announcement of your 100% HODL strategy, how do you plan to fund continuing operations? - The company plans to utilize cash on the balance sheet and access capital markets, alongside high-margin initiatives like Kaspa to generate additional cash flows [40][41] Question: When can we expect more information on when ongoing initiatives will contribute to revenue and earnings? - The company is focused on developing resilient businesses with long-term growth potential, particularly in Energy Harvesting and Technology, which are expected to yield benefits over time [42][43] Question: Can you explain the operational issues faced in the last two quarters? - The issues were primarily due to transformer failures and transmission line maintenance, which have since been addressed, and the company is implementing strategies to prevent recurrence [46][48] Question: How do you evaluate the economics of mining versus edge work? - The company aims to be an infrastructure provider rather than an operator of AI, focusing on partnerships and technology sales in the AI space [50][52] Question: What are your thoughts on capital deployment among the various business units? - The company employs a matrix organization to streamline operations and capital allocation, focusing on operational efficiency and return on investment [56][58]

Marathon Digital Holdings, Inc. (MARA) came out with a quarterly loss of $0.24 per share versus the Zacks Consensus Estimate of a loss of $0.23. This compares to loss of $0.13 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -4.35%. A quarter ago, it was expected that this company would post earnings of $0.02 per share when it actually produced a loss of $0.06, delivering a surprise of -400%. Over the last four quarters, the c ...

Financial Performance - Revenues increased 78% to $145.1 million in Q2 2024 from $81.8 million in Q2 2023[1] - Net loss increased to $199.7 million, or $0.72 loss per diluted share, in Q2 2024 from a net loss of $9.0 million, or $0.07 loss per diluted share, in Q2 2023[6] - Adjusted EBITDA decreased to a loss of $85.1 million in Q2 2024 from a gain of $35.8 million in Q2 2023[6] - Total revenues for Q2 2024 reached $145.1 million, a significant increase of 77.6% compared to $81.8 million in Q2 2023[12] - The total cost of revenues for Q2 2024 was $181.7 million, up from $92.5 million in Q2 2023, reflecting a 96.5% increase[12] - Net loss for Q2 2024 was $199.7 million, compared to a net loss of $9.0 million in Q2 2023[12] - Total margin for Q2 2024 was negative $36.6 million, compared to negative $10.7 million in Q2 2023[12] - The company reported a total margin excluding depreciation and amortization of $50.6 million for Q2 2024, compared to $26.5 million in Q2 2023[12] - Operating income (loss) for Q2 2024 was negative $232.4 million, compared to negative $6.1 million in Q2 2023[12] - Adjusted EBITDA was $(85,140) million, while the previous period reported $35,807 million[13] Production and Mining Metrics - BTC production decreased by 30% to 2,058 BTC in Q2 2024 from 2,926 BTC in Q2 2023[4] - Average BTC production per day was 22.9 BTC in Q2 2024, down from 32.2 BTC in Q2 2023[12] - Installed Hash Rate at the end of the period was 31.5 exahashes per second, up from 21.8 exahashes per second[13] - Average Operational Hash Rate was 24.0 exahashes per second, compared to 12.1 exahashes per second in the previous period[13] - Share of available miner rewards increased to 3.7% from 3.3%[13] - Number of blocks won increased to 457 from 414 in the previous period[13] - Transaction fees as a percentage of total increased to 10.5% from 8.2%[13] Asset Management - The company ended the quarter with 18,488 BTC on the balance sheet and subsequently purchased an additional $100 million worth of BTC, exceeding 20,000 BTC in total holdings[4] - The fair market value loss of digital assets was $148.0 million in Q2 2024, compared to $25.2 million in Q2 2023[8] Strategic Initiatives - The company organized into three strategic business teams: Utility Scale Mining, Energy Harvesting, and Technology[3] - The company successfully acquired the Garden City data center in Texas and signed a partnership with the government of Kenya[1] Hash Rate and Cost Metrics - Energized hash rate rose 78% to 31.5 EH/s in Q2 2024 compared to 17.7 EH/s in Q2 2023[1] - Cost per Petahash per day decreased to $41.0 from $50.4 in the previous period[13] - The company defines Energized Hash Rate as the total hash rate that could theoretically be generated if all mining rigs are operational[14] - Adjusted EBITDA and total margin excluding depreciation and amortization are used to evaluate business performance and inform operating decision-making[15]

- Revenues Increase 78% to $145.1 Million - Fair Market Value Loss of $148.0 Million, Resulting in Net Loss of $199.7 Million, or $0.72 Loss per Diluted Share - Adjusted EBITDA Decreases to a Loss of $85.1 Million Year-Over-Year Comparison Prior Quarter Comparison Metric(1) Q2 2024 Q2 2023 % Δ Q2 2024 Q1 2024 % Δ Fort Lauderdale, FL, Aug. 01, 2024 (GLOBE NEWSWIRE) -- MARA (NASDAQ:MARA) ("MARA" or the "Company"), a global leader in leveraging digital asset compute to support the energy transformation, report ...

- Revenues Increase 78% to $145.1 Million - Fair Market Value Loss of $148.0 Million, Resulting in Net Loss of $199.7 Million, or $0.72 Loss per Diluted Share - Adjusted EBITDA Decreases to a Loss of $85.1 Million Year-Over-Year Comparison Prior Quarter Comparison Metric(1) Q2 2024 Q2 2023 % Δ Q2 2024 Q1 2024 % Δ Fort Lauderdale, FL, Aug. 01, 2024 (GLOBE NEWSWIRE) -- MARA (NASDAQ:MARA) ("MARA" or the "Company"), a global leader in leveraging digital asset compute to support the energy transformation, report ...

Shares of the company have appreciated by 6.71% over the course of the past month, outperforming the Business Services sector's loss of 1.69% and the S&P 500's loss of 0.26%. For the full year, the Zacks Consensus Estimates are projecting earnings of $0.12 per share and revenue of $687.17 million, which would represent changes of -29.41% and +77.33%, respectively, from the prior year. Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performa ...

The earnings report, which is expected to be released on August 1, 2024, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. Zacks Consensus Estimate Revenues are expected to be $161.04 million, up 97% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.95% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collecti ...

"Adopting a full HODL strategy reflects our confidence in the long-term value of bitcoin," said Fred Thiel, MARA's chairman and CEO. "We believe bitcoin is the world's best treasury reserve asset and support the idea of sovereign wealth funds holding it. We encourage governments and corporations to all hold bitcoin as a reserve asset." Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking s ...

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identify ...