Marathon(US:MARA)2024-08-01 20:44Financial 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]