Marathon Digital Holdings Inc (NASDAQ:MARA) reported financial results for the second quarter Thursday after the bell. Here's a rundown of the report.
Q2 Earnings: Marathon Digital reported second-quarter revenue of $145.14 million, missing the consensus estimate of $157.84 million, according to Benzinga Pro.
The Bitcoin (CRYPTO: BTC) mining company reported an adjusted loss of 19 cents per share, missing analyst estimates for a loss of 14 cents per share.
Total revenue was up 78% year-over-year. Marathon Digital's energized hash rate increased 78% to 31.5 EH/s in the second quarter. The company said it produced 2,058 bitcoin during the quarter — down 30% year-over-year.
Marathon Digital had $1.4 billion in unrestricted cash, cash equivalents and bitcoin as of June 30. The company said it had 18,488 Bitcoin on its balance sheet at the quarter's end and subsequently purchased an additional $100 million worth of Bitcoin, bringing total holdings up to more than 20,000 Bitcoin.
"During the second quarter of 2024, our BTC production was impacted by unexpected equipment failures and transmission line maintenance at the Ellendale site operated by Applied Digital, increased global hash rate, and the April halving event," said Fred Thiel, chairman and CEO of Marathon Digital.
Thiel says transformer issues at the Ellendale site were "mitigated and remediated" post-quarter end, and the hash rate recovery effort is complete.
"We reached an all-time high installed hash rate of 31.5 exahash in the second quarter and continue to target 50 exahash of energized hash rate by the end of 2024 with additional growth in 2025," he added.
A conference call to discuss these results kicked off at 5 p.m. ET.