Bitcoin Miner Marathon Digital Beats Q3 Earnings Estimates, but Misses on Revenue

The company sees 2023 mining power guidance reaching 26 EH/s, making it the largest bitcoin mining firm in terms of hash rate.

AccessTimeIconNov 8, 2023 at 9:39 p.m. UTC
Updated Nov 8, 2023 at 9:53 p.m. UTC
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Marathon Digital (MARA), one of the largest bitcoin miners in North America, beat third-quarter earnings estimates while missing revenue expectations.

The miner reported a third-quarter earnings of $0.35 per share versus analyst estimate of a loss of $0.11 per share, according to FactSet data. Third quarter revenue was $97.8 million compared to an estimate of $99.6 million.

Marathon produced 3,490 bitcoins during the third quarter, up from 2,926 in Q2 and 616 in Q3 one year ago. The company sold 66% of the bitcoin produced last quarter to pay for operating costs, according to the statement.

The firm also said it sees 2023 bitcoin mining power, or hash rate, to reach 26 exahashes per second (EH/s) and expects to grow its hash rate by about 30% in 2024. If the company manages to hit the guidance for this year, it will become the largest publicly traded mining company in terms of hashrate.

Core Scientific (CORZQ), a miner expecting to emerge from bankruptcy in the fourth quarter, has about 22 EH/s mining power.

MARA stock was lower by 6.9% during the regular session Wednesday; in after hours trading, shares have bounced a modest 0.8%. The stock rose nearly 140% this year, outperforming the 73% bitcoin (BTC) price gain.

CORRECT (Nov. 8, 21:51 UTC): Corrects to say third quarter earnings was a beat.


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Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

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