From Financial Modeling Prep: 2024-11-13 07:27:00

Marathon Digital (NASDAQ:MARA) disappointed with a larger-than-expected loss and lower revenue in Q3 2024, causing shares to drop over 9% in pre-market trading.

The cryptocurrency mining company reported a net loss of $125 million, missing EPS estimates by $0.09, with revenue of $131.65 million falling short of expectations but up 35% from last year.

Despite a 93% increase in hash rate, Marathon’s bitcoin production dropped 41% to 2,070 BTC, yet the company achieved a positive adjusted EBITDA of $21.8 million.

Marathon ended the quarter with 26,747 BTC, a 45% increase from the prior quarter, showing significant growth in bitcoin holdings.



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