Marathon Digital Beats Q3 Earnings Estimate, but Misses on Revenue

Marathon Digital’s (MARA) third quarter earnings per share of $0.85 beat the consensus analyst estimate of $0.43, while its revenue of $51.7 million missed the estimate of $67.4 million, according to FactSet.

  • The company’s third quarter revenue rose over 6,000% year-over-year, according to a statement.
  • Marathon mined 1,252 bitcoin in the third quarter, which was a 91% increase from the previous quarter.
  • At the end of the quarter, it held 7,035 bitcoin with a fair-market value of $307.6 million.
  • The miner expects its previously purchased 130,000 mining machines to come online between now and the middle of 2022.
  • Marathon noted that global supply-chain issues are affecting the crypto mining industry, and the company recently started chartering planes to expedite the delivery of its mining computers.
  • The shares of the bitcoin miner were down about 1.5% in early trading Wednesday, after initially rising about 4% following the release of the results. They are up more than 600% so far this year.

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