MARA Holdings Q2 Earnings Beat Analyst Estimates, Shares Rise

MARA Holdings reported Q2 revenue of $238.5 million, beating analyst estimates of $218.45 million. The Bitcoin mining company also reported earnings of $1.84 per share, beating estimates of 69 cents per share. Total revenue was up 64% YoY, and energized hash rate increased 82% YoY to 57.4 EH/s. MARA mined 2,358 Bitcoin during the quarter and held a total of 49,951 Bitcoin at quarter's end. The company had $5.4 billion in unrestricted cash, cash equivalents, and Bitcoin as of June 30.

Miami-based Marathon Digital Holdings (NASDAQ: MARA) has announced its second-quarter (Q2) financial results, which showed significant growth across key metrics. The company reported a 64% year-over-year (YoY) increase in revenue to $238.5 million, surpassing analyst estimates of $218.45 million [2]. Additionally, earnings per share (EPS) came in at $1.84, beating the consensus estimate of 69 cents per share.

The strong performance can be attributed to improved operational efficiency and expanded infrastructure. Marathon's energized hash rate increased 82% YoY to 57.4 exahash (EH/s), while the company mined 2,358 Bitcoin during the quarter. As of June 30, Marathon held a total of 49,951 Bitcoin, representing a 170% YoY increase in its Bitcoin holdings [1].

Operational costs also improved significantly, with purchased energy costs per Bitcoin at $33,735 for owned sites in Q2, a 24% decrease from the previous year. The company's operational efficiency was further highlighted by its success in winning 694 total blocks, a 52% increase from the same period last year.

Marathon's stock price responded positively to the earnings report, rising 3.56% in the after-hours session on Tuesday, trading at $17.21 [3]. The company plans to host its inaugural investor meeting in the fall and will further discuss the quarter on an earnings call with investors and analysts at 5:00 p.m. ET today.

The strong Q2 results underscore Marathon's position as a leading Bitcoin mining company, with a robust operational framework and significant Bitcoin holdings. The company remains on track to reach its year-end target of 75 EH/s and continues to pursue international expansion, aiming to generate more than 50% of revenues from international markets by 2028 [2].

References:
[1] https://www.thestreet.com/crypto/markets/bitcoin-mining-giant-marathon-digital-reveals-shocking-earnings
[2] https://ng.investing.com/news/earnings/marathon-digital-stock-up-after-crushing-earnings-estimates-93CH-2032301
[3] https://www.benzinga.com/markets/earnings/25/07/46706807/mara-holdings-stock-moves-higher-on-better-than-expected-q2-earnings