MARA Holdings Q3 Earnings: Revenue Miss; EPS Miss; 2,070 Bitcoin Mined; Energized Hash Rate Up 9%; Exahash Target ‘Firmly In Sight’
By Benzinga
Bitcoin (CRYPTO: BTC) miner MARA Holdings Inc (NASDAQ:MARA) reported financial results for the third quarter after the close on Tuesday. Here’s a rundown of the report.
Q3 Earnings: MARA Holdings reported third-quarter revenue of $131.6 million, missing the consensus estimate of $151.67 million, according to Benzinga Pro. The Bitcoin miner reported an adjusted loss of 34 cents per share, missing analyst estimates for a loss of 26 cents per share.
Total revenue was up 35% year-over-year. MARA Holdings’ energized hash rate increased 9% quarter-over-quarter to 40.2 EH/s in the third quarter. The company said it mined 2,070 Bitcoin during the quarter. The company also purchased 6,210 Bitcoin during the quarter, primarily using proceeds from a $300 million offering of convertible notes.
MARA Holdings held a total of 26,747 Bitcoin at quarter’s end. The company had $1.9 billion in unrestricted cash, cash equivalents and bitcoin as of Sept. 30.
“Our 50 exahash goal for this year is firmly in sight and we expect to get there by mid-to-late December,” the company said in a letter to shareholders.
“We believe we are on a strong growth trajectory, with no plans to slow down. We anticipate continued expansion across U.S. and international markets and have set ambitious goals to expand our portfolio of owned and operated sites.”
MARA Price Action: MARA Holdings shares were down 4.84% after hours trading at $24.018 at the time of publication Tuesday, per Benzinga Pro.
Photo: Shutterstock.
