3 August, 2024
MARA Reports Q2 2024 Earnings: Revenue Surges Amid Rising Losses and Hashrate Increase
MARA, a leader in digital asset compute, reported a significant revenue increase of 78% to $145.1 million for the second quarter of 2024. Despite this growth, the company faced a substantial net loss of $199.7 million, driven by a $148 million fair value loss on digital assets.
MARA Reports Q2 2024 Earnings: Revenue Surges Amid Rising Losses and Hashrate Increase
MARA Reports Q2 Earnings: Revenue Rises 78% Despite $199.7M Net Loss
In the second quarter, MARA’s energized hashrate rose 78% to 31.5 exahash per second (EH/s) compared to the same period last year, reflecting the company’s ongoing efforts to scale its operations. However, bitcoin (BTC) production decreased by 30% year-over-year, totaling 2,058 BTC, largely due to equipment failures, increased global hashrate, and the April halving event.
The publicly-listed mining operator said these operational challenges, coupled with unfavorable market conditions, contributed to the sharp decline in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to a loss of $85.1 million, a stark contrast to the $35.8 million gain recorded in Q2 2023.
MARA continued its strategic initiatives by acquiring the Garden City data center in Texas and launching Kaspa mining operations, further diversifying its digital asset portfolio. The company also entered into a partnership with the Kenyan government to develop underutilized energy assets, aiming to strengthen its global presence.
As part of its treasury management, MARA increased its BTC holdings to over 20,000 BTC, adopting a full HODL approach to retain all future BTC production, signaling confidence in the long-term value of the asset. Despite the challenges faced in the quarter, MARA’s leadership remains optimistic about the future.
The company concluded by noting it aims to achieve a 50 EH/s hashrate by the end of 2024, with additional growth planned for 2025. Management emphasized their commitment to building a sustainable and inclusive future, leveraging digital asset compute to drive energy transformation and global diversification.
