MARA Holdings, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights (Compared to Prior Periods)
  • Revenue: Record $97.8 million, up from $12.7 million in Q3 2022 and higher sequentially.
  • Net Income: $64.1 million ($0.35 per diluted share) vs. a net loss of $72.5 million ($0.62 per share) in Q3 2022; improved by $85.4 million from Q2 2023.
  • Adjusted EBITDA: $43.7 million compared with a $6.1 million loss in Q3 2022.
  • Bitcoin Mined: 3,490 BTC, up 19% from Q2 2023 and 467% YoY.
  • Average Daily Production: 38 BTC/day vs. 7 BTC/day in Q3 2022; 18% growth over Q2 2023.
  • All-In Cost per Coin: Down 12% QoQ and 41% YoY, driven by lower direct costs and improved operations.
  • Direct Cost per BTC Mined: Down 9% QoQ.
  • Unrestricted Cash: $101.2 million, up $37 million YoY; October-end cash balance increased to $156 million.
  • Bitcoin Holdings: 13,716 BTC valued at $370 million at quarter-end; October-end holdings at $464 million fair value.
  • Convertible Debt Restructured: $417 million exchanged for $329 million in equity, reducing debt by 56% and adding $101 million in cost savings.
  • ATM Capital Raised: $37 million to fund growth projects.
Operational Progress

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good day, ladies and gentlemen. And welcome to Marathon Digital Holdings Third Quarter Earnings Webcast and Conference Call. I would now like to turn the call over to your host, Chris Brendler, Vice President of Investor Relations. Please go ahead. Chris Brendler: Thank you. Sherry. Good afternoon and welcome to Marathon Digital Holdings third quarter 2023 earnings call. Thank you for joining us for our call today. With me on today's call are our Chairman and Chief Executive Officer, Fred Thiel, and our Chief Financial Officer, Salman Khan. Before we get started, I'd like to remind everyone that our prepared remarks may contain forward-looking statements, which are subject to the risks and uncertainties and that may -- we may make additional forward-looking statements during the question-and-answer session. These forward-looking statements are subject to risks and uncertainties and actual results may differ materially. When used in this call, the words anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project and similar expressions as they relate to Marathon Digital Holdings are as such a forward-looking statement. Please refer to our earnings release for a full reconciliation of our forward-looking statements. Investors are [Technical Difficulty] all forward-looking statements involve risks, which may cause actual results to differ materially from those anticipated by Marathon at this time. In addition, other risks are more ful

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional