Marathon Digital Reports Record $387.5 Million Revenue in 2023, Marking a 229% Increase
Marathon Digital, a prominent Bitcoin (BTC) mining company based in the United States, has seen a remarkable surge in revenue in 2023, leading the company to achieve substantial profitability.
On Wednesday, Marathon Digital unveiled its fourth-quarter and annual earnings report, revealing a record-breaking revenue of $387.5 million in 2023, a staggering 229% increase compared to the previous year.
“2023 was a record-breaking year for Marathon, during which we achieved our primary objectives of energizing our fleet of previously purchased mining rigs and optimizing our performance,” Marathon CEO Fred Thiel said.
The fourth-quarter revenue soared by 452% to $156.8 million, surpassing analyst expectations and exhibiting significant growth from $28.4 million in the fourth quarter of 2022.
Analysts had estimated a quarterly revenue of $148.8 million.
The surge in revenue was primarily driven by a 172% year-over-year increase in Bitcoin production, combined with a nearly doubled average BTC price during the period, according to the company’s report.
Whomever was selling Marathon Digital tonight after this earnings report will likely regret it.
Some basic math on why this stock is going significantly higher.
They have 15,000 Btc on their balance sheet already and 0 net debt.
They’ll be producing 4-6k Btc per quarter the…
— Endless Capital (@endless_frank) February 28, 2024
To fund operating costs, Marathon Digital sold 56% of the Bitcoin it produced during the quarter.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) also showcased improvement, with the company reporting $260 million in Q4 2023 compared to a loss of $374 million in the fourth quarter of 2022.
Marathon’s Bitcoin
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