Marathon Digital Holdings Reports Q2 2023 Financial Performance
Mining company Marathon Digital Holdings recently disclosed its financial performance for the second quarter of 2023, showing minimal advancements and not meeting market forecasts.
Key Points:
- Marathon reported a net loss of $21.3 million for Q2 2023, an improvement from the previous year’s net loss of $212.6 million.
- Quarterly revenues were $81.8 million, higher than Q2 2022’s $24.9 million, thanks to a 314% increase in Bitcoin production.
- Gains of $23.4 million were made from selling Bitcoin, covering operational costs.
- Reduced impairment in the carrying value of digital assets added $8.4 million to Marathon’s financial position.
- Adjusted EBITDA for Q2 2023 was $25.6 million, a significant improvement from the previous year’s loss of $167.1 million.
Marathon Digital Holdings showed modest progress in Q2 2023, with increased revenues and improved financials compared to the previous year. Despite not meeting market forecasts, the company’s enhanced financial position and growing Bitcoin holdings position it well for future growth.
By
By
By
By
By