Marathon reported net income of $337.2 million in the first quarter of 2024.
Marathon Digital Holdings announced record net income of $337.2 million in the first quarter of 2024.
The company’s quarterly net income, announced in its May 9 earnings report, was $118.7 million in the first quarter of 2023, up 184% year-over-year.
EPS for the quarter was $1.26 per diluted share.
The company reported record revenue of $165.2 million in the first quarter of 2024, up 223% from $51.1 million in the same quarter last year.
As of March 31, Marathon held $1.6 billion in unrestricted cash, cash equivalents, and Bitcoin.
mining production
Marathon also described increased Bitcoin production and infrastructure growth.
The company produced 2,811 BTC during the first quarter, worth $176 million at current market prices. In the first quarter of 2023, it produced 2,195 BTC, representing a 28% year-on-year growth.
The company reported an active hash rate of 27.8 EH/s (exahash per second), a 142% increase from 11.5 EH/s in Q1 2023.
Marathon aims to achieve 50EH/s, or a 100% hashrate increase, by the end of 2024.
Marathon also completed several data center acquisitions, doubling its digital asset computing capacity to 1.1 gigawatts. More than half of the total amount exists on sites directly owned or operated by the company.
Marathon enters S&P rankings
Marathon’s latest results come shortly after the company was included in the S&P SmallCap 600. Marathon stock (MARA) rose 18% following the development on May 6.
The company’s most recent earnings report did not coincide with such dramatic price changes. MARA was down 2.19% on May 9, but rose 1.22% in the hours following the earnings release.
Despite the minor losses, Marathon Digital Holdings still remains the largest publicly traded Bitcoin mining company with a market capitalization of $5.36 billion.
The marathon’s competitors also released their latest reports. Core Scientific reported on May 9 that it had net income of $210.7 million and 2,825 BTC mined in the first quarter. Stronghold reported on May 2 that it had increased earnings, but its valuation was low and a sale was likely. Cleanspark reported monthly data on May 3rd.
