Marathon reports record $337.2 million net income in Q1 2024
The firm’s quarterly net income, published in its May 9 earnings report, represents 184% year-over-year growth from $118.7 million in the first quarter of 2023.
EPS for the quarter stood at $1.26 per diluted share
The company reported record revenues of $165.2 million in the first quarter of 2024, representing 223% year-over-year growth from $51.1 million.
Marathon holds $1.6 billion in combined unrestricted cash, cash equivalents, and Bitcoin as of March 31.
Mining output
Marathon also described increased Bitcoin output 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, marking 28% year-over-year growth.
The company reported an energized hash rate of 27.8 exahashes per second (EH/s), up 142% from 11.5 EH/s in the first quarter of 2023.
Marathon aims to achieve 50 EH/s, or 100% growth in hash rate, by the end of 2024.
Marathon also closed several data center acquisitions, doubling its digital asset compute capacity to 1.1 gigawatts. More than half of the full amount exists on sites that the company directly owns or operates.
Marathon enters S&P rankings
Marathon’s latest results come shortly after the firm’s addition to the S&P SmallCap 600. Marathon stock (MARA) gained 18% alongside the development on May 6.
The firm’s latest earnings report has not coincided with such a dramatic price change. MARA was down 2.19% on May 9 but up 1.22% after hours following its earnings release.
Despite minor losses, Marathon Digital Holdings remains the largest publicly traded Bitcoin mining firm, with a market cap of $5.36 billion.
Marathon’s competitors have also published recent reports. Core Scientific reported $210.7 million in net income and 2,825 BTC mined in the first quarter on May 9. Stronghold reported increased earnings but a low valuation and possible sale on May 2. Cleanspark reported monthly data on May 3.
