MARA Holdings Inc - MARA STOCK NEWS

Marathon Digital Holdings, Inc. reported its financial and operational results for Q1 2023. The company recorded a net loss of $(7.2) million, compared to $(12.9) million in the prior-year period. Revenues were $51.1 million, slightly below the prior year. The company recorded gains on the sale of bitcoin of $17.6 million in the quarter. Adjusted EBITDA was $18.6 million, compared to $9.8 million in the prior year period. Q1 2023 production highlights include a 74% increase in BTC production and a 64% growth in energized hash rate. Marathon improved its financial position by increasing its cash position, reducing debt, and increasing its unrestricted bitcoin holdings. The company remains optimistic about reaching its growth targets and becoming one of the largest Bitcoin mining operations globally.

Marathon Digital Holdings and Zero Two have announced the formation of a joint venture to establish large-scale immersion Bitcoin mining operations in the Middle East. The joint venture entity, called ADGM Entity, will initially develop and operate two mining sites in Abu Dhabi with a combined capacity of 250 megawatts. The sites are expected to come online before the end of 2023 and will be among the most technologically advanced and energy-efficient mining operations globally.

Marathon Digital Holdings (MARA) announced a remarkable 21% increase in Bitcoin production in March 2023, achieving a record 825 BTC for the month and 2,195 BTC in Q1 2023, marking a 41% increase from the previous quarter. The company's operational hash rate surged 64% to 11.5 EH/s by the end of March. Financially, Marathon reported $124.9 million in unrestricted cash and enhanced its Bitcoin holdings to 11,466 BTC (valued at approximately $326.5 million). The CEO highlighted the company's strategies for operational efficiency and expansion, reflecting optimism for future growth.

Marathon Digital Holdings (NASDAQ: MARA) announced the retirement of its Chief Financial Officer, Hugh Gallagher, effective May 12, 2023. Gallagher expressed pride in the progress made during his tenure, especially amidst challenges in 2022. CEO Fred Thiel acknowledged Gallagher's key role in establishing a finance strategy and building the finance team. The company is now searching for a new CFO to continue reinforcing its position in the Bitcoin mining industry. Marathon aims to become a leading, sustainably powered Bitcoin mining operation in North America, though investors are reminded of inherent risks outlined in their recent annual report.

Marathon Digital Holdings reported a net loss of $(686.7) million for fiscal year 2022, significantly larger than the $(37.1) million loss in 2021. Key factors include a fourth-quarter impairment charge of $332.9 million and a 64% drop in Bitcoin prices. Despite these challenges, the company increased Bitcoin production by 30% year-over-year, producing 4,144 BTC in 2022. Marathon reduced operational costs by $117.6 million and achieved gains on asset sales totaling $83.9 million. Looking ahead, the company aims to increase mining capacity to 23 exahashes by mid-2023, emphasizing operational optimization and resilience.

On March 13, 2023, Marathon Digital Holdings (NASDAQ: MARA) announced that its deposits at Signature Bank are secure following the bank's closure. Approximately $142 million in cash deposits are now with Signature Bridge Bank, N.A., ensuring uninterrupted access and treasury management. Marathon continues to hold over 11,000 bitcoins, enhancing its financial flexibility. A joint statement from the Treasury, Federal Reserve, and FDIC assured that all depositors of Signature Bank will be compensated. Additionally, Marathon confirmed no direct relationship with Silicon Valley Bank.