Bitcoin miner Marathon Digital announced financial results for the fourth quarter and full year of fiscal year 2023.
The Zhitong Finance App learned that after the US stock market on Wednesday, Bitcoin miner Marathon Digital (MARA.US) announced financial results for the fourth quarter and full year of fiscal year 2023. According to financial reports, Marathon Digital Q4's revenue was US$157 million, up 452% year on year, better than analysts' average expectations of US$144 million; net profit of US$152 million, net loss of US$392 million for the same period of the previous year; and earnings per share attributable to common shareholders after dilution were US$0.66, better than the market's expected earnings of US$0.04 per share and loss of US$3.13 per share for the same period last year.
Revenue for the full year of fiscal year 2023 was 388 million US dollars, up 229% year over year. In addition to the increase in Bitcoin production, the reason for the increase in revenue was the increase in the average price of Bitcoin. Net profit was US$261 million, with a net loss of US$694 million for the same period last year; diluted earnings per share attributable to common shareholders were US$1.06, and loss per share for the same period of the previous year was US$6.12.
Marathon Digital Q4 produced 4,242 bitcoins, an increase of 172% year over year; 12,852 bitcoins were produced throughout the year, up 210% year over year, a record high. The company sold 74% of the Bitcoin it produced in 2023 to fund operating costs. As of the end of 2023, the company had 15,126 bitcoins on its balance sheet.
Marathon Digital's 2023 active hash rate was 24.7 EH/s, up 253% year over year. The company's CEO Fred Thiel said, “2023 was a record breaking year for the company, during which we achieved our main goal of powering previously purchased mining equipment and optimizing our performance.”
Looking ahead, Marathon Digital said it plans to increase its hash rate to between 35 and 37 EH/s in 2024 and 50 EH/s by 2025. Fred Thiel said, “Today, Marathon Digital is one of the largest Bitcoin miners in North America. Whether financially, operationally, or technologically, we believe we're setting the pace for this industry.”
It is worth mentioning that before Marathon Digital announced its earnings report, investment bank Jefferies predicted that Marathon Digital's earnings report would be strong due to the rise in the price of Bitcoin in the fourth quarter of last year. Jefferies analyst Jonathan Petersen said that Bitcoin's recent rebound and rising transaction fees could significantly boost the company's fourth-quarter results. Analysts are also concerned about the company's plans to shift its business to self-hosted mining and buy more Bitcoin mining machines.