The following is a summary of the Marathon Digital Holdings, Inc. (MARA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Marathon Digital Holdings reported a net income of $337 million or $1.26 per diluted share, an increase of 184% from Q1 of the previous year.

• Revenue saw an increase of 223% to a record $165 million.

• Despite operational challenges, the company averaged production of 30.9 Bitcoin daily during the quarter.

• Adjusted EBITDA rose by 266% to $529 million compared to the previous year.

• As of March 31, Marathon had a cash and Bitcoin balance of about $1.6 billion.

Business Progress:

• Marathon transitioned into a globally diversified company leveraging digital assets.

• The company expanded its Bitcoin mining portfolio, doubling it to 1.1 gigawatts of capacity.

• Despite some production issues due to equipment failures and weather-related shutdowns, the company is now operating at a record level of 27 exahash.

• The company released its first products contributing to their competitive advantage with a vertically integrated tech stack.

• It is set to deliver innovative hardware, software, and services for the digital future.

More details: Marathon Digital IR

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