Marathon Digital Holdings, Inc.
(NASDAQ:MARA) ("Marathon"
or "Company"), a leader in supporting and securing the
Bitcoin ecosystem, reported its financial and operational results
for the fourth quarter and fiscal year ended December 31, 2023.
Fiscal Year 2023 Financial and
Operational Highlights
- Energized hash rate increased 253%
to 24.7 EH/s in 2023 from 7.0 EH/s in 2022
- Bitcoin production increased 210%
to a record 12,852 BTC in 2023 from 4,144 BTC in 2022
- Revenues increased 229% to a record
$387.5 million in 2023 from $117.8 million in 2022
- Net income improved to a record
$261.2 million, or $1.06 per diluted share, from a net loss of $694
million, or $(6.12) per diluted share, in 2022
- Adjusted EBITDA improved to a
record $419.9 million in 2023 from a loss of $543.4 million in
2022
- Combined unrestricted cash and cash
equivalents and bitcoin increased to $997.0 million as of December
31, 2023
- Debt reduced by 56% to $331 million
from $748 million, at a 21% discount to par, resulting in $101
million, or $0.55 per share, in cash savings
- Fleet efficiency improved 21% to
24.5 J/TH (joules per terahash) from 30.9 J/TH
- Entered into an agreement to
acquire two data centers, increasing mining portfolio to more than
900-megawatts of capacity, 45% of which resides on sites now
directly owned by the Company
- Bitcoin mining portfolio
diversified across 11 sites on three continents as of December 31,
2023
Management Commentary
“2023 was a record-breaking year for Marathon,
during which we achieved our primary objectives of energizing our
fleet of previously purchased mining rigs and optimizing our
performance,” said Fred Thiel, Marathon’s chairman and CEO. “In
2023, we grew our hash rate 253% to 24.7 exahash; we improved our
fleet efficiency 21% to 24.5 joules per terahash; and, we increased
our Bitcoin mining portfolio to over 900 megawatts of total
capacity, diversified across 11 different sites on three
continents.
“We produced a record 12,852 bitcoin in 2023 and
drove a 230% increase in revenue to a record $387.5 million for the
fiscal year. With 15,126 bitcoin on our balance sheet at year-end,
our bottom line benefitted substantially from the adoption of the
new FASB fair value accounting rules. But even without these
accounting changes, we would have produced positive net income of
approximately $33 million, or $0.17 per diluted share, in 2023. The
year was capped with a record fourth quarter, during which we
produced 4,242 bitcoin, surpassing all of fiscal 2022’s production,
and generated $156.8 million in revenue, a 452% increase
year-over-year.
“In 2024, we plan to grow our hash rate to
approximately 35 to 37 exahash. By the end of 2025, we plan to be
at 50 exahash, which is approximately double our current capacity.
With orders for 22 exahash of miners already placed and options to
add an additional 23 exahash to these orders, we believe there may
be opportunities to accelerate our growth targets.
“Today, Marathon is one of the largest Bitcoin
miners in North America, and whether it be financially,
operationally, or technologically, we believe we are setting the
pace for this industry. Given our momentum, our strong balance
sheet, and the differentiators we are building with our technology
stack, we are optimistic that the most exciting times for our
organization are still to come.”
Fourth Quarter 2023 Production
Highlights
|
|
Year-over-year Comparison |
|
|
Quarter-over-quarter comparison |
|
Metric |
|
Q4 2023 |
|
|
Q4 2022 |
|
|
% Δ |
|
|
Q4 2023 |
|
|
Q3 2023 |
|
|
% Δ |
|
BTC
Produced |
|
|
4,242 |
|
|
|
1,562 |
|
|
|
172 |
% |
|
|
4,242 |
|
|
|
3,490 |
|
|
|
22 |
% |
Average Bitcoin Produced per
Day |
|
|
46.1 |
|
|
|
17.0 |
|
|
|
172 |
% |
|
|
46.1 |
|
|
|
37.9 |
|
|
|
22 |
% |
Share of available miner
rewards1 |
|
|
4.4 |
% |
|
|
1.8 |
% |
|
|
141 |
% |
|
|
4.4 |
% |
|
|
4.0 |
% |
|
|
11 |
% |
Energized Hash Rate
(EH/s)2 |
|
|
24.7 |
|
|
|
7.0 |
|
|
|
319 |
% |
|
|
24.7 |
|
|
|
19.1 |
|
|
|
29 |
% |
Average Operational Hash
Rate3 (EH/s) |
|
|
19.4 |
|
|
|
N/A |
|
|
|
|
|
|
|
19.4 |
|
|
|
14.2 |
|
|
|
37 |
% |
Installed Hash Rate
(EH/s)4 |
|
|
25.2 |
|
|
|
7.0 |
|
|
|
260 |
% |
|
|
25.2 |
|
|
|
23.1 |
|
|
|
9 |
% |
1. Defined as the total amount of block rewards including
transaction fees that Marathon earned during the period divided by
the total amount of block rewards and transaction fees awarded by
the Bitcoin network during the period. |
2. Defined as the amount of
hash rate that could theoretically be generated if all miners that
have been energized are currently in operation including miners
that may be temporarily offline. Hash rates are estimates based on
the manufacturers' specifications. All figures are rounded. |
3. Defined as the average hash
rate that was actually generated during the month from all
operational miners. All figures are estimates and are rounded. |
4. Defined as the sum of
energized hash rate (see above) and hash rate that has been
installed but not yet energized. Hash rates are estimates based on
the manufacturers' specifications. All figures are rounded. |
Fourth Quarter 2023 Financial
Results
Net income improved to $151.8 million, or $0.66
per diluted share, during the three months ended December 31, 2023,
from a net loss of $391.6 million, or $(3.13) per diluted share, in
the same period last year. Excluding the impact of the newly
adopted FASB fair value accounting rules, ASU No. 2023-08,
Accounting for and Disclosure of Crypto Assets, which requires the
on-going measurement of crypto assets to fair value, net loss would
have been approximately $5.0 million, or $(0.02) per diluted share,
during the three months ended December 31, 2023.
Revenues increased 452% to $156.8 million in the
fourth quarter of 2023 from $28.4 million in the fourth quarter of
2022. The increase in revenue was driven by a 172% increase in
bitcoin production year-over-year, coupled with 101% higher average
bitcoin prices during the period.
The Company sold 56% of the bitcoin it produced
during the quarter to fund operating costs.
There were no impairments in the fourth quarter
of 2023, compared to total impairments of $376.0 million in the
fourth quarter of 2022. Fourth quarter 2022 impairments included a
$332.9 million impairment of mining equipment and advances to
vendors, a $26.4 million impairment of digital assets, and a $16.7
million impairment of deposits due to vendor bankruptcy filing.
Gains on digital assets were $213.6 million
during the fourth quarter of 2023, compared to none during the
fourth quarter of 2022. The gains during the fourth quarter of 2023
were primarily due to the Company’s early adoption of ASU No.
2023-08, Accounting for and Disclosure of Crypto Assets, which
requires the on-going measurement of crypto assets to fair
value.
Adjusted EBITDA improved to $260.4 million in
the fourth quarter of 2023 from a loss of $374.0 million in the
fourth quarter of 2022. The year-over-year improvement was
primarily due to improving profitability as total margin, excluding
depreciation and amortization, improved to $81.7 million from a
loss of $1.3 million in the year-ago period, combined with the
aforementioned $213.6 million gains on digital assets and the
absence of impairments recorded in 2022.
Fiscal Year 2023 Production
Highlights
|
|
Year-over-year Comparison |
|
Metric |
|
2023 |
|
|
2022 |
|
|
% Δ |
|
BTC
Produced |
|
|
12,852 |
|
|
|
4,144 |
|
|
|
210 |
% |
Average Bitcoin Produced per
Day |
|
|
35.2 |
|
|
|
11.4 |
|
|
|
209 |
% |
Share of available miner
rewards1 |
|
|
3.6 |
% |
|
|
1.2 |
% |
|
|
192 |
% |
Energized Hash Rate
(EH/s)2 |
|
|
24.7 |
|
|
|
7.0 |
|
|
|
319 |
% |
Average Operational Hash Rate
(EH/s)3 |
|
|
19.4 |
|
|
|
N/A |
|
|
|
|
|
Installed Hash Rate
(EH/s)4 |
|
|
25.2 |
|
|
|
7.0 |
|
|
|
260 |
% |
Fiscal Year 2023 Financial
Results
Net income improved to $261.2 million, or $1.06
per diluted share, during the year ended December 31, 2023, from a
net loss of $694.0 million, or $(6.12) per diluted share, in the
same period last year. Excluding the impact of the newly adopted
FASB fair value accounting rules, ASU No. 2023-08, Accounting for
and Disclosure of Crypto Assets, which requires the on-going
measurement of crypto assets to fair value, net income would have
been approximately $33.0 million, or $0.17 per diluted share,
during the year ended December 31, 2023.
Revenues increased 229% to $387.5 million in
2023 from $117.8 million in 2022. The increase in revenue was
driven by a 210% increase in bitcoin production year-over-year,
coupled with 101% higher average bitcoin prices during the
period.
The Company sold 74% of the total bitcoin it
produced in 2023 to fund operating costs.
There were no impairments in 2023, compared to
total impairments of $572.4 million 2022. Impairments during fiscal
year 2022 included a $332.9 million impairment of mining equipment
and advances to vendors, a $182.9 million impairment of digital
assets, a $1.0 million impairment of patents, and a $55.7 million
impairment of deposits due to vendor bankruptcy filing. Fiscal year
2022 results were also impacted by an $85.0 million loss on digital
assets held within the investment fund, partially offset by an
$83.9 million gain on sale of equipment, both of which were absent
in fiscal year 2023.
Gains on digital assets were $331.5 million in
2023, compared to a loss on digital assets of $14.5 million in
2022. The gains in 2023 were primarily due to the Company’s early
adoption of ASU No. 2023-08, Accounting for and Disclosure of
Crypto Assets, which requires the on-going measurement of crypto
assets to fair value and the absence of impairments recorded in
2022.
Adjusted EBITDA improved to $419.9 million in
2023 from a loss of $543.3 million in 2022. The year-over-year
improvement was primarily due to improving profitability as total
margin, excluding depreciation and amortization, improved to $164.2
million from $45 million in the year-ago period, combined with the
aforementioned $331.5 million gains on digital assets and a $82.3
million gain from the extinguishment of debt and the absence of
impairments recorded in 2022.
At December 31, 2023, Marathon held $357.3
million unrestricted in cash and cash equivalents on its balance
sheet, as well as 15,126 unrestricted bitcoin. The combined balance
of unrestricted cash and cash equivalents and bitcoin totaled
$997.0 million at December 31, 2023.
Fourth Quarter and Fiscal Year 2023
Earnings Webcast and Conference Call
Marathon Digital Holdings will hold a webcast
and conference call today, February 28, at 5:00 p.m. Eastern time
to discuss its financial results for the quarter ended December 31,
2023.
To register to participate in the conference
call, or to listen to the live audio webcast, please use this link.
The webcast will also be broadcast live and available for replay
via the investor relations section of the Company’s website.
Earnings Webcast and Conference Call
DetailsDate: Today, February 28, 2024Time: 5:00 p.m. Eastern time
(2:00 p.m. Pacific time)Registration link: LINK
If you have any difficulty connecting with the
conference call, please contact Marathon’s investor relations team
at ir@mara.com.
Investor Notice
Investing in our securities involves a high
degree of risk. Before making an investment decision, you should
carefully consider the risks, uncertainties and forward-looking
statements described under "Risk Factors" in Item 1A of our most
recent Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, filed with the SEC on February 28, 2024. If any
of these risks were to occur, our business, financial condition or
results of operations would likely suffer. In that event, the value
of our securities could decline, and you could lose part or all of
your investment. The risks and uncertainties we describe are not
the only ones facing us. Additional risks not presently known to us
or that we currently deem immaterial may also impair our business
operations. In addition, our past financial performance may not be
a reliable indicator of future performance, and historical trends
should not be used to anticipate results in the future. See
"Forward-Looking Statements" below.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the federal securities laws.
Forward-looking statements in this press release relate to the
expected timing and achievement of our growth targets, specifically
relating to our anticipated hash rate and exahash growth. You can
identify forward-looking statements by the use of words such as
“may,” “will,” “could,” “anticipate,” “expect,” “intend,”
“believe,” “continue,” or the negative of such terms, or other
comparable terminology. Forward-looking statements include the
assumptions underlying or relating to such statements. The Company
has based these forward-looking statements largely on its current
expectations and projections about future events and trends that we
believe may affect its business, results of operations and
financial condition. The outcomes of the events described in these
forward-looking statements are subject to risks, uncertainties and
other factors described under the heading “Risk Factors” in the
reports the Company files with the Securities and Exchange
Commission. The Company cannot assure you that the events and
circumstances reflected in the forward-looking statements will be
achieved or occur, and actual results could differ materially from
those expressed or implied in the forward-looking statements. The
forward-looking statements made in this press release relate only
to events as of the date of this press release. The Company
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made.
About Marathon Digital
Holdings
Marathon is a digital asset technology company
that focuses on supporting and securing the Bitcoin ecosystem. The
Company is currently in the process of becoming one of the largest
and most sustainably powered Bitcoin mining operations in North
America.
For more information, visit www.mara.com, or
follow us on:
Twitter: @MarathonDHLinkedIn:
www.linkedin.com/company/marathon-digital-holdingsFacebook:
www.facebook.com/MarathonDigitalHoldingsInstagram:
@marathondigitalholdings
Marathon Digital
Holdings Company Contact:
Telephone: 800-804-1690Email: ir@mara.com
Marathon Digital Holdings Media
Contact:Email: marathon@wachsman.com
MARATHON DIGITAL HOLDINGS, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
|
|
Three Months Ended December 31, |
|
|
Year Ended December 31, |
|
(in
thousands, except share and per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Total
revenues |
|
$ |
156,768 |
|
|
$ |
28,417 |
|
|
$ |
387,508 |
|
|
$ |
117,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues - energy,
hosting and other |
|
|
(75,111 |
) |
|
|
(29,734 |
) |
|
|
(223,338 |
) |
|
|
(72,715 |
) |
Cost of revenues -
depreciation and amortization |
|
|
(70,957 |
) |
|
|
(13,827 |
) |
|
|
(179,513 |
) |
|
|
(78,709 |
) |
Total cost of revenues |
|
|
(146,068 |
) |
|
|
(43,561 |
) |
|
|
(402,851 |
) |
|
|
(151,424 |
) |
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
expenses |
|
|
(39,253 |
) |
|
|
(18,612 |
) |
|
|
(95,230 |
) |
|
|
(56,739 |
) |
Gains (losses) on digital
assets and digital assets loan receivable |
|
|
213,616 |
|
|
|
— |
|
|
|
331,484 |
|
|
|
(14,460 |
) |
Legal reserves |
|
|
— |
|
|
|
(1,171 |
) |
|
|
— |
|
|
|
(26,131 |
) |
Impairment of deposits due to
vendor bankruptcy filing |
|
|
— |
|
|
|
(16,674 |
) |
|
|
— |
|
|
|
(24,661 |
) |
Impairment of digital
assets |
|
|
— |
|
|
|
(26,391 |
) |
|
|
— |
|
|
|
(182,891 |
) |
Impairment of patents |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(919 |
) |
Impairment of mining equipment
and advances to vendors |
|
|
— |
|
|
|
(332,933 |
) |
|
|
— |
|
|
|
(332,933 |
) |
Gain on sale of equipment, net
of disposals |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
83,879 |
|
Losses on digital assets held
within investment fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(85,017 |
) |
Total operating expenses |
|
|
174,363 |
|
|
|
(395,781 |
) |
|
|
236,254 |
|
|
|
(639,872 |
) |
Operating income
(loss) |
|
|
185,063 |
|
|
|
(410,925 |
) |
|
|
220,911 |
|
|
|
(673,543 |
) |
Net gain from extinguishment
of debt |
|
|
— |
|
|
|
— |
|
|
|
82,267 |
|
|
|
— |
|
Loss on hedged
instruments |
|
|
(17,421 |
) |
|
|
— |
|
|
|
(17,421 |
) |
|
|
— |
|
Equity in net earnings of
unconsolidated affiliate |
|
|
30 |
|
|
|
— |
|
|
|
(617 |
) |
|
|
— |
|
Impairment of loan and
investment due to vendor bankruptcy filing |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(31,013 |
) |
Interest expense |
|
|
(1,214 |
) |
|
|
(4,667 |
) |
|
|
(10,350 |
) |
|
|
(14,981 |
) |
Other non-operating
income |
|
|
1,443 |
|
|
|
663 |
|
|
|
2,809 |
|
|
|
1,283 |
|
Income (loss) before
income taxes |
|
|
167,901 |
|
|
|
(414,929 |
) |
|
|
277,599 |
|
|
|
(718,254 |
) |
Income tax benefit
(expense) |
|
|
(16,075 |
) |
|
|
23,331 |
|
|
|
(16,426 |
) |
|
|
24,232 |
|
Net income
(loss) |
|
$ |
151,826 |
|
|
$ |
(391,598 |
) |
|
$ |
261,173 |
|
|
$ |
(694,022 |
) |
Series A Preferred Stock
accretion to redemption value |
|
|
— |
|
|
|
— |
|
|
|
(2,121 |
) |
|
|
— |
|
Net income (loss)
attributable to common stockholders |
|
$ |
151,826 |
|
|
$ |
(391,598 |
) |
|
$ |
259,052 |
|
|
$ |
(694,022 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders per common stock -
basic |
|
$ |
0.67 |
|
|
$ |
(3.13 |
) |
|
$ |
1.41 |
|
|
$ |
(6.12 |
) |
Weighted average
common stock outstanding - basic |
|
|
227,444,786 |
|
|
|
125,263,133 |
|
|
|
183,855,570 |
|
|
|
113,467,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders per common stock -
diluted |
|
$ |
0.66 |
|
|
$ |
(3.13 |
) |
|
$ |
1.06 |
|
|
$ |
(6.12 |
) |
Weighted average
common stock outstanding - diluted |
|
|
233,358,831 |
|
|
|
125,263,133 |
|
|
|
192,293,276 |
|
|
|
113,467,837 |
|
Supplemental
information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
bitcoin (“BTC”) production
during the period, in whole BTC |
|
|
4,242 |
|
|
|
1,562 |
|
|
|
12,852 |
|
|
|
4,144 |
|
Average bitcoin per day, in
whole BTC |
|
|
46.1 |
|
|
|
17.0 |
|
|
|
35.2 |
|
|
|
11.4 |
|
Total margin (revenues less
total cost of revenues) |
|
$ |
10,700 |
|
|
$ |
(15,144 |
) |
|
$ |
(15,343 |
) |
|
$ |
(33,671 |
) |
Total margin excluding the
impact of depreciation and amortization |
|
|
81,657 |
|
|
|
(1,317 |
) |
|
|
164,170 |
|
|
|
45,038 |
|
General and administrative
expenses excluding stock-based compensation |
|
|
(20,516 |
) |
|
|
(12,892 |
) |
|
|
(62,586 |
) |
|
|
(32,144 |
) |
Total impairments due to
vendor bankruptcy filing |
|
|
— |
|
|
|
(16,674 |
) |
|
|
— |
|
|
|
(55,674 |
) |
Installed Hash Rate (Exahashes
per second) - at end of period (1) |
|
|
25.2 |
|
|
|
7.0 |
|
|
|
25.2 |
|
|
|
7.0 |
|
Energized Hash Rate (Exahashes
per second) - at end of period (1) |
|
|
24.7 |
|
|
|
7.0 |
|
|
|
24.7 |
|
|
|
5.9 |
|
Average operational Hash Rate
(Exahashes per second) (1) |
|
|
19.4 |
|
|
|
N/A |
|
|
|
19.4 |
|
|
|
N/A |
|
Share of available miner
rewards |
|
|
4.4 |
% |
|
|
1.8 |
% |
|
|
3.6 |
% |
|
|
1.2 |
% |
Number of blocks won |
|
|
562 |
|
|
|
236 |
|
|
|
1,725 |
|
|
|
621 |
|
Transaction fees as a
percentage of total |
|
|
13.4 |
% |
|
|
1.9 |
% |
|
|
7.7 |
% |
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
151,826 |
|
|
$ |
(391,598 |
) |
|
$ |
261,173 |
|
|
$ |
(694,022 |
) |
Exclude: Interest expense |
|
|
1,214 |
|
|
|
4,667 |
|
|
|
10,350 |
|
|
|
14,981 |
|
Exclude: Income tax expense
(benefit) |
|
|
16,075 |
|
|
|
(23,331 |
) |
|
|
16,426 |
|
|
|
(24,232 |
) |
EBIT |
|
|
169,115 |
|
|
|
(410,262 |
) |
|
|
287,949 |
|
|
|
(703,273 |
) |
Exclude: Depreciation and
amortization |
|
|
72,550 |
|
|
|
13,827 |
|
|
|
181,590 |
|
|
|
78,709 |
|
EBITDA |
|
|
241,665 |
|
|
|
(396,435 |
) |
|
|
469,539 |
|
|
|
(624,564 |
) |
Exclude: Stock compensation
expense |
|
|
18,737 |
|
|
|
5,720 |
|
|
|
32,644 |
|
|
|
24,595 |
|
Exclude: Net gain from
extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(82,267 |
) |
|
|
— |
|
Exclude: Total impairments due
to vendor bankruptcy filing |
|
|
— |
|
|
|
16,674 |
|
|
|
— |
|
|
|
55,674 |
|
Exclude: Impairment of
patents |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
919 |
|
Adjusted EBITDA
(5) |
|
$ |
260,402 |
|
|
$ |
(374,041 |
) |
|
$ |
419,916 |
|
|
$ |
(543,376 |
) |
(5) Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, the
Company also provides adjusted EBITDA and total margin excluding
depreciation and amortization, which are non-GAAP measures. The
Company provides investors with reconciliations from net loss to
adjusted EBITDA and total margin to total margin excluding
depreciation and amortization as components of Management’s
Discussion and Analysis. The Company defines adjusted EBITDA as (a)
GAAP net income (loss) plus (b) adjustments to add back the impacts
of (1) depreciation and amortization, (2) interest expense, (3)
income tax expense (benefit) and (4) adjustments for non-cash and
non-recurring items which currently include (i) stock compensation
expense, (ii) impairments of patents and (iii) losses on
extinguishment of debt. The Company defines total margin excluding
depreciation and amortization as (a) GAAP total margin less (b)
depreciation and amortization.
Adjusted EBITDA and total margin excluding
depreciation and amortization are not financial measures of
performance under GAAP and, as a result, these measures may not be
comparable to similarly titled measures of other companies.
Non-GAAP financial measures are subject to material limitations as
they are not in accordance with, or a substitute for, measurements
prepared in accordance with GAAP. These non-GAAP measures are not
meant to be considered in isolation and should be read only in
conjunction with our Interim Reports on Form 10-Q and our Annual
Reports on Form 10-K as filed with the Securities and Exchange
Commission. Management uses adjusted EBITDA, total margin excluding
depreciation and amortization, and the supplemental information
provided herein as a means of understanding, managing, and
evaluating business performance and to help inform operating
decision making. The Company relies primarily on our condensed
consolidated financial statements to understand, manage, and
evaluate our financial performance and use the non-GAAP financial
measures only supplementally.
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