Marathon Digital Holdings, Inc. (NASDAQ:MARA) has reported impressive financial and operational results for the first quarter of 2024. The company, a global leader in leveraging digital asset compute to support the energy transformation, announced a significant increase in revenues, net income, and adjusted EBITDA.
One of the key highlights of the first quarter of 2024 was the energized hash rate, which saw a remarkable 142% increase to 27.8 EH/s compared to 11.5 EH/s in the same period in 2023. Additionally, Marathon produced 2,811 BTC during the first quarter of 2024, marking a 28% increase from the previous year.
Revenues for the company surged by 223% to reach $165.2 million in the first quarter of 2024, up from $51.1 million in the corresponding period in 2023. Similarly, net income witnessed a significant rise, increasing by 184% to $337.2 million, or $1.26 per diluted share, compared to $118.7 million, or $0.72 per diluted share, in the first quarter of 2023.
Adjusted EBITDA also saw a substantial increase, rising by 266% to a record $528.8 million in the first quarter of 2024 from $144.5 million in the same period in 2023. Marathon’s combined unrestricted cash and cash equivalents and bitcoin grew to $1.6 billion as of March 31, 2024.
Marathon Digital Holdings introduced Anduro, a new multi-chain Bitcoin layer-two network aimed at accelerating Bitcoin development and adoption during the first quarter of 2024. The company also launched several new products and services to support the Bitcoin ecosystem, including Slipstream, MARAFW, MARA UBC 2100, and MARA 2PIC700.
Furthermore, Marathon closed multiple acquisitions of data centers, increasing its mining portfolio to over 1.1 gigawatts of capacity, with 54% now directly owned and operated by the company. The company has set an ambitious target to increase its hash rate to 50 EH/s in 2024, representing approximately 100% growth in hash rate during the year.
Marathon’s management expressed satisfaction with the company’s performance in the first quarter of 2024, highlighting the expansion of their digital asset compute portfolio, successful product launches, and the achievement of record financial results despite operational challenges.
