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Marathon Digital’s (NASDAQ:MARA) net loss for the second quarter widened more than expected from the prior quarter and improved markedly from a year ago as bitcoin (BTC-USD) prices generally rose during the three-month period.
The bitcoin (BTC-USD) miner posted Q2 EPS of -$0.13, vs. -$0.08 average analyst estimate, compared with -$0.05 in Q1 and -$1.94 in the year-earlier quarter.
Revenue of $81.8M, trailing the $83.5M consensus, climbed from $51.1M in Q1 and from $24.9M in Q2 of last year, as a 314% jump in bitcoin (BTC-USD) production more than offset 14% lower average bitcoin prices during the current year period.
Cost of revenues, though, came in at $92.5M, up from $51.1M in Q1 and from $41.4M in Q2 2022.
MARA edged up 0.3% in after-hours trading.
During the quarter, Marathon Digital (MARA) sold 63% of the bitcoin (BTC-USD) produced in Q2 to fund operating costs.
Adjusted EBITDA rose to $25.6M from $18.6M in Q1 and -$167.1M in Q2 2022.
Impairment of digital assets stood at $8.4M compared with $6.2M in Q1 and $131.6M a year before.
Earlier, Marathon Digital Holdings GAAP EPS of -$0.13 misses by $0.07, revenue of $81.8M misses by $1.65M.
