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Bitcoin (BTC-USD) miner Marathon Digital Holdings (NASDAQ:MARA) stated Friday it logged a $686.7M web loss final 12 months because of a mixture of a greater than 60% plunge within the worth of BTC and surging energy costs.
The shortfall was a lot wider than the $37.1M web loss recorded for the 12 months ended Dec. 31, 2021. The corporate in February stated it might restate its earnings for 2021 and the primary three quarters of 2022 after discovering sure accounting errors.
For the fourth quarter, EPS of -$3.14, falling in need of the typical analyst estimate of -$0.14, plunged from $0.10 (restated) within the year-earlier quarter.
Income of $28.42M, lacking the $34.62M consensus, additionally slid from $68.36M a 12 months in the past.
Working bills soared to $395.78M from $10.14M in This fall 2021.
Adjusted EBITDA loss got here in at -$374.04M in contrast with a achieve of $50.91M in This fall 2021.
Impairment of digital property was -$26.39M vs. -$11.85M within the year-ago quarter.
Within the meantime, MARA, +2.8%, was buying and selling within the inexperienced Friday morning as bitcoin (BTC-USD) broke through a key threshold.
Earlier, Marathon Digital GAAP EOPS of -$3.14 misses by $2.95, revenue of $28.42M misses by $6.2M.
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