Marathon Digital Holdings Inc. stock showed resilience in extended hours even though the Bitcoin miner reported weaker-than-expected financial results for the second quarter. The digital asset technology company lost 13 cents a share on an adjusted basis in its recently concluded quarter on $81.8 million in revenue. This was lower than the anticipated 6 cents per share and $83.4 million in revenue from analysts.
Despite the results, CEO Fred Thiel remained positive in the press release, saying: “After a strong start to the year, we accelerated our progress in the second quarter by significantly growing our hash rate and improving our efficiency.” Shares of Marathon Digital are up more than 350% year-to-date.
The company sold 63% of the 2,926 Bitcoin it produced in total in the second quarter and gained $23.4 million to fund operating costs. At the end of June, Marathon Digital had $113.7 million in unrestricted cash and equivalents and 12,538 Bitcoin, with a market value of approx. $380 million. Impairment charges narrowed to $8.4 million in the second quarter.
On Tuesday, the miner also confirmed in an 8-K filing that it had to restate cash flow for Q1. Wall Street currently has a consensus “overweight” rating on the world’s largest listed Bitcoin miner.
