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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 9, 2024
MARATHON
DIGITAL HOLDINGS, INC.
(Exact
name of Registrant as Specified in Its Charter)
Nevada |
|
001-36555 |
|
01-0949984 |
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
101
NE Third Avenue, Suite 1200
Fort
Lauderdale, FL 33301
(Address
of principal executive offices and zip code)
(800)
804-1690
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
|
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
MARA |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
On
May 9, 2024, Marathon Digital Holdings, Inc. (the “Company”) issued a press release announcing its financial results for
the first quarter ended March 31, 2024. The Company also held a conference call regarding these financial results. A copy of the press
release is furnished hereto as Exhibit 99.1.
The
information provided in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and
shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that section. Such information shall not be deemed incorporated by reference
into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date
hereof, regardless of any general incorporation language in such filing, except as otherwise expressly set forth by specific reference
in such filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
MARATHON
DIGITAL HOLDINGS, INC. |
|
|
|
Date:
May 9, 2024 |
By: |
/s/
Zabi Nowaid |
|
Name: |
Zabi
Nowaid |
|
Title: |
General
Counsel |
Exhibit
99.1
Marathon
Digital Holdings Reports First Quarter 2024 Results
–
Revenues Increase 223% to a Record $165.2 Million
–
Net Income Increases 184% to a Record $337.2 Million, or $1.26 per Diluted Share
–
Adjusted EBITDA Increases 266% to a Record $528.8 Million
Fort
Lauderdale, FL – May 9, 2024 – Marathon Digital Holdings, Inc. (NASDAQ:MARA) (“Marathon” or “Company”),
global leader in leveraging digital asset compute to support the energy transformation, reported
its financial and operational results for the first quarter ended March 31, 2024.
First
Quarter 2024 Financial and Operational Highlights
| ● | Energized
hash rate increased 142% to 27.8 EH/s in Q1 2024 from 11.5 EH/s in Q1 2023 |
| ● | Produced
2,811 BTC during Q1 2024, a 28% increase from Q1 2023 |
| ● | Revenues
increased 223% to $165.2 million in Q1 2024 from $51.1
million in Q1 2023 |
| ● | Net
income increased 184% to $337.2 million, or $1.26 per diluted share, in Q1
2024 from $118.7 million, or $0.72 per diluted share, in Q1
2023 |
| ● | Adjusted
EBITDA increased 266% to $528.8 million in Q1 2024
from $144.5 million in Q1 2023 |
| ● | Combined
unrestricted cash and cash equivalents and bitcoin increased to $1.6 billion as of March
31, 2024 |
| ● | Introduced
Anduro, a new multi-chain Bitcoin layer-two network aimed at accelerating Bitcoin development
and adoption |
| ● | Launched
the Company’s first products and services to support the Bitcoin ecosystem, including: |
| ○ | Slipstream
– a direct Bitcoin transaction submission service designed to streamline confirmations
of large or non-standard Bitcoin transactions; |
| ○ | MARAFW
– custom firmware designed to optimize the individual chip settings of Bitcoin miners; |
| ○ | MARA
UBC 2100 – a replacement control board, designed in-house by Marathon; and |
| ○ | MARA
2PIC700 – a next generation two-phase immersion cooling system built to transform data
center operations with industry leading power, density, and efficiency |
| ● | Closed
multiple acquisitions of data centers, increasing mining portfolio to more than 1.1 gigawatts
of capacity, 54% of which resides on sites now directly owned and operated by the Company |
| ● | Increased
2024 hash rate target to 50 EH/s, representing approximately 100% growth in hash rate during
2024 |
Management
Commentary
“During
the first quarter of 2024, we doubled the size of our portfolio of digital asset compute, launched our first products and services to
support the Bitcoin ecosystem, and we battled against operational challenges to produce record financial results,” said Fred Thiel,
Marathon’s chairman and chief executive officer. “In less than four months we initiated, closed, and integrated the acquisitions
of our first three sites. As a result, we doubled the size of our portfolio to 1.1 gigawatts of capacity, 54% of which we now directly
own and operate. After bringing our first products to market in March, we secured our first paying customers for MARA firmware and began
building a robust sales pipeline for our two-phase immersion system.
“Despite
the operational challenges we faced in the first quarter, we were able to leverage our agility to redistribute equipment to newly acquired
sites amidst ongoing repairs. When combined with our HODL strategy, these actions allowed us to capitalize on Bitcoin’s positive
momentum and produce record financial results for the quarter. We grew our topline to a record $165.2
million, improved net income to a record $337.2 million,
and generated adjusted EBITDA of $528.8 million.
“With
the expansion capacity we have gained from our recent acquisitions, with 45 additional exahash of capacity available to us between current
orders and options, and with $1.6 billion of
liquidity, we are now targeting 50 exahash of energized hash rate by the end of 2024 and additional growth in 2025. We look forward to
continuing to build Marathon into a diverse, global, technology company that leverages digital asset compute to build a more sustainable
and inclusive future.”
First
Quarter 2024 Production Highlights
| |
Year-Over-Year
Comparison | | |
Prior
Quarter Comparison | |
Metric(1) | |
Q1
2024 | | |
Q1
2023 | | |
%
Δ | | |
Q1
2024 | | |
Q4
2023 | | |
%
Δ | |
BTC Produced | |
| 2,811 | | |
| 2,195 | | |
| 28 | % | |
| 2,811 | | |
| 4,242 | | |
| (34 | )% |
Average Bitcoin Produced per Day | |
| 30.9 | | |
| 24.4 | | |
| 27 | % | |
| 30.9 | | |
| 46.1 | | |
| (33 | )% |
Share of Available Miner Rewards (1) | |
| 3.1 | % | |
| 2.5 | % | |
| N/A | | |
| 3.1 | % | |
| 4.4 | % | |
| N/A | |
Energized
Hash Rate (EH/s) (2) | |
| 27.8 | | |
| 11.5 | | |
| 142 | % | |
| 27.8 | | |
| 24.7 | | |
| 13 | % |
Average Operational
Hash Rate (EH/s) (3) | |
| 18.2 | | |
| N/A | | |
| N/A | | |
| 18.2 | | |
| 19.4 | | |
| (6 | )% |
Installed
Hash Rate (EH/s) (4) | |
| 27.8 | | |
| 15.4 | | |
| 81 | % | |
| 27.8 | | |
| 25.2 | | |
| 10 | % |
N/A
- Not available
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.
First
Quarter 2024 Financial Results
Net
income increased
184% to $337.2 million, or $1.26 per diluted share, during the three months ended March
31, 2024, from net income of $118.7 million, or $0.72 per diluted share, in the same period last year. The increase in net income
was primarily driven by the favorable mark-to-market adjustment of digital assets from the newly adopted FASB fair value accounting rules,
ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets, which requires on-going measurement of crypto assets to fair
value.
Revenues
increased 223% to
$165.2 million in the first quarter of 2024 from $51.1 million in the first quarter of 2023. The increase in revenue was primarily driven
by an $82.9 million increase in the average price of bitcoin mined, a $10.4 million increase in bitcoin production, and $20.8 million
in revenues generated from providing hosting services as a result of the acquisition of GC Data Center Equity Holdings, LLC on January
12, 2024. Bitcoin production, and therefore revenues, generated during the quarter was negatively impacted by unexpected equipment failures,
transmission line maintenance, and higher than anticipated weather-related curtailments at Garden City and other sites during the quarter.
The average price of bitcoin mined was 126% higher than the average price of bitcoin mined in the prior year period. Average daily bitcoin
was 30.9 bitcoin in the current year period compared with 24.4 in the prior year period.
The
Company sold 26%
of the bitcoin it produced during the quarter to fund operating costs.
Gains
on digital assets were $488.8 million during the first quarter of 2024, compared to $137.4 million during the first quarter of 2023.
The $351.4 million, or approximately 256% increase,
was primarily related to the price of bitcoin increasing to $71,289 as of March 31, 2024, compared to $28,474 for the prior year period
ended March 31, 2023.
Adjusted
EBITDA increased 266% to
$528.8 million in the first quarter of 2024 from $144.5 million in the first quarter of 2023. The $384.3 million year-over-year improvement
was primarily driven by favorable fair value adjustments to digital assets of $488.8 million and
higher production of bitcoin.
First
Quarter 2024 Earnings Webcast and Conference Call
Marathon
Digital Holdings will hold a webcast and conference call today, May 9, at 5:00 p.m. Eastern time to discuss its financial results for
the quarter ended March 31, 2024.
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 our website.
Earnings
Webcast and Conference Call Details
Date:
Today, May 9, 2024
Time:
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 the heading “Risk Factors” in 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 (the “Annual Report”). If any of these risks
were to occur, our business, financial condition, results of operations or liquidity would likely suffer. In that event, the value of
our securities could decline, and you could lose all or part of your investment. The risks and uncertainties we describe are not the
only ones we face. Additional risks not presently known to us or that we currently deem immaterial may also impair our business, financial
condition, results of operations or liquidity. In addition, our past financial performance may not be a reliable indicator of future
performance, and historical trends should not be used to anticipate future results. 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 including 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.
We have based these forward-looking statements largely on our current expectations and projections about future events and trends that
we believe may affect our business, financial condition, results of operations and liquidity. 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 our Annual Report, as well as other reports, we have filed with the Securities and Exchange Commission. We 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. We undertake 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
Digital Holdings (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build
a more sustainable and inclusive future. Marathon secures the world’s preeminent blockchain ledger and supports the energy transformation
by converting clean, stranded, or otherwise underutilized energy into economic value.
For
more information, visit www.mara.com, or follow us on:
Twitter:
@MarathonDH
LinkedIn:
www.linkedin.com/company/marathon-digital-holdings
Facebook:
www.facebook.com/MarathonDigitalHoldings
Instagram:
@marathondigitalholdings
Marathon
Digital Holdings Company Contact:
Telephone:
800-804-1690
Email:
ir@mara.com
Marathon
Digital Holdings Media Contact:
Email:
marathon@wachsman.com
MARATHON
DIGITAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
| |
Three
Months Ended March 31, | |
(in thousands,
except share and per share data) | |
2024 | | |
2023 | |
Total revenues | |
| 165,198 | | |
| 51,132 | |
| |
| | | |
| | |
Costs and expenses | |
| | | |
| | |
Cost of revenues | |
| | | |
| | |
Mining and hosting services | |
| (90,211 | ) | |
| (33,377 | ) |
Depreciation
and amortization | |
| (77,995 | ) | |
| (17,733 | ) |
Total cost of revenues | |
| (168,206 | ) | |
| (51,110 | ) |
Operating
expenses | |
| | | |
| | |
General and administrative
expenses | |
| (73,311 | ) | |
| (15,135 | ) |
Gains on digital assets | |
| 488,807 | | |
| 137,398 | |
Change in fair value of
derivative | |
| (15,252 | ) | |
| — | |
Early termination expenses | |
| (22,097 | ) | |
| — | |
Amortization of intangible
assets | |
| (2,969 | ) | |
| — | |
Research
and development | |
| (2,466 | ) | |
| (209 | ) |
Total
operating expenses | |
| 372,712 | | |
| 122,054 | |
Operating
income | |
| 369,704 | | |
| 122,076 | |
Gain on investments | |
| 5,236 | | |
| — | |
Net loss from extinguishment
of debt | |
| — | | |
| (333 | ) |
Loss on hedge instruments | |
| (2,292 | ) | |
| — | |
Equity in net income of
unconsolidated affiliate | |
| 1,259 | | |
| — | |
Interest expense | |
| (1,256 | ) | |
| (3,760 | ) |
Other
non-operating income | |
| 2,573 | | |
| 791 | |
Income before income taxes | |
| 375,224 | | |
| 118,774 | |
Income tax expense | |
| (38,051 | ) | |
| (75 | ) |
Net
income | |
$ | 337,173 | | |
$ | 118,699 | |
| |
| | | |
| | |
Net
income per share common stock - basic | |
$ | 1.30 | | |
$ | 0.75 | |
Weighted average shares
of common stock - basic | |
| 259,098,664 | | |
| 159,186,506 | |
| |
| | | |
| | |
Net
income per share of common stock - diluted | |
$ | 1.26 | | |
$ | 0.72 | |
Weighted average shares
of common stock - diluted | |
| 267,912,443 | | |
| 168,999,461 | |
Supplemental
information: | |
| | | |
| | |
bitcoin (“BTC”) production during
the period, in whole BTC | |
| 2,811 | | |
| 2,195 | |
Average bitcoin per day, in whole BTC | |
| 30.9 | | |
| 24.4 | |
Total margin (total revenues less total cost
of revenues) | |
$ | (3,008 | ) | |
$ | 22 | |
Total margin excluding the impact of depreciation
and amortization | |
$ | 74,987 | | |
$ | 17,755 | |
General and administrative expenses excluding
stock-based compensation | |
$ | (21,398 | ) | |
$ | (11,399 | ) |
Installed Hash Rate (Exahashes
per second) - at end of period (1) | |
| 27.8 | | |
| 15.4 | |
Energized Hash Rate (Exahashes
per second) - at end of period (1) | |
| 27.8 | | |
| 11.5 | |
Average operational Hash Rate
(Exahashes per second) (1) | |
| 18.2 | | |
| 6.9 | |
Cost per Petahash Rate per
day (1) | |
| 45.2 | | |
| 53.7 | |
Share of available miner rewards | |
| 3.1 | % | |
| 2.5 | % |
Number of blocks won | |
| 368 | | |
| 221 | |
Transaction fees as a percentage of total | |
| 7.0 | % | |
| 2.4 | % |
| |
| | | |
| | |
Reconciliation
to Adjusted EBITDA: | |
| | | |
| | |
Net income | |
$ | 337,173 | | |
$ | 118,699 | |
Exclude: Interest expense | |
| 1,256 | | |
| 3,760 | |
Exclude:
Income tax expense | |
| 38,051 | | |
| 75 | |
EBIT | |
| 376,480 | | |
| 122,534 | |
Exclude:
Depreciation and amortization | |
| 83,548 | | |
| 17,733 | |
EBITDA | |
| 460,028 | | |
| 140,267 | |
Exclude: Stock compensation
expense | |
| 51,913 | | |
| 3,945 | |
Exclude: Early termination
expenses | |
| 22,097 | | |
| — | |
Exclude: Gain on investments | |
| (5,236 | ) | |
| — | |
Exclude: Net loss from
extinguishment of debt | |
| — | | |
| 333 | |
Adjusted
EBITDA (2) | |
$ | 528,802 | | |
$ | 144,545 | |
(1)
The Company defines Energized Hash Rate as the total hash rate that could theoretically be generated if all mining rigs that have
been operational / energized are currently in operation and running at 100% of the manufacturers’ specifications (includes mining
servers that are offline for maintenance or similar reasons). The Company uses this metric as an indicator of progress in bringing rigs
on-line. The Company defines Avg. Operational Hash Rate as the average hash rate that was actually generated during the period from all
operational miners. The Company uses this metric as an indicator of its operational progress. The Company defines Installed Hash Rate
as the sum of Energized Hash Rate and hash rate that has been installed but is not yet operational (e.g. mining rigs that have been installed,
but are not yet energized and in operation). The Company uses this metric as an indicator of progress in deploying mining rigs at its
production sites. Cost per Petahash Rate per day is calculated using mining cost of revenues, excluding depreciation and amortization,
divided by the Average operational Hash Rate, excluding the Company’s share of the hash rate for the equity method investee, the
ADGM entity. Hash rates are estimates based on the manufacturers’ specifications. All figures are estimates and rounded.
The
Company believes that these metrics are useful as an indicator of potential bitcoin production. However, these metrics cannot be tied
directly to any production level expected to be actually achieved as (a) there may be delays in the energization of Installed Hash Rate
(b) the Company cannot predict when installed and energized rigs may be offline for any reason, including curtailment or machine failure
and (c) the Company cannot predict Global Hash Rate (and therefore the Company’s share of the Global Hash Rate), which has significant
impact on the Company’s ability to generate bitcoin in any given period.
(2)
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) early termination expenses, (iii) gain on investments, and (iv) losses
from 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.
v3.24.1.u1
Cover
|
May 09, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
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Amendment Flag |
false
|
Document Period End Date |
May 09, 2024
|
Entity File Number |
001-36555
|
Entity Registrant Name |
MARATHON
DIGITAL HOLDINGS, INC.
|
Entity Central Index Key |
0001507605
|
Entity Tax Identification Number |
01-0949984
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
101
NE Third Avenue
|
Entity Address, Address Line Two |
Suite 1200
|
Entity Address, City or Town |
Fort
Lauderdale
|
Entity Address, State or Province |
FL
|
Entity Address, Postal Zip Code |
33301
|
City Area Code |
(800)
|
Local Phone Number |
804-1690
|
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Stock
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Trading Symbol |
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Security Exchange Name |
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Marathon Digital (NASDAQ:MARA)
過去 株価チャート
から 4 2024 まで 5 2024
Marathon Digital (NASDAQ:MARA)
過去 株価チャート
から 5 2023 まで 5 2024