Despite SEC reporting delays, crypto miner Marathon should see its Q4 2022 revenue triple quarter-over-quarter.
According to reports, Marathon Digital Holdings, Inc (NASDAQ: MARA) expects to post $38.4 million in revenue for Q4 2022. Although this sum triples what the crypto miner made in the preceding quarter, it is still down from the $60.3 million made in the year-ago period.
Marathon Digital Q4 2022 Details
Marathon’s net loss estimates for the fourth quarter of last year also appear better. For instance, the digital asset tech company should sustain a net loss of $24 million for the period. This figure compares favorably with Marathon’s $75.4 million net loss in the third quarter. Furthermore, the blockchain-focused company’s latest net loss estimates stack up more favorably against the $11.5 million from Q4 2021.
Weighing in on the anticipated Marathon Q4 2022 revenue haul, company chief executive Fred Thiel explained earlier last month:
“We believe the improvements in our operational efficiency, along with the proactive measures we have taken to strengthen our balance sheet, have placed Marathon in a strong position to achieve our growth and operational targets in 2023.”
Thiel also added that Marathon increased Bitcoin (BTC) production in January by 45% month-over-month. The company reportedly achieved this after addressing the “maintenance and technical issues” at its Texas site.
Although miners still struggle due to months of suppressed operational margins, January provided some respite with the BTC surge. The leading digital currency surged to $23K, a price not seen since August 2022. It is currently trading at $23,756.75.
Marathon Digital reached a hashrate capacity of 7.3 EH/s at the end of January, en route to its mid-2023 target of 23 EH/s.
Marathon’s mining capacity also grew in the 2022 fourth quarter amid the movement of its hardware to the Texas wind-powered site. The company’s mining hardware was previously stationed at another location in Montana.
Marathon to Reissue Financials
In other related news, Marathon looks to reissue several previous financial statements following some prior accounting errors. The crypto miner recently received a letter from the Securities and Exchange Commission (SEC) saying it had blundered its crypto impairment sums. According to the SEC, Marathon made accounting mistakes on multiple financial disclosures and has to restate a slew of unaudited quarterly reports.
Due to SEC development, Marathon canceled its quarterly conference call. In addition, the digital asset tech company also postponed the publication of its Q4 and fiscal year 2022 financial results. However, Marathon also added that the implied changes the SEC wants it to adhere to would not impact its bottom line. As the company put it:
“The restatement of the Impacted Financial Statements is not expected to have any impact on total margin, operating income, or net income in 2021 or in any of the interim periods in 2021 or 2022.”
Marathon plans to file its 2022 results on March 16th, previously notifying the SEC that it would require two weeks to amend the report. The said report initially had a due date of March 1st before the SEC corrective letter.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
