Today, Marathon Digital (NASDAQ:MARA) Holdings announced its third quarter financial results, showing a significant 670% year-over-year increase in revenue and net income of $64.1 million. The company’s bitcoin production also grew fivefold, accompanied by a 403% increase in hashrate, largely due to the operation of a new 27-megawatt hydroelectric mining facility in Paraguay.
In preparation for the upcoming bitcoin halving event in April 2024, Marathon Digital took strategic steps to strengthen its balance sheet. The company reduced its long-term debt by 56%, facilitated by a successful $417 million note exchange in September. This significant debt reduction resulted in a savings to shareholders of over $100 million. As a result, Marathon’s combined bitcoin and cash holdings exceeded its debt at the end of the third quarter for the first time in two years.
Despite this robust financial performance, Marathon Digital’s share price fell 6.9% on the day the results were announced. However, the stock recovered somewhat in after-hours trading, rising 4.3%.
