Summary by Futu AI
On August 1, 2024, Marathon Digital Holdings, Inc. (Marathon Digital) reported its financial results for the second quarter ended June 30, 2024. Despite a 78% increase in revenues to $145.1 million, the company experienced a significant net loss of $199.7 million, or $0.72 loss per diluted share, compared to a net loss of $9.0 million in the same quarter the previous year. The loss included a $148.0 million loss on the fair value of digital assets. Adjusted EBITDA also reflected a downturn, showing a loss of $85.1 million compared to a gain of $35.8 million in Q2 2023. The company's BTC production decreased by 30% from the previous year, producing 2,058 BTC. Marathon Digital attributed the decrease in BTC production to equipment failures, maintenance issues, and the impact of the April halving event. However, the company reached a record installed hash rate of 31.5 exahash in Q2 and aims to achieve 50 exahash by the end of 2024. Marathon Digital also reported strategic organizational changes, acquisitions, and partnerships aimed at growth and diversification, including the acquisition of a data center in Texas and a partnership with the Kenyan government.