Mara Holdings posted a net loss for Q3 and missed analyst revenue estimates despite mining more Bitcoin blocks and boosting its energized hashrate by 17%.
Bitcoin mining firm MARA Holdings Inc (MARA), previously Marathon Digital, fell 9.1% in after-hours trading as its third-quarter earnings missed analyst revenue estimates.
MARA’s third-quarter earnings released Nov. 12 showed a $0.34 per share loss, slightly exceeding Wall Street analyst expectations, and while its revenue jumped 34.5% from the year-ago quarter to $131.6 million, it fell short of the $148.1 million expectation.
The mining company saw a $40 million quarterly increase in operational expenses which contributed to its $124.8 million net loss in Q3.