MARA's full-year revenue rises 69% to $656.4 million, holds 44,893 bitcoin

Bitcoin mining company MARA Holdings, formerly known as Marathon Digital, reported fourth-quarter earnings results Wednesday afternoon.

The largest publicly traded miner by market cap ($4.2 billion) reported fourth-quarter sales of $214.4 million, which beat estimates of $186 million. The company reported a net loss of $199.7 million in the second quarter and third-quarter sales of  $131.6 million . For the full year, revenues grew 69% to $656.4 million.

The company grew its energized hash rate by 115% year over year to 53.2 EH/s.

MARA mined 9,430 bitcoin during the year, down 27% from 2023. The company holds 44,893 bitcoin on its balance sheet as of Dec. 31, 2024, and had a full-year BTC yield per share of 62%.

Bitcoin's fourth halving last April cut miners' revenue in half, and these companies have tried to diversify  their operations, moving beyond pure crypto mining toward hosting infrastructure for AI and high-performance compute (HPC).

"We’re proud of our transformation. But we’re far from done," MARA CEO Fred Thiel wrote in the annual shareholder letter . "While we remain bullish on bitcoin and our mining business, we’re continuing to explore how MARA can emerge as a leader in the next major opportunity: AI."

To stay ahead of its competitors, Thiel said MARA "is focusing on energy management, load balancing, and infrastructure technologies at the edge – key enablers of scalable inference."

Earlier this week, Riot Platforms reported a 34.2% year-on-year increase in total revenue for 2024 but produced fewer bitcoins in 2024, totaling 4,828 BTC. Bitdeer Technologies and Cipher Mining plummeted after their respective earnings showed continued headwinds to profitability.

MARA's stock closed the trading session at $12.45 and the stock was up 3.2% in after-hours trading. The stock is down 57% over the past year.