Marathon Digital’s revenue was much less than forecast

At the end of the third quarter, the revenue of one of the largest miners amounted to $12.7 million. According to analysts, the figure was expected to reach $23.4 million.

According to FactSet, net loss per share was also well above forecasts: $0.72 versus $0.15. Marathon Digital securities lost 5.1% during the trading and lost another 2.2% in after-hours trading. On top of that, the company’s computing capacity fell to 9 EH/s as planned for the end of this year. Nevertheless, Miner is not giving up on its plans to reach 23 EH/s by the summer of 2023.

Marathon Digital CEO Fred Thiel noted:

This phase is transitional and related to the fact that operations have been relocated to Texas. The hashrate was lowered because the company had doubts about the prospect of meeting its goals and the prospect of risks associated with realizing growth targets.

In addition, there is the issue of renegotiating the terms of the hosting contract because of Compute North’s problems.