Bitcoin miner Marathon Digital reports a disappointing second quarter

• Marathon Digital reports weaker-than-expected results for its fiscal Q2.
• CEO Fred Thiel was still positive in the press release on Tuesday.
• Marathon Digital stock is currently up more than 350% year-to-date.

Shares of Marathon Digital Holdings Inc showed resilience in extended hours even though the Bitcoin miner reported disappointed financial results for the second quarter.

CEO Fred Thiel was still positive in the press release

The digital asset technology company lost 13 cents a share on an adjusted basis in its recently concluded quarter on $81.8 million in revenue.

In comparison, analysts had called for a loss of 6 cents per share only and $83.4 million in revenue. Still, CEO Fred Thiel said in the press release today:

After a strong start to the year, we accelerated our progress in the second quarter by significantly growing our hash rate and improving our efficiency.

Shares of Marathon Digital Holdings are up more than 350% year-to-date at writing.

Marathon Digital sold 63% of produced Bitcoin in Q2

Marathon Digital produced 2,926 Bitcoin in total in its second quarter and gained $23.4 million as it sold 63% of them to fund operating costs. According to the Chief Executive:

We exited the quarter with $113.7 million in unrestricted cash and equivalents and 12,538 Bitcoin, the market value of which was approx. $380 million on June 30^th.

The miner also saw impairment charges narrow sharply to $8.4 million in its Q2.

On Tuesday, Marathon Digital also confirmed in an 8-K filing that it had to restate cash flow for Q1. Wall Street currently has a consensus “overweight” rating on the world’s largest listed Bitcoin miner.