Marathon Digital posts $687M loss in 2022 on bitcoin drop, higher energy costs

Bitcoin ( BTC-USD ) miner Marathon Digital Holdings ( NASDAQ: MARA ) said Friday it logged a $686.7M net loss last year due to a combination of a more than 60% plunge in the price of BTC and surging energy costs. The shortfall was much wider than the $37.1M net loss recorded for the year ended Dec. 31, 2021. The company in February said it would restate its earnings for 2021 and the first three quarters of 2022 after discovering certain accounting errors. For the fourth quarter, EPS of -$3.14, falling short of the average analyst estimate of -$0.14, plunged from $0.10 (restated) in the year-earlier quarter. Revenue of $28.42M, missing the $34.62M consensus, also slid from $68.36M a year ago. Operating expenses soared to $395.78M from $10.14M in Q4 2021. Adjusted EBITDA loss came in at -$374.04M compared with a gain of $50.91M in Q4 2021. Impairment of digital assets was -$26.39M vs. -$11.85M in the year-ago quarter. In the meantime, MARA, +2.8% , was trading in the green Friday morning as bitcoin ( BTC-USD ) broke through a key threshold. Earlier, Marathon Digital GAAP EOPS of -$3.14 misses by $2.95, revenue of $28.42M misses by $6.2M .