MARA, a Bitcoin mining firm, reported a significant net loss of $125 million in Q3 2024. Despite this, the firm improved its hash rate and is planning to build new mining capabilities.
Following Donald Trump's re-election, MARA's stock price saw a boost, and the company is optimistic about mining-friendly regulations.
The firm claimed increased revenues but underperformed expectations. Challenges included a $92 million rise in operating loss and absence of a prior $83 million debt extinguishment gain, despite a $49 million tax benefit.
MARA's energized hash rate increased 93%, and Bitcoin holdings rose to 26,747 BTC without selling any in the last quarter. Nevertheless, stock performance post-election does not affect Q3 calculations.
CEO Fred Thiel expressed confidence in future prospects, dismissing the threat of unfavorable regulations and emphasizing infrastructure and power diversification.
Trump's victory brings anticipation of pro-crypto policies, promising favorable legislation for miners. MARA's strategic plans include setting hash rate goals and exploring AI as a potential revenue source, contradicting setbacks and maintaining an optimistic outlook.
The firm appointed an AI expert to its board, highlighting intentions to leverage AI expertise, while reaffirming its primary focus on mining activities.
