Shares of MARA Holdings (MARA), a leading Bitcoin mining company, soared by 7.47% in after-hours trading on Wednesday. This surge came after the company reported stellar fourth-quarter 2024 financial results that surpassed analysts' expectations, fueled by strong growth in its Bitcoin mining operations and its plans to expand into the artificial intelligence (AI) computing infrastructure market.
MARA reported adjusted earnings per share of $1.24 for the fourth quarter, significantly higher than the consensus estimate of $0.68. The company's quarterly revenue reached $214.4 million, outpacing the analyst consensus estimate of $186.4 million. Both revenue and net income hit record levels for the quarter and full fiscal year. MARA's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by a staggering 207% year-over-year to $794.4 million.
One of the key highlights of MARA's performance was the substantial growth in its Bitcoin holdings. The company mined 2,492 Bitcoin during the fourth quarter and purchased an additional 14,574 Bitcoin, bringing its total Bitcoin stash to 44,893 by the end of 2024, making it the second-largest corporate Bitcoin holder. MARA also emphasized its plans to leverage its expertise in high-performance computing to capitalize on the growing demand for AI infrastructure, particularly in the area of AI inferencing.
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