Marathon Digital Holdings (MARA) reported a significant first-quarter net loss of $533.4 million, primarily driven by a markdown in its digital asset holdings. Despite this setback, the company’s revenue surged 30% to $213.9 million year-on-year, driven by strong Bitcoin production. This growth was partially offset by a decline in Bitcoin price, which resulted in an unrealized loss of $510.2 million. However, MARA’s operational metrics remain promising, with significant improvements in daily cost per petahash and cost of revenue per petahash per day. 2024’s Q1 saw a year-over-year decline of 19% in Bitcoin production to 2,286 BTC. The company highlights that its strong operational metrics and growing Bitcoin holdings are crucial for future success. MARA’s stock price has declined by 15% year-to-date, despite positive revenue trends.