Bitcoin mining firm MARA Holdings Inc (MARA), previously Marathon Digital, fell 9.1% in after-hours trading as its third-quarter earnings missed analyst revenue estimates.

MARA’s third-quarter earnings released Nov. 12 showed a $0.34 per share loss, slightly exceeding Wall Street analyst expectations, and while its revenue jumped 34.5% from the year-ago quarter to $131.6 million, it fell short of the $148.1 million expectation.

The mining company saw a $40 million quarterly increase in operational expenses which contributed to its $124.8 million net loss in Q3.

MARA fell around 9.1% to $22.94 after the bell after closing the day up 0.88% at $25.23, according to Google Finance. It comes a day after MARA closed up 30% on Nov. 11 as Bitcoin rallied toward $90,000 . Its share price is up 10% so far this year.

MARA Holdings falls 9% after-hours after Q3 revenue miss image 0

MARA slid after hours on its Q3 results on Nov. 12 after seeing a bump this week from Bitcoin’s new highs. Source: Google Finance

MARA said it mined 147 more Bitcoin blocks in Q3 as its energized hashrate increased 17.1% over the quarter to nearly 37 exahashes per second (EH/s) — contributing to its narrower net loss.

MARA Holdings falls 9% after-hours after Q3 revenue miss image 1

MARA’s Q3 Bitcoin production figures. Source: MARA Holdings

MARA also increased its Bitcoin ( BTC ) holdings by 45% to 26,747 BTC worth $2.36 billion as Q3 marked the first full quarter of the firm’s new treasury policy “to retain all BTC.”

It also forked out $100 million from its cash reserves to buy more Bitcoin in Q3.

“While we continue to invest in our mining operations and grow our business, we will also capitalize on opportunities as they arise to purchase BTC, particularly during market downturns,” MARA explained.

Related: Chinese microchip company says it’s now accepting Bitcoin as payment

While not factored into MARA’s Q3 balance sheet, the Bitcoin miner purchased an additional 372 megawatts (MW) of capacity at its Ohio facility on Nov. 11, with 152 MW already operational.

American compute power is accelerating. Today, we’re announcing:

-Three new data centers.
-Owned and operated in Ohio.
-372 megawatts of capacity. #Bitcoin - Made in USA. pic.twitter.com/ltDbhKrCHJ

— MARA (@MARAHoldings) November 11, 2024

MARA didn’t disclose exactly when the remaining 220 MW would be energized but stressed it often takes 12-18 months before revenue comes in.

“Investing in mining infrastructure typically has a 12- to 18-month timeline to generate revenue.”

MARA is the world’s largest public Bitcoin miner, boasting a market cap of $7.43 billion.

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