Mara Holdings (MARA) FY2022 results: revenue $118 million, down 26.0% on the year

Mara Holdings, Inc. (MARA) reported revenue of $118 million for fiscal 2022, the year ended 31 December 2022, down 26.0% on the year before. Net income was -$694 million, and diluted earnings per share $-6.12. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$118 million

-26.0% on the year

FY2015FY2022

Operating margin

-572.0%

-1.9% a year earlier

FY2015FY2022

Net income

-$694 million

FY2015FY2022

Diluted EPS

-$6.12

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	118	159	4.4	-26.0%
Cost of revenue	151	42.4	7.0	+257.2%
Gross profit	-33.7	117	-2.6
Gross margin	-28.6%	73.4%	-60.7%
Research and development	0.1	n/a	n/a
Operating income	-674	-3.0	-9.8
Operating margin	-572.0%	-1.9%	-225.7%
Interest expense	15.0	1.6	0.0	+854.3%
Pre-tax income	-718	-4.8	-10.4
Income tax	-24.2	25.0	0.0
Net income	-694	-29.8	-10.4
Net margin	-589.4%	-18.7%	-239.8%
Diluted EPS	-$6.12	-$0.30	-$0.13

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-176	-19.0	-7.8
Capital expenditure	41.1	274	17.7	-85.0%
Free cash flow	-218	-293	-25.5
Free cash flow margin	-184.8%	-184.0%	-585.6%
Cash from investing	-390	-892	-81.3
Cash from financing	411	1,037	230	-60.4%
Depreciation and amortisation	78.7	14.9	3.1	+428.1%
Share-based compensation	24.6	161	1.2	-84.7%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	113m	99m	81m	+14.2%
Shares outstanding at period end	146m	103m	82m	+41.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	386	683	312	-43.5%
Non-controlling interest	n/a	6.4	n/a
Deposits	43.3	34.5	n/a	+25.5%
Debt	782	728	n/a	+7.4%
Operating lease liabilities	1.0	n/a	n/a
Other liabilities	n/a	n/a	1.5
Total liabilities and equity	1,195	1,444	313	-17.2%
Fixed assets	273	276	17.2	-1.2%
Intangible assets	n/a	0.9	1.0
Investments	n/a	224	n/a
Cash and equivalents	104	269	141	-61.4%
Other assets	819	675	154	+21.3%
Total assets	1,195	1,444	313	-17.2%

10-K for the year ended 31 December 2022, filed 28 February 2024: the filing.