Mara Holdings (MARA) FY2023 results: revenue $388 million, up 229.1% on the year

Mara Holdings, Inc. (MARA) reported revenue of $388 million for fiscal 2023, the year ended 31 December 2023, up 229.1% on the year before. Net income was $261 million, and diluted earnings per share $1.06. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$388 million

+229.1% on the year

FY2016FY2023

Operating margin

57.0%

-572.0% a year earlier

FY2016FY2023

Net income

$261 million

FY2016FY2023

Diluted EPS

$1.06

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	388	118	159	+229.1%
Cost of revenue	403	151	42.4	+166.0%
Gross profit	-15.3	-33.7	117
Gross margin	-4.0%	-28.6%	73.4%
Research and development	2.8	0.1	n/a	+2,769.4%
Operating income	221	-674	-3.0
Operating margin	57.0%	-572.0%	-1.9%
Interest expense	10.3	15.0	1.6	-30.9%
Pre-tax income	278	-718	-4.8
Income tax	16.4	-24.2	25.0
Effective tax rate	5.9%	n/a	n/a
Net income	261	-694	-29.8
Net margin	67.4%	-589.4%	-18.7%
Diluted EPS	$1.06	-$6.12	-$0.30

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	-316	-176	-19.0
Capital expenditure	27.6	41.1	274	-32.8%
Free cash flow	-343	-218	-293
Free cash flow margin	-88.6%	-184.8%	-184.0%
Cash from investing	4.6	-390	-892
Cash from financing	556	411	1,037	+35.4%
Depreciation and amortisation	186	78.7	14.9	+135.7%
Share-based compensation	32.6	24.6	161	+32.7%
Buybacks	0.4	0.0	n/a
Diluted shares, weighted	192m	113m	99m	+69.5%
Shares outstanding at period end	243m	146m	103m	+66.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,616	386	683	+318.7%
Non-controlling interest	0.0	n/a	6.4
Deposits	67.0	43.3	34.5	+54.9%
Debt	326	782	728	-58.4%
Operating lease liabilities	0.4	1.0	n/a	-65.2%
Finance lease liabilities	0.0	n/a	n/a
Total liabilities and equity	1,991	1,195	1,444	+66.6%
Fixed assets	672	273	276	+146.0%
Goodwill	0.0	n/a	n/a
Intangible assets	0.0	n/a	0.9
Investments	n/a	n/a	224
Cash and equivalents	357	104	269	+244.5%
Receivables	0.0	n/a	n/a
Other assets	962	819	675	+17.5%
Total assets	1,991	1,195	1,444	+66.6%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.