Bitcoin mining firm, Marathon Digital, reported a Q1 2024 revenue shortfall, missing Wall Street's expectations. The company cited adverse weather and equipment malfunctions as key factors in its underperformance. Despite a YoY revenue growth of 223% to $165.2 million, Marathon's performance was 14.80% below the projected $193.9 million.

Marathon mined 2,811 BTC in Q1, a 28% YoY increase but a 34% decline from Q4 2023. CEO Fred Thiel attributed the setbacks to equipment failures, weather disruptions, and utility company line maintenance. Adverse weather particularly affected its Garden City site in Texas. Despite these challenges, Marathon operated at a record high of 27 exahashes per second, with a goal of reaching 50 EH/s by year-end.

Marathon managed to adapt and overcome these operational challenges, redistributing equipment to new sites and introducing advanced products like Slipstream and the MARA UBC 2100 control board. The company has expanded its mining capacity to 1.1 and currently operates at 54% of its total capacity.

Marathon's Q1 earnings per share of $1.26 exceeded Wall Street's projected $0.02, influenced by the substantial increase in Bitcoin prices. However, post-report, Marathon's shares fell by 2.19% to close at $19.65, with a further 1% decrease in after-hours trading. Year-to-date, the company's share price has fallen by 14.30% since peaking at $31.03 on February 28, 2024.