Marathon Digital stock slips after Q1 earnings reflect net loss, bitcoin mining growth

Cryptocurrency miner Marathon Digital (NASDAQ:MARA) shares are slipping nearly 2% in afterhours trading as first-quarter earnings on Wednesday highlighted an overall net loss, though Bitcoin (BTC-USD) production came in strong. "Given the progress we have made to date in deploying behind the meter, we believe we will be through our backlog of miners and fully back on track with deployments before the end of this year, keeping us on pace to reach 23.3 EH/s by early 2023," said CEO and Chairman Fred Thiel. Revenue of $51.7M at March 31 missed the average analyst estimate of $53.55M and jumped from $9.2M in Q1 2021. Impairment of mined digital currency was $19.6M at the end of March compared with just $662.2K in the year-ago period. Overall, operating loss of $9.13M in Q1 improved from -$47.1M in Q1 a year ago. Q1 adjusted EBITDA of $39.4M soared from $6.12M in the year-ago quarter. Conference call at 4:30 PM