Fri, May 24, 8:59 PM (150 days ago)
Marathon Digital Holdings, Inc. filed an amendment to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, in response to a comment letter from the SEC. The amendment revises Items 8 and 9A of Part II, including new certifications by the Principal Executive Officer and Principal Financial and Accounting Officer. The financial statements reflect a change in accounting for digital assets from last-in-first-out (LIFO) to first-in-first-out (FIFO) and early adoption of ASU 2023-08, resulting in a $11.5 million increase in digital assets and a corresponding decrease in accumulated deficit. For 2023, Marathon reported total revenues of $387.5 million, a net income of $261.2 million, and operating expenses of $236.3 million. The company also addressed a material weakness in its internal controls over financial reporting and outlined ongoing remediation efforts.