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Bitcoin Miner Marathon Digital to Restate Some Results on Accounting Issues
The firm will also delay the reporting of its 2022 Q4 earnings, which had previously been scheduled for late Tuesday afternoon.
Updated May 9, 2023, 4:09 a.m. Published Feb 28, 2023, 5:10 p.m.
Marathon Digital (MARA) said it will need to restate portions of its audited 2021 results and currently unaudited quarterly reports from 2022 after an inquiry from the U.S. Securities and Exchange Commission (SEC) flagged technical accounting matters.
At issue were the company's method of calculating impairment on digital assets and its determination of acting as an agent in operating a third-party mining pool rather than a principal, according to an SEC filing.
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The restatements are not likely to have any impact on total margin, operating income or net income in 2021 or any of the quarterly 2022 results, said the company, which also said it does not expect to be able complete its 2022 10-K filing by the March 1 deadline. Marathon does anticipate it will file the 10-K within 15 days of that deadline.
The company had previously been set to release its 2022 Q4 results after the close of trading on Tuesday, but that's been postponed.
Shares are up 8.5% in midday Tuesday action.
Updated at 17:35 UTC: Includes the company's decision to delay the reporting of Q4 results.
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