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Marathon Patent Group Announces 2019 Fiscal Year End Financial Results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

LAS VEGAS, March 23, 2020 (GLOBE NEWSWIRE) — Marathon Patent Group, Inc. (NASDAQ:MARA) (“Marathon” or “Company”), today announced its operating results for the twelve months ended December 31, 2019, as published in its Annual Report on Form 10-K filed today with the Securities and Exchange Commission.Operating Results for the Year Ended December 31, 2019Total revenue was $1.2 million for the year ended December 31, 2019 compared to $1.6 million for the year ended December 31, 2018.Operating loss improved to approximately $4.2 million (inclusive of non-cash expenses) for the year ended December 31, 2019 compared to an operating loss of approximately $12.1 million (inclusive of non-cash expenses) for the year ended December 31, 2018.GAAP net loss improved to $(0.53) per basic and diluted share for the year ended December 31, 2019 compared to $(2.41) the year ended December 31, 2018.Net cash used in operating activities decreased from approximately $8.2 million in 2018 to approximately $3.3 million in 2019, an improvement of approximately $4.9 million.The Company had approximately $0.7 million of cash and cash equivalents as of December 31, 2019.Merrick Okamoto, Chief Executive Officer, stated, “2019 was a year of tremendous volatility in underlying Bitcoin prices. We significantly increased our hash rate through adding to our mining infrastructure and dramatically reduced our costs, the ultimate profitability of Bitcoin mining is still directly tethered to the price of Bitcoin. Our 4th Quarter of 2019 was one of transition as we shut down our Mining operation in October and did not resume full operations until mid-December. While this reduced our 4th quarter revenue, our first 2 months of 2020 were the best on record since we started our Bitcoin Mining operation, producing over $468,000 of revenue from January 1st through February 29th. Then in March, Bitcoin experienced a precipitous decline of over 70%. While Bitcoin mining remains very challenging, we instituted additional cost savings to further reduce our expenses to do our level best to be in a position to profit from any future price appreciation should it come to pass.”Investor NoticeInvesting in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2019. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Lastly, with the current worldwide situation caused by COVID-19, there can be no assurances as to when we may see any recovery in the bitcoin market, and if so, whether any recovery might be significant.Forward-Looking StatementsStatements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company’s Annual Reports on Form 10-K, as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.CONTACT INFORMATIONName: Jason Assad
Phone: 678-570-6791
Email: Jason@marathonpg.com
MARATHON PATENT GROUP, INC. AND SUBSIDIARIES
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