How Marathon Patent Group Inc (NASDAQ:MARA) Fared In Third Quarter?

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How Marathon Patent Group Inc (NASDAQ:MARA) Fared In Third Quarter?


Marathon Patent Group Inc (NASDAQ:MARA) issued its operating results for the quarter closed September 30, 2017. Total revenue came at $163,000 for the quarter closed September 30, 2017 compared to $43,000 for the quarter closed September 30, 2017. Operating loss was around $3.9 million for the reported quarter versus an operating loss of $10.7 million for the same period, a year earlier.

The highlights

Marathon reported that the GAAP net loss came at $(1.06) per share for the quarter closed September 30, 2017, with around 6.270 million weighted average diluted and basic shares outstanding as of September 30, 2017, versus $(1.67) per share for the quarter closed September 30, 2016, with around 3.761 million weighted average diluted and basic shares outstanding as of the close of September 30, 2016, correspondingly.

On a per share basis, the company’s Non-GAAP net loss came at $(0.23) per diluted and basic share for the quarter closed September 30, 2017, versus $(0.86) per diluted and basic share for the quarter closed September 30, 2017, correspondingly.

From a strategic standpoint, Marathon finalized a definitive purchase deal to buy 100% ownership of Global Bit Ventures Inc., a digital asset technology firm that mines cryptocurrencies. Global Bit Ventures has impressive infrastructure in place with considerable capability for expansion. The completion of the deal is subject to obtaining required approvals. The firm plans to update investors more specifically on the deal on November 27, when the company will be scheduling an investor update conference call.

In the last trading session, the stock price of Marathon jumped more than 174% to close the day at $5.95. The gains came at a share volume of 44.40 million compared to average share volume of 2.56 million. After the recent jump, the market cap of firm was noted at around $52 million. The stock is moving closer to its 52-week high of $9.16.



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