Marathon Patent Group Inc (MARA) Reports 3Q:17 Results; Shares Skyrocket


Marathon Patent Group Inc (NASDAQ:MARA) announced its operating results for the three months ended September 30, 2017, as published in its Quarterly Report on Form 10-Q filed today with the Securities and Exchange Commission.

Operating Results for the Three Months Ended September 30, 2017

  • Total revenue of $163 thousand and $43 thousand for the three months ended September 30, 2017 and September 30, 2016, respectively.
  • Operating loss was approximately $3.9 million (including non-cash expenses) for the three months ended September 30, 2017 compared to an operating loss of $10.7 million for the three months ended September 30, 2016.
  • Our GAAP net loss was $(1.06) per basic and diluted share for the three months ended September 30, 2017, with 6,270,299 (all share numbers reflect the one for four reverse split completed on October 30, 2017) weighted average basic and diluted shares outstanding as of September 30, 2017, compared to a GAAP loss of $(1.67) per weighted average basic and diluted share for the three months ended September 30, 2016, with 3,761,786 weighted average basic and diluted shares outstanding as of September 30, 2016, respectively.
  • On a per share basis, our Non-GAAP net loss was $(0.23) per basic and diluted share for the three months ended September 30, 2017, compared to a Non-GAAP loss of $(0.86) per basic and diluted share for the three months ended September 30, 2017, respectively.

From a strategic perspective, Marathon entered into a definitive purchase agreement to acquire 100% ownership of Global Bit Ventures Inc. (“GBV”), a digital asset technology company that mines cryptocurrencies.  GBV has robust infrastructure in place with significant capability for expansion. The closing of the transaction is subject to obtaining requisite approvals. The Company intends to update investors more specifically on the transaction on November 27th, when we will be conducting an investor update conference call.

In the wake of the earnings release, Marathon Patent shares are up nearly 50% to $3.27. MARA has a 1-year high of $9.16 and a 1-year low of $0.50. The stock’s 50-day moving average is $0.95 and its 200-day moving average is $0.48.

Marathon Patent is an IP licensing and commercialization company. It acquires and manages IP rights from a variety of sources, including large and small corporations, universities and other IP owners. The company’s commercialization division is focused on the full commercialization lifecycle which includes discovering opportunities, performing due diligence, providing capital, managing development, protecting and developing IP, assisting in execution of the business plan, and realizing shareholder value.

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