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MARA Holdings, Inc. (NASDAQ:MARA), a company in the finance services sector formerly known as Marathon Digital Holdings, Inc., has announced a change in its independent registered public accounting firm. The company, which generated revenue of $656 million in the last twelve months with a healthy gross profit margin of 37%, has maintained strong liquidity with a current ratio of 4.94. According to InvestingPro analysis, which offers comprehensive research reports for over 1,400 US stocks, MARA’s financial health score is rated as "GOOD," despite its volatile stock performance. On March 6, 2025, the company’s Risk and Audit Committee concluded a competitive process to select the auditor for the fiscal year ending December 31, 2025. As a result, MARA Holdings informed Marcum LLP of its dismissal effective immediately.
The company’s financial statements for the years ending December 31, 2024, and December 31, 2023, audited by Marcum, did not contain any adverse opinions or disclaimers. Additionally, there were no disagreements on accounting principles or practices, financial statement disclosures, or auditing scope or procedures that would have required Marcum to report such matters. However, a material weakness was identified in the design or implementation of controls to prevent or detect misstatements in revenue as of December 31, 2023, which was subsequently remediated by the end of the following year. Investors seeking deeper insights can access detailed financial health metrics and 13 additional ProTips through InvestingPro, which highlights both the company’s strong profitability with earnings per share of $1.87 and its current challenges with cash flow management.
Following the selection process, MARA Holdings appointed PricewaterhouseCoopers LLP (PwC) as the new independent registered public accounting firm for the fiscal year ending December 31, 2025. The company has confirmed that during the past two fiscal years and the subsequent interim period through March 6, 2025, it had not consulted PwC on any accounting principles or transactions that would impact the financial statements, nor were there any disagreements or reportable events.
This transition in the company’s auditor is detailed in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), including a letter from Marcum LLP confirming their agreement with the statements made by MARA Holdings. The move to PwC marks a new chapter for the company’s financial oversight as it continues its operations within the finance services industry.
In other recent news, Marathon Digital Holdings reported a strong fourth quarter for 2024, surpassing earnings expectations with an earnings per share (EPS) of $1.24, compared to a forecast of -$0.16. The company’s revenue reached $214.4 million, exceeding the anticipated $180.74 million, marking a 37% increase year-over-year. Additionally, Marathon Digital expanded its energy portfolio and acquired five data centers, further solidifying its position in the Bitcoin mining sector. In a separate development, Rosenblatt Securities initiated coverage on Marathon Digital with a Buy rating and a $19 price target, citing the company’s significant Bitcoin holdings and technological infrastructure as strategic advantages. Meanwhile, Piper Sandler adjusted its price target for Marathon Digital to $30 while maintaining an Overweight rating, following the company’s recent strong performance and strategic focus on Bitcoin mining. Marathon Digital also announced a 4% increase in average daily Bitcoin production for February 2025, despite facing challenges such as higher network difficulty and fewer operational days. Lastly, the company introduced new equity incentive plans, including award agreements for restricted stock units and performance-based RSUs, aimed at aligning employee interests with shareholder goals.
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