Marathon Patent Q1 revenue jumps; primed to produce more

Marathon Patent Group (MARA) surges 20% after Q1 revenue more than doubled from a year ago and the crypto-mining company bought more mining equipment after the end of the quarter.Q1 revenue of $592K increased from $231K a year ago; net loss per share of 12 cents narrowed from 16 cents in the year-ago quarter.At March 31, 2020, MARA had ~$0.5M of cash and cash equivalents.After the end of the quarter, Marathon raised $5.5M from its effective at-the-market program, bought $3M of new mining equipment and has ~$2.3M cash on hand.In the last week, the company announced the purchase of 1,360 next generation miners. Its mining production will produce 2.8x the petahash of its previous miners and dramatically lower our break-even costs, said CEO Merrick Okamato.