Shares of Marathon Digital (NASDAQ:MARA) slid about 17% on Thursday, extending the fall from a day earlier, when the bitcoin miner posted its quarterly per-share earnings that missed consensus.

Marathon's fourth-quarter adjusted EPS of -$0.02 fell short of the $0.02 average analyst estimate but was an improvement from -$0.07 in the previous quarter.

Revenue for the fourth quarter came in at $156.8M, topping the $146.8M consensus.

The company expected to further grow its hash rate to 35 to 37 exahash in 2024. By the end of 2025, it planned to land at 50 exahash, about double its current mining capacity.

Along with the earnings, Marathon also filed a prospectus for a mixed-shelf offering late on Wednesday.

"So far in 2024 we have raised $489.3 million at an average share price of $19.82," said CEO Fred Thiel.

"As our 10-K will show, we have filed a new shelf, giving us the option to raise an additional $1.5 billion by at the market equity offering. This would bring our total potential war chest over $2.5 billion if it were fully exercised," the CEO added.

"I thought the earnings report from Marathon was quite good, but I also want to temper expectations in terms of the halving event, and Marathon’s massive dilution of shareholders," said SA analyst Josh Arnold in a recent article.

Since the start of the year, MARA has risen about 9.71%. The stock is rated as Hold by Seeking Alpha's Quant ratings as well as sell-side analysts.