According to CoinDesk, after the sluggish performance in the second quarter, investment bank Cowen lowered its expectations for the revenue, adjusted EBITDA and mining profit margin of Bitcoin mining company Marathon Digital Holdings (MARA). It fell to $150 million from $204 million, below the average estimate of $189 million. Cowen also lowered its adjusted EBITDA forecast to $39 million from $86 million, and mining profit to $91 million, a 61 percent margin, from $132 million and a 64.7 percent margin. Cowen analysts Stephen Glagola and George Kuhle said in a note to clients that the deals carry execution risk because of Marathon's reliance on third-party vendors and lack of infrastructure control. One of the third parties they noted was Applied Blockchain (APLD), a relative newcomer to the bitcoin mining hosting business with a limited operating history.