Riot Platforms Reports Second Quarter 2024 Financial Results, Current Operational and Financial Highlights
Riot Platforms (NASDAQ: RIOT) reported Q2 2024 financial results, with $70.0 million in total revenue and a deployed hash rate of 22.0 EH/s. Despite the Bitcoin network 'halving' in April, Riot maintained strong gross margins in its core Bitcoin mining business. The company produced 844 Bitcoin during the quarter, a 52% decrease from Q2 2023. Riot generated $13.9 million in power credits, reducing its average energy cost to $25,327 per Bitcoin mined. The company expanded operations at its Rockdale and Corsicana facilities, nearly doubling installed hash rate to 22 EH/s. Riot also acquired Block Mining, expanding its growth pipeline. The company maintains a strong financial position with $646.5 million in working capital, including $481.2 million in cash.
Riot Platforms (NASDAQ: RIOT) ha riportato i risultati finanziari del secondo trimestre 2024, con 70,0 milioni di dollari di ricavi totali e una potenza di hash distribuita di 22,0 EH/s. Nonostante il 'halving' della rete Bitcoin ad aprile, Riot ha mantenuto forti margini lordi nel suo core business di mining di Bitcoin. L'azienda ha prodotto 844 Bitcoin durante il trimestre, con una diminuzione del 52% rispetto al secondo trimestre 2023. Riot ha generato 13,9 milioni di dollari in crediti energetici, riducendo il costo medio dell'energia a 25.327 dollari per Bitcoin minato. L'azienda ha ampliato le operazioni presso i suoi impianti di Rockdale e Corsicana, quasi raddoppiando la potenza di hash installata a 22 EH/s. Riot ha anche acquisito Block Mining, espandendo il suo pipeline di crescita. L'azienda mantiene una forte posizione finanziaria con 646,5 milioni di dollari in capitale circolante, di cui 481,2 milioni in contante.
Riot Platforms (NASDAQ: RIOT) informó los resultados financieros del segundo trimestre de 2024, con 70,0 millones de dólares en ingresos totales y una tasa de hash desplegada de 22,0 EH/s. A pesar del 'halving' de la red Bitcoin en abril, Riot mantuvo márgenes brutos fuertes en su negocio principal de minería de Bitcoin. La compañía produjo 844 Bitcoin durante el trimestre, una disminución del 52% en comparación con el segundo trimestre de 2023. Riot generó 13,9 millones de dólares en créditos de energía, reduciendo su costo medio de energía a 25,327 dólares por Bitcoin minado. La empresa expandió operaciones en sus instalaciones de Rockdale y Corsicana, casi duplicando la tasa de hash instalada a 22 EH/s. Riot también adquirió Block Mining, expandiendo su pipeline de crecimiento. La empresa mantiene una fuerte posición financiera con 646,5 millones de dólares en capital de trabajo, incluyendo 481,2 millones en efectivo.
Riot Platforms (NASDAQ: RIOT)는 2024년 2분기 재무 결과를 발표했으며, 총 수익이 7천만 달러이고 배치 해시율이 22.0 EH/s입니다. 4월에 비트코인 네트워크의 '반감기'에도 불구하고 Riot는 비트코인 채굴 사업의 핵심에서 강력한 총 마진을 유지했습니다. 이 회사는 844 비트코인을 생산했으며, 이는 2023년 2분기 대비 52% 감소한 수치입니다. Riot는 1390만 달러의 전력 크레딧을 생성하여 비트코인 한 개를 채굴하는 데 평균 에너지 비용을 25,327달러로 줄였습니다. 이 회사는 Rockdale 및 Corsicana 시설에서 운영을 확장하여 설치된 해시율을 거의 두 배로 늘리며 22 EH/s에 도달했습니다. Riot는 Block Mining을 인수하여 성장 파이프라인을 확장했습니다. 이 회사는 6억4650만 달러의 운전 자본, 그 중 4억8120만 달러가 현금으로 포함되어 있는 강력한 재무 상태를 유지하고 있습니다.
Riot Platforms (NASDAQ: RIOT) a annoncé les résultats financiers du deuxième trimestre 2024, avec 70,0 millions de dollars de revenus totaux et une puissance de hash déployée de 22,0 EH/s. Malgré le 'halving' du réseau Bitcoin en avril, Riot a maintenu de fortes marges brutes dans son activité principale de minage de Bitcoin. L'entreprise a produit 844 Bitcoin durant le trimestre, soit une diminution de 52 % par rapport au deuxième trimestre 2023. Riot a généré 13,9 millions de dollars de crédits énergétiques, réduisant son coût moyen d'énergie à 25 327 dollars par Bitcoin extrait. L'entreprise a élargi ses opérations dans ses installations de Rockdale et Corsicana, presque en doublant la puissance de hash installée à 22 EH/s. Riot a également acquis Block Mining, élargissant ainsi son pipeline de croissance. L'entreprise maintient une solide position financière avec 646,5 millions de dollars de fonds de roulement, dont 481,2 millions de dollars en liquidités.
Riot Platforms (NASDAQ: RIOT) hat die finanziellen Ergebnisse für das zweite Quartal 2024 bekannt gegeben, mit 70,0 Millionen Dollar Gesamteinnahmen und einer bereitgestellten Hashrate von 22,0 EH/s. Trotz des 'Halvings' des Bitcoin-Netzwerks im April hielt Riot starke Gewinnmargen im Kerngeschäft des Bitcoin-Mining aufrecht. Das Unternehmen produzierte 844 Bitcoin im Laufe des Quartals, was einem Rückgang von 52 % im Vergleich zum zweiten Quartal 2023 entspricht. Riot generierte 13,9 Millionen Dollar an Stromgutschriften und senkte die durchschnittlichen Energiekosten auf 25.327 Dollar pro geschürften Bitcoin. Das Unternehmen erweiterte die Betriebsabläufe an seinen Standorten Rockdale und Corsicana und verdoppelte damit fast die installierte Hashrate auf 22 EH/s. Riot erwarb zudem Block Mining und erweiterte damit sein Wachstumspipeline. Das Unternehmen hat eine starke finanzielle Position mit 646,5 Millionen Dollar Betriebskapital, darunter 481,2 Millionen Dollar in bar.
- Maintained strong gross margins in core Bitcoin mining business despite 'halving' event
- Generated $13.9 million in power credits, reducing average energy costs
- Expanded operations and nearly doubled installed hash rate to 22 EH/s
- Acquired Block Mining, expanding growth pipeline and operational expertise
- Strong financial position with $646.5 million in working capital
- Raised 2024 deployed hash rate guidance from 31 EH/s to 36 EH/s
- Total revenue decreased to $70.0 million from $76.7 million in Q2 2023
- Bitcoin production decreased by 52% compared to Q2 2023
- Average direct cost to mine Bitcoin increased to $25,327 from $5,734 in Q2 2023
- Net loss of $84.4 million, compared to $27.4 million in Q2 2023
- Non-GAAP Adjusted EBITDA decreased to $(75.2) million from $24.3 million in Q2 2023
Insights
Riot Platforms' Q2 2024 results present a mixed picture. While the company reported
The Bitcoin 'halving' event in April 2024 significantly impacted Riot's operations. Bitcoin production decreased by
Despite these challenges, Riot maintained strong gross margins in its core Bitcoin mining business. The company's ability to generate
Riot's expansion efforts are noteworthy. The company nearly doubled its installed hash rate to 22 EH/s and energized 200 MW of capacity at its Corsicana facility. The acquisition of Block Mining adds 1 EH/s to Riot's hash rate and opens up new growth opportunities in Kentucky.
However, the company reported a net loss of
Riot's strong balance sheet, with
Riot Platforms' Q2 2024 results reflect the seismic impact of the Bitcoin halving event on the mining industry. The halving, which occurs approximately every four years, reduced the block reward from 6.25 to 3.125 Bitcoin per block. This event, combined with a
Despite these headwinds, Riot's strategic decisions are noteworthy. The company's vertical integration and focus on power management have proven crucial. By generating
The expansion of hash rate capacity from 11 EH/s to 22 EH/s during the quarter is impressive, showcasing Riot's ability to scale rapidly. This growth, coupled with the acquisition of Block Mining, positions Riot as a major player in the U.S. Bitcoin mining sector.
However, the increase in the average direct cost to mine Bitcoin from
Riot's holdings of 9,334 unencumbered Bitcoin, valued at approximately
Looking ahead, Riot's ambitious hash rate targets and expansion plans are bullish signals. However, the success of these initiatives will depend on Bitcoin price movements, network difficulty and the company's ability to maintain its cost advantages in an increasingly competitive landscape.
Riot Platforms' Q2 2024 results underscore the critical role of energy management in the Bitcoin mining industry. The company's ability to generate
This approach not only reduces Riot's average energy costs but also contributes to grid stability. By participating in demand response programs, Riot is effectively monetizing its flexible power consumption, creating a win-win situation for both the company and the power grid.
The expansion of operations at the Corsicana Facility in Texas is particularly interesting from an energy perspective. Texas, with its unique energy market structure and abundant renewable resources, offers significant opportunities for large-scale Bitcoin mining operations. The planned 1 GW capacity at Corsicana could potentially make Riot a major player in the state's energy ecosystem.
However, the increase in the average direct cost to mine Bitcoin from
The acquisition of Block Mining and expansion into Kentucky diversifies Riot's energy portfolio. Kentucky's different energy market structure and resource mix could provide new opportunities for optimization and risk mitigation.
Looking forward, Riot's ambitious expansion plans will require careful energy planning. The company's target of over 2 GW of capacity represents a significant energy footprint. Managing this growth sustainably and cost-effectively will be important for Riot's long-term success in the competitive Bitcoin mining landscape.
Riot Reports
"I am extremely pleased to present results for Riot's second quarter 2024, during which we accomplished significant operational growth and execution of our long-term strategy," said Jason Les, CEO of Riot. "The second quarter saw the Bitcoin network 'halving' in April of this year, a preprogrammed event whereby the Bitcoin block subsidy received by miners from the network is cut in half every four years. Despite this reduction in available production for all Bitcoin miners, Riot posted
"This quarter, Riot energized its second large-scale facility in
"In July, Riot also expanded our growth pipeline and operational expertise through the acquisition of Block Mining Inc. ("Block Mining"), a vertically integrated Bitcoin miner in
Second Quarter 2024 Financial and Operational Highlights
Key financial and operational highlights for the second quarter include:
- Total revenue of
$70.0 million $76.7 million $9.7 million $6 million - Produced 844 Bitcoin during the quarter, which represented a decrease of
52% from the 1,775 Bitcoin mined during the same three-month period in 2023, due primarily to the block subsidy 'halving' event, which occurred in April 2024, and increases in network difficulty. - The average direct cost to mine Bitcoin, inclusive of power credits, was
$25,327 $5,734 68% in global network hash rate as compared to the same three-month period in 2023. - Generated
$13.9 million $13.5 million - Bitcoin Mining revenue of
$55.8 million $49.7 million - Engineering revenue of
$9.6 million $19.3 million - Maintained industry-leading financial position, with
$646.5 million $481.2 million - Held 9,334 in unencumbered Bitcoin (equating to
$585.0 million $62,678
Second Quarter 2024 Financial Results
Total revenue for the three-month period ended June 30, 2024 was
Bitcoin Mining revenue in excess of Bitcoin Mining cost of revenue for the quarter was
Engineering revenue in excess of Engineering cost of revenue for the quarter was
Power curtailment credits received totaled approximately
If power credits were directly allocated to Bitcoin Mining cost of revenue, Bitcoin Mining cost of revenue would have decreased by
Selling, general and administrative expenses during the quarter totaled
Net loss for the quarter was
Non-GAAP Adjusted EBITDA for the quarter was
Hash Rate Growth
Riot anticipates achieving a total self-mining hash rate capacity of 36 EH/s by the end of 2024.
On April 18th, Riot announced the successful energization of the Corsicana Facility substation. The Corsicana Facility will have a total capacity of 1 GW when fully developed, at which point it is expected to be the largest known Bitcoin mining facility in the world by developed capacity. The recently energized substation will power the initial 400 MW phase of development of the Corsicana Facility. This initial phase is expected to add 16 EH/s to Riot's self-mining capacity by the end of 2024.
On July 23rd, Riot announced the acquisition of Block Mining. The transaction immediately increases Riot's hash rate by 1 EH/s and establishes an additional arm of growth for Riot in new jurisdictions and energy markets, starting in
Following the Block Mining acquisition, Riot raised its 2024 deployed hash rate guidance from 31 EH/s to 36 EH/s, while also increasing 2025 deployed hash rate guidance from 40 EH/s to 56 EH/s.
ATM Offerings
In February 2024, the Company entered into the 2024 ATM Offering, under which it could offer and sell up to
During the six months ended June 30, 2024, the Company received net proceeds of approximately
Subsequent to June 30, 2024, and through July 29, 2024, the Company received net proceeds of approximately
As of July 29, 2024 the Company had 303,524,067 shares of its common stock outstanding.
About Riot Platforms, Inc.
Riot's (NASDAQ: RIOT) vision is to be the world's leading Bitcoin-driven infrastructure platform.
Our mission is to positively impact the sectors, networks and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.
Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining operations in central
For more information, visit www.riotplatforms.com.
Safe Harbor
Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "believes," "plans," "expects," "intends," "will," "potential," "hope," and similar expressions are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements about the Company's plans, objectives, expectations, and intentions. The risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements include, but are not limited to: unaudited estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the
For further information, please contact:
Investor Contact:
Phil McPherson
IR@Riot.Inc
303-794-2000 ext. 110
Media Contact:
Alexis Brock
303-794-2000 ext. 118
PR@Riot.Inc
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Revenue: | ||||||||||||
Bitcoin Mining | $ | 55,764 | $ | 49,742 | $ | 127,160 | $ | 97,765 | ||||
Engineering | 9,627 | 19,312 | 14,302 | 35,459 | ||||||||
Other | 4,627 | 7,685 | 7,852 | 16,751 | ||||||||
Total revenue | 70,018 | 76,739 | 149,314 | 149,975 | ||||||||
Costs and expenses: | ||||||||||||
Cost of revenue: | ||||||||||||
Bitcoin Mining | 35,275 | 23,647 | 71,824 | 45,546 | ||||||||
Engineering | 8,261 | 18,182 | 14,279 | 33,745 | ||||||||
Other | 10,105 | 22,134 | 14,640 | 47,794 | ||||||||
Selling, general, and administrative | 61,189 | 19,836 | 118,841 | 32,511 | ||||||||
Depreciation and amortization | 37,326 | 66,162 | 69,669 | 125,502 | ||||||||
Change in fair value of Bitcoin | 76,403 | (14,490) | (157,677) | (97,994) | ||||||||
Change in fair value of derivative asset | (27,484) | (13,109) | (47,716) | (7,331) | ||||||||
Power curtailment credits | (13,897) | (13,470) | (19,028) | (16,545) | ||||||||
Loss (gain) on sale/exchange of equipment | 68 | 30 | 68 | 30 | ||||||||
Casualty-related charges (recoveries), net | (187) | — | (2,487) | 1,526 | ||||||||
Total costs and expenses | 187,059 | 108,922 | 62,413 | 164,784 | ||||||||
Operating income (loss) | (117,041) | (32,183) | 86,901 | (14,809) | ||||||||
Other income (expense): | ||||||||||||
Interest income (expense) | 8,152 | 4,843 | 15,957 | 1,013 | ||||||||
Unrealized gain on marketable equity securities | 24,462 | — | 24,462 | — | ||||||||
Other income (expense) | 33 | 65 | 41 | 65 | ||||||||
Total other income (expense) | 32,647 | 4,908 | 40,460 | 1,078 | ||||||||
Net income (loss) before taxes | (84,394) | (27,275) | 127,361 | (13,731) | ||||||||
Current income tax benefit (expense) | (55) | (112) | (33) | (188) | ||||||||
Deferred income tax benefit (expense) | — | — | — | 5,045 | ||||||||
Total income tax benefit (expense) | (55) | (112) | (33) | 4,857 | ||||||||
Net income (loss) | $ | (84,449) | $ | (27,387) | $ | 127,328 | $ | (8,874) | ||||
Basic and diluted net income (loss) per share | $ | (0.32) | $ | (0.16) | $ | 0.51 | $ | (0.33) | ||||
Basic and diluted weighted average number of shares outstanding | 264,625,308 | 167,342,813 | 249,711,377 | 162,559,956 | ||||||||
June 30, 2024 | December 31, 2023 | |||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 481,168 | $ | 597,169 | ||
Accounts receivable, net | 13,680 | 24,706 | ||||
Contract assets, including retainage of | 14,281 | 15,359 | ||||
Prepaid expenses and other current assets | 30,654 | 29,107 | ||||
Bitcoin | — | 311,178 | ||||
Derivative asset, current portion | 46,419 | 30,781 | ||||
Investments in marketable equity securities, at fair value | 157,622 | — | ||||
Future power credits, current portion | — | 271 | ||||
Total current assets | 743,824 | 1,008,571 | ||||
Property and equipment, net | 1,040,182 | 704,194 | ||||
Bitcoin | 585,054 | — | ||||
Deposits | 201,754 | 215,009 | ||||
Finite-lived intangible assets, net | 12,778 | 15,697 | ||||
Derivative asset, less current portion | 105,515 | 73,437 | ||||
Operating lease right-of-use assets | 20,855 | 20,413 | ||||
Future power credits, less current portion | 589 | 638 | ||||
Other long-term assets | 13,036 | 13,121 | ||||
Total assets | $ | 2,723,587 | $ | 2,051,080 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities | ||||||
Accounts payable | $ | 5,093 | $ | 23,157 | ||
Contract liabilities | 6,367 | 4,073 | ||||
Accrued expenses | 54,348 | 62,628 | ||||
Deferred gain on acquisition post-close dispute settlement | 26,007 | 26,007 | ||||
Deferred revenue, current portion | 2,458 | 2,458 | ||||
Contingent consideration liability - future power credits, current portion | — | 271 | ||||
Operating lease liability, current portion | 3,022 | 2,421 | ||||
Total current liabilities | 97,295 | 121,015 | ||||
Deferred revenue, less current portion | 14,713 | 15,801 | ||||
Operating lease liability, less current portion | 19,977 | 18,924 | ||||
Contingent consideration liability - future power credits, less current portion | 589 | 638 | ||||
Other long-term liabilities | 6,500 | 6,680 | ||||
Total liabilities | 139,074 | 163,058 | ||||
Commitments and contingencies - Note 17 | ||||||
Stockholders' equity | ||||||
Preferred stock, no par value, 15,000,000 shares authorized: | ||||||
— | — | |||||
— | — | |||||
Common stock, no par value; 680,000,000 shares authorized; 283,674,768 and 230,836,624 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 3,257,024 | 2,687,692 | ||||
Accumulated deficit | (672,492) | (799,820) | ||||
Accumulated other comprehensive income (loss), net | (19) | 150 | ||||
Total stockholders' equity | 2,584,513 | 1,888,022 | ||||
Total liabilities and stockholders' equity | $ | 2,723,587 | $ | 2,051,080 | ||
Non-
In addition to financial measures presented under generally accepted accounting principles in
We believe Adjusted EBITDA can be an important financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiency from period-to-period by making such adjustments. Additionally, Adjusted EBITDA is used as a performance metric for share-based compensation.
Adjusted EBITDA is provided in addition to, and should not be considered to be a substitute for, or superior to, net income, the most comparable measure under GAAP for Adjusted EBITDA. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, diluted earnings per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider such measures either in isolation or as substitutes for analyzing our results as reported under GAAP.
The following table reconciles Adjusted EBITDA to Net income (loss), the most comparable GAAP financial metric:
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net income (loss) | $ | (84,449) | $ | (27,387) | $ | 127,328 | $ | (8,874) | ||||
Interest (income) expense | (8,152) | (4,843) | (15,957) | (1,013) | ||||||||
Income tax expense (benefit) | 55 | 112 | 33 | (4,857) | ||||||||
Depreciation and amortization | 37,326 | 66,162 | 69,669 | 125,502 | ||||||||
EBITDA | (55,220) | 34,044 | 181,073 | 110,758 | ||||||||
Adjustments: | ||||||||||||
Stock-based compensation expense | 32,135 | 3,429 | 64,135 | 1,133 | ||||||||
Change in fair value of derivative asset | (27,484) | (13,109) | (47,716) | (7,331) | ||||||||
Unrealized gain on marketable equity securities | (24,462) | — | (24,462) | — | ||||||||
Loss (gain) on sale/exchange of equipment | 68 | 30 | 68 | 30 | ||||||||
Casualty-related charges (recoveries), net | (187) | — | (2,487) | 1,526 | ||||||||
Other (income) expense | (33) | (65) | (41) | (65) | ||||||||
License fees | (24) | (24) | (48) | (48) | ||||||||
Adjusted EBITDA | $ | (75,207) | $ | 24,305 | $ | 170,522 | $ | 106,003 | ||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/riot-platforms-reports-second-quarter-2024-financial-results-current-operational-and-financial-highlights-302211220.html
SOURCE Riot Platforms, Inc.
FAQ
What was Riot Platforms' total revenue in Q2 2024?
How many Bitcoin did RIOT produce in Q2 2024?
What was RIOT's deployed hash rate as of June 30, 2024?
How did the Bitcoin 'halving' event affect RIOT's operations in Q2 2024?
What is RIOT's hash rate growth target for the end of 2024?
