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Riot Platforms Reports Third Quarter 2024 Financial Results, Current Operational and Financial Highlights

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Riot Platforms reported Q3 2024 financial results with total revenue of $84.8 million, a 65% increase from Q3 2023. The company produced 1,104 Bitcoin with a deployed hash rate of 28 EH/s, representing a 159% year-over-year increase. Bitcoin mining revenue reached $67.5 million, while engineering revenue was $12.6 million. The average cost to mine Bitcoin was $35,376. The company maintained a strong financial position with $590.6 million in working capital, including $355.7 million in cash and 10,427 Bitcoin holdings. However, Riot reported a net loss of $154.4 million and revised down its hash rate growth targets for 2024 and 2025.

Riot Platforms ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato totale di 84,8 milioni di dollari, un incremento del 65% rispetto al terzo trimestre 2023. L'azienda ha prodotto 1.104 Bitcoin con un hash rate distribuito di 28 EH/s, rappresentando un aumento del 159% su base annua. I ricavi da mining di Bitcoin hanno raggiunto i 67,5 milioni di dollari, mentre i ricavi ingegneristici ammontavano a 12,6 milioni di dollari. Il costo medio per estrarre un Bitcoin era di 35.376 dollari. L'azienda ha mantenuto una solida posizione finanziaria con 590,6 milioni di dollari di capitale circolante, di cui 355,7 milioni di dollari in contante e 10.427 Bitcoin. Tuttavia, Riot ha riportato una perdita netta di 154,4 milioni di dollari e ha rivisto al ribasso gli obiettivi di crescita dell'hash rate per il 2024 e il 2025.

Riot Platforms informó los resultados financieros del tercer trimestre de 2024 con un ingreso total de 84,8 millones de dólares, un aumento del 65% en comparación con el tercer trimestre de 2023. La empresa produjo 1.104 Bitcoin con una tasa de hash desplegada de 28 EH/s, representando un aumento del 159% interanual. Los ingresos por minería de Bitcoin alcanzaron los 67,5 millones de dólares, mientras que los ingresos por ingeniería fueron de 12,6 millones de dólares. El costo promedio para minar un Bitcoin fue de 35.376 dólares. La empresa mantuvo una sólida posición financiera con 590,6 millones de dólares en capital de trabajo, incluyendo 355,7 millones de dólares en efectivo y 10.427 Bitcoin en tenencias. Sin embargo, Riot reportó una pérdida neta de 154,4 millones de dólares y revisó a la baja sus objetivos de crecimiento de tasa de hash para 2024 y 2025.

라이엇 플랫폼스는 2024년 3분기 재무 결과를 보고했으며 총 수익 8,480만 달러로 2023년 3분기 대비 65% 증가했습니다. 이 회사는 28 EH/s의 해시 비율로 1,104 비트코인을 생산했으며, 이는 전년 대비 159% 증가를 나타냅니다. 비트코인 채굴 수익은 6,750만 달러에 달했으며, 엔지니어링 수익은 1,260만 달러였습니다. 비트코인 채굴의 평균 비용은 35,376 달러였습니다. 이 회사는 5억 9,060만 달러의 운영 자본을 유지하며, 이중 3억 5,570만 달러는 현금과 10,427 비트코인 보유량입니다. 그러나 라이엇은 1억 5,440만 달러의 순손실을 보고했으며, 2024년 및 2025년 해시율 성장 목표를 하향 조정했습니다.

Riot Platforms a publié les résultats financiers du troisième trimestre 2024 avec un revenu total de 84,8 millions de dollars, soit une augmentation de 65 % par rapport au troisième trimestre 2023. L'entreprise a produit 1 104 Bitcoin avec un taux de hachage déployé de 28 EH/s, représentant une augmentation de 159 % par rapport à l'année précédente. Les revenus générés par le mining de Bitcoin ont atteint 67,5 millions de dollars, tandis que les revenus d'ingénierie s'élevaient à 12,6 millions de dollars. Le coût moyen pour miner un Bitcoin était de 35 376 dollars. L'entreprise a maintenu une solide position financière avec 590,6 millions de dollars de capital de travail, dont 355,7 millions de dollars en espèces et 10 427 Bitcoin détenus. Cependant, Riot a enregistré une perte nette de 154,4 millions de dollars et a revu à la baisse ses objectifs de croissance du taux de hachage pour 2024 et 2025.

Riot Platforms hat die finanziellen Ergebnisse für das dritte Quartal 2024 gemeldet mit einem Gesamtumsatz von 84,8 Millionen Dollar, was einem Anstieg von 65 % im Vergleich zum dritten Quartal 2023 entspricht. Das Unternehmen produzierte 1.104 Bitcoin mit einer deployierten Hashrate von 28 EH/s, was einem Anstieg von 159 % im Jahresvergleich entspricht. Die Einnahmen aus dem Bitcoin-Mining erreichten 67,5 Millionen Dollar, während die Ingenieureinnahmen 12,6 Millionen Dollar betrugen. Die durchschnittlichen Kosten für das Mining eines Bitcoins lagen bei 35.376 Dollar. Das Unternehmen hielt eine starke finanzielle Position mit 590,6 Millionen Dollar an Working Capital, einschließlich 355,7 Millionen Dollar in Bargeld und 10.427 Bitcoin-Beständen. Allerdings berichtete Riot von einem Nettoverlust von 154,4 Millionen Dollar und senkte seine Wachstumsziele für die Hashrate für 2024 und 2025.

Positive
  • Revenue increased 65% YoY to $84.8 million
  • Bitcoin mining revenue grew to $67.5 million from $31.2 million YoY
  • Hash rate increased 159% YoY to 28 EH/s
  • Maintained strong balance sheet with $590.6 million working capital
  • Achieved industry-leading low power cost of 3.1 cents/kWh
Negative
  • Net loss increased to $154.4 million from $80.0 million YoY
  • Power credits decreased 75% to $12.4 million from $49.6 million YoY
  • Mining costs increased to $35,376 per Bitcoin from -$22,741 YoY
  • Downward revision of hash rate targets for 2024 and 2025
  • Engineering revenue declined to $12.6 million from $15.5 million YoY

Insights

The Q3 2024 results reveal mixed performance for Riot Platforms. Total revenue increased 65% YoY to $84.8 million, primarily driven by Bitcoin mining revenue growth. However, profitability metrics show concerning trends. The average cost to mine Bitcoin rose significantly to $35,376 per coin from a negative cost basis last year, while power credits dropped 75% to $12.4 million.

The company's balance sheet remains strong with $590.6 million in working capital and substantial Bitcoin holdings valued at $660.3 million. However, the $154.4 million net loss and reduced hash rate growth projections for 2024-2025 signal operational challenges. The continued equity dilution through ATM offerings, raising $730.8 million by issuing 70.1 million shares at an average of $10.65, significantly impacts shareholder value.

The post-halving operational metrics demonstrate Riot's resilience but highlight emerging challenges. While maintaining Bitcoin production at 1,104 coins despite the halving is impressive, the reduced hash rate growth targets (34.9 EH/s vs 36.3 EH/s for 2024) and delayed expansion plans signal execution hurdles. The industry-leading power cost of 3.1%/kWh remains a competitive advantage, but diminished power credits impact profitability significantly.

The revised expansion timeline pushing Kentucky facilities to 2026 and slower Corsicana Facility development will likely affect Riot's market position as competitors scale up. The new target of 65.7 EH/s by 2026 suggests a more conservative but potentially more realistic growth trajectory in the current market environment.

Riot Reports $84.8 million in Total Revenue and Deployed Hash Rate of 28 EH/s

CASTLE ROCK, Colo., Oct. 30, 2024 /PRNewswire/ -- Riot Platforms, Inc. (NASDAQ: RIOT) ("Riot" or "the Company"), an industry leader in vertically integrated Bitcoin mining, reported financial results for the three-month period ended September 30, 2024. The accompanying presentation materials are available on Riot's website.

"I'm pleased to announce Riot's results for the third quarter 2024, the first full quarter past the Bitcoin 'halving' event, during which Riot continued to achieve significant growth while maintaining industry-leading low power costs," said Jason Les, CEO of Riot. "Riot recorded $84.8 million in revenue this quarter, representing a 65% increase over the same quarter in 2023, driven by a 159% year-over-year increase in deployed hash rate to 28 EH/s at the end of the quarter. This significant increase in deployed hash rate allowed us to produce 1,104 Bitcoin this quarter, in-line with our Bitcoin production in the third quarter of 2023, despite the 'halving'.

"During the quarter, Riot once again demonstrated the benefits of our unique power strategy, achieving an industry-leading average all-in cost of power of 3.1 cents/kWh. Riot's flexibility to utilize power at our Corsicana Facility when the market price for power in ERCOT is low, coupled with the long-term fixed price PPA at our Rockdale Facility, gives Riot tremendous optionality to optimize our power costs and represents a key competitive advantage for us.

"Riot also ended the quarter having maintained our robust balance sheet strength, with approximately $1.3 billion in cash, restricted cash, marketable equity securities, and 10,427 Bitcoin held. Looking forward, I am incredibly excited about our future path, as our teams continue working to develop and deploy even more power capacity and hash rate across Texas and Kentucky, towards Riot's next goal of achieving 100 EH/s in self-mining capacity."

Riot's Corsicana Facility

Third Quarter 2024 Financial and Operational Highlights

Key financial and operational highlights for the third quarter include:

  • Total revenue of $84.8 million, as compared to $51.9 million for the same three-month period in 2023. The increase was primarily driven by a $36.3 million increase in Bitcoin Mining revenue.
  • Produced 1,104 Bitcoin during the quarter, in-line with the 1,106 Bitcoin mined during the same three-month period in 2023 and despite the block subsidy 'halving' event which occurred in April 2024 and an increase in network difficulty.
  • The average cost to mine Bitcoin, excluding depreciation, was $35,376 in the quarter, as compared to negative ($22,741) per Bitcoin for the same three-month period in 2023. The increase was primarily driven by a 75% decrease in power credits received in Q3 2024 relative to power credits received in Q3 2023, the block subsidy 'halving' event, which occurred in April 2024, and a 59% increase in the average global network hash rate as compared to the same three-month period in 2023.
  • Generated $12.4 million in power credits during the quarter, as compared to $49.6 million in power credits generated for the same three-month period in 2023.
  • Bitcoin Mining revenue of $67.5 million for the quarter, as compared to $31.2 million for the same three-month period in 2023, primarily driven by higher average Bitcoin prices and an increase in operational hash rate, partially offset by an increase in network difficulty and the block subsidy 'halving' event.
  • Engineering revenue of $12.6 million for the quarter, as compared to $15.5 million for the same three-month period in 2023.
  • Maintained industry-leading financial position, with $590.6 million in working capital, including $355.7 million in cash on hand and $190.1 million in marketable equity securities.
  • Held 10,427 in unencumbered Bitcoin (equating to approximately $660.3 million based on a market price for one Bitcoin on September 30, 2024, of $63,330), all of which were produced by the Company's self-mining operations, as of September 30, 2024.

Third Quarter 2024 Financial Results

Total revenue for the three-month period ended September 30, 2024 was $84.8 million, and consisted of $67.5 million in Bitcoin Mining revenue and $12.6 million in Engineering revenue. Other revenue, attributable to third-party hosting, totaled $4.8 million

Bitcoin Mining gross profit, excluding depreciation, for the quarter was $28.4 million (42% Bitcoin Mining margin), as compared to $56.4 million (181% Bitcoin Mining margin) for the same three-month period in 2023. Bitcoin Mining cost of revenue consists primarily of direct production costs of mining operations, including electricity, labor, and insurance, but excluding depreciation and amortization. 

Engineering gross loss, excluding depreciation, for the quarter was $(0.9) million, as compared to Engineering gross profit, excluding depreciation, of $2.3 million for the same three-month period in 2023.  

Power curtailment credits received totaled approximately $12.4 million for the quarter, as compared to $49.6 million during the same three-month period in 2023.

Selling, general and administrative expenses during the quarter totaled $66.9 million, an increase of $37.9 million relative to the same period in 2023. This increase was driven by increases in stock-based compensation expenses of $13.5 million primarily related to new grants under our long-term incentive program, a $4.2 million increase in advisory expenses related to ongoing M&A activity and increased legal costs of $3.0 million primarily related to ongoing litigation. 

Net loss for the quarter was $(154.4) million, or $(0.54) per share, compared to a net loss of $(80.0) million, or $(0.44) per share, for the same period in 2023. The net loss for the quarter included an unrealized loss on marketable equity securities of $38.0 million, non-cash stock-based compensation expense of $30.6 million, and depreciation and amortization of $60.0 million.

Non-GAAP Adjusted EBITDA for the quarter was $(3.6) million, as compared to $(3.1) million for the same three-month period in 2023. 

Hash Rate Growth

Riot currently anticipates achieving a total self-mining hash rate capacity of 34.9 EH/s by the end of 2024, a decrease from prior guidance of 36.3 EH/s by the end of the year, primarily driven by slower than planned expansion in the recently acquired Kentucky facilities, which had previously been anticipated to come online this year and which are now expected to come online in 2025. 

In addition, Riot now anticipates ending 2025 at 46.7 EH/s, lower than prior guidance of 56.6 EH/s.  This reduction is driven by previous 2025 expansion plans in Kentucky now being pushed out into 2026, and longer than anticipated lead times for the next substation at the Corsicana Facility, which will result in two new buildings coming online in 2025 versus prior expectations for three buildings. 

Riot now expects to complete the full development of the Corsicana Facility in 2026 and, alongside expansion plans in the Kentucky Facilities, to achieve a hash rate capacity of 65.7 EH/s by the end of 2026. 

Hash Rate Growth

ATM Offerings

In August 2024, the Company entered into the August 2024 ATM Offering, under which it could offer and sell up to $750.0 million in shares of the Company's common stock, replacing the Offering entered into in February 2024.

During the nine months ended September 30, 2024, the Company received net proceeds of approximately $730.8 million ($746.4 million of gross proceeds, net of $15.6 million in commissions and expenses) from the sale of 70,113,816 shares of its common stock at a weighted average fair value of $10.65 per share under its 2024 ATM Offerings and previous 2023 ATM Offering.

Subsequent to September 30, 2024, and through October 28, 2024, the Company received net proceeds of approximately $62.1 million from the sale of 8,106,500 shares of its common stock at a weighted average fair value of $7.81 per share under its August 2024 ATM Offering.

As of October 30, 2024, the Company had 332,325,535 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 Texas and Kentucky, and electrical switchgear engineering and fabrication operations in Denver, Colorado.

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 Corsicana site expansion; our expected schedule of new miner deliveries; the impact of weather events on our operations and results; our ability to successfully deploy new miners; potential negative impacts on our results of Bitcoin production due to the variance in our mining pool rewards; megawatt ("MW") capacity under development; our potential inability to realize the anticipated benefits from immersion cooling; our ability to access sufficient additional capital for future strategic growth initiatives; the possibility that the integration of acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from our acquisitions; the anticipated impacts of the Bitcoin "halving"; and the impact of COVID-19 on our suppliers in connection with our estimated timelines. Detailed information regarding the factors identified by the Company's management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the risks, uncertainties and other factors discussed under the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC's website, www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.

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

Non-U.S. GAAP Measures of Financial Performance

In addition to financial measures presented under generally accepted accounting principles in the United States of America ("GAAP"), we consistently evaluate our use of and calculation of non-GAAP financial measures such as "Adjusted EBITDA." EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is a performance measure defined as EBITDA, adjusted to eliminate the effects of certain non-cash and/or non-recurring items that do not reflect our ongoing strategic business operations, which management believes results in a performance measurement that represents a key indicator of the Company's core business operations of Bitcoin mining. The adjustments include fair value adjustments such as derivative power contract adjustments, equity securities value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items. We exclude impairments and gains or losses on sales or exchanges of Bitcoin from our calculation of Adjusted EBITDA for all periods presented.

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 measure:



Three Months Ended


Nine Months Ended



September 30, 


September 30, 



2024


2023


2024


2023

Net income (loss)


$

(154,362)


$

(80,040)


$

(27,034)


$

(88,914)

Interest (income) expense



(5,175)



(2,318)



(21,132)



(3,331)

Income tax expense (benefit)



32



(157)



65



(5,014)

Depreciation and amortization



60,000



64,569



129,669



190,071

EBITDA



(99,505)



(17,946)



81,568



92,812














Adjustments:













Stock-based compensation expense



30,567



13,519



94,702



14,652

Acquisition-related costs



3,079





3,079



Change in fair value of derivative asset



24,318



(3,943)



(23,398)



(11,274)

Unrealized loss (gain) on marketable equity securities



38,082





13,620



Loss (gain) on sale/exchange of equipment





5,306



68



5,336

Casualty-related charges (recoveries), net







(2,487)



1,526

Other (income) expense



(90)



(31)



(131)



(96)

License fees



(24)



(24)



(48)



(48)

Adjusted EBITDA


$

(3,573)


$

(3,119)


$

166,973


$

102,908














 

The Company defines Cost to Mine as the cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below.


Three Months Ended


Nine Months Ended


September 30,


September 30,


2024

2023


2024

2023

Cost of power for self-mining operations

$         41,864

$         22,460


$         96,326

$         65,513

Other direct cost of revenue for self-mining operations(1)(2), excluding Bitcoin miner depreciation

9,608

1,989


26,970

4,482

Cost of revenue for self-mining operations, excluding Bitcoin miner depreciation

51,472

24,449


123,296

69,995

Less: power curtailment credits(3)

(12,417)

(49,601)


(31,445)

(66,146)

Cost of revenue for self-mining operations, net of power curtailment credits, excluding Bitcoin miner depreciation

39,055

(25,152)


91,851

3,849

Bitcoin miner depreciation

44,303

55,549


93,120

164,457

Cost of revenue for self-mining operations, net of power curtailment credits, including Bitcoin miner depreciation

$         83,358

$         30,397


$        184,971

$        168,306







Quantity of Bitcoin mined

1,104

1,106


3,312

4,996

Production value of one Bitcoin mined(4)

$         61,133

$         28,228


$         58,771

$         25,818







Cost to mine one Bitcoin, excluding Bitcoin miner depreciation

$        35,376

$      (22,741)


$        27,733

$             770

Cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as a % of production value of one Bitcoin mined

57.9 %

-80.6 %


47.2 %

3.0 %







Cost to mine one Bitcoin, including Bitcoin miner depreciation

$         75,506

$         27,484


$         55,849

$         33,688

Cost to mine one Bitcoin, including Bitcoin miner depreciation, as a % of production value of one Bitcoin mined

123.5 %

97.4 %


95.0 %

130.5 %






(1) Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax





(2) Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company's cash balance. The seller did not provide any financing nor did the Company borrow from a third-party to purchase the miners.

(3) Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT's Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine Bitcoin. These credits are recognized in Power curtailment credits on our Condensed Consolidated Statements of Operations, outside of cost of revenue, but significantly reduce our overall cost to mine Bitcoin

(4) Computed as revenue recognized from Bitcoin mined divided by the quantity of Bitcoin mined during the same period





 

The Company defines Fully Costed Gross Profit as Revenue less Cost of revenue less Depreciation & Amortization expense as calculated below:


Three Months Ended
September 30,


Nine Months Ended
September 30,

Riot Platforms, Inc.:

2024

2023


2024

2023

Revenue

$         84,786

$         51,891


$        234,100

$        201,866

less Bitcoin Mining Cost of revenue*

(51,472)

(24,449)


(123,296)

(69,995)

less Engineering Cost of revenue*

(13,517)

(13,194)


(27,796)

(46,939)

less Other Cost of revenue*

(7,948)

(26,135)


(22,588)

(73,929)

less Depreciation and amortization expense

(60,000)

(64,569)


(129,669)

(190,071)

Fully Costed Gross Profit

$      (48,151)

$      (76,456)


$      (69,249)

$    (179,068)







Bitcoin Mining:






Bitcoin Mining Revenue

$         67,491

$         31,222


$        194,651

$        128,987

less Bitcoin Mining Cost of revenue*

(51,472)

(24,449)


(123,296)

(69,995)

less Depreciation and amortization expense of Bitcoin miners

(44,303)

(55,549)


(93,120)

(164,457)

Fully Costed Gross Profit - Bitcoin Mining

$      (28,284)

$      (48,776)


$      (21,765)

$    (105,465)







Engineering:






Engineering Revenue

$         12,638

$         15,536


$         26,940

$         50,995

less Engineering Cost of revenue*

(13,517)

(13,194)


(27,796)

(46,939)

less Depreciation and amortization expense

(399)

(583)


(1,240)

(1,455)

Fully Costed Gross Profit - Engineering

$        (1,278)

$          1,759


$        (2,096)

$          2,601







*excludes depreciation and amortization, which is presented separately






The Company defines Gross Profit as Fully Costed Gross Profit (as defined above) plus Power Curtailment Credits plus Depreciation & Amortization expense.


Three Months Ended


Nine Months Ended


September 30,


September 30,


2024

2023


2024

2023

Riot Platforms, Inc.:






Fully Costed Gross Profit

$        (48,151)

$        (76,456)


$        (69,249)

$      (179,068)

plus Power Curtailment Credits

12,417

49,601


31,445

66,146

plus Depreciation and amortization

60,000

64,569


129,669

190,071

Gross Profit

$        24,266

$        37,714


$        91,865

$        77,149







Bitcoin Mining:






Fully Costed Gross Profit

$        (28,284)

$        (48,776)


$        (21,765)

$      (105,465)

plus Power Curtailment Credits

12,417

49,601


31,445

66,146

plus Depreciation and amortization expense of Bitcoin miners

44,303

55,549


93,120

164,457

Gross Profit - Bitcoin Mining

$        28,436

$        56,374


$      102,800

$      125,138







Engineering:






Fully Costed Gross Profit

$          (1,278)

$           1,759


$          (2,096)

$           2,601

plus Depreciation and amortization

399

583


1,240

1,455

Gross Profit - Engineering

$             (879)

$          2,342


$           (856)

$          4,056

The Company defines Gross Margin as Gross Profit (as defined above) divided by Revenue.


Three Months Ended


Nine Months Ended


September 30,


September 30,

Riot Platforms, Inc.:

2024

2023


2024

2023

Gross Profit

$         24,266

$         37,714


$         91,865

$         77,149

divided by Total Revenue

$         84,786

$         51,891


$        234,100

$        201,866

Gross Margin

29 %

73 %


39 %

38 %







Bitcoin Mining:






Gross Profit - Bitcoin Mining

$         28,436

$         56,374


$        102,800

$        125,138

divided by Bitcoin Mining Revenue

$         67,491

$         31,222


$        194,651

$        128,987

Gross Margin - Bitcoin Mining

42 %

181 %


53 %

97 %







Engineering:






Gross Profit - Engineering

$            (879)

$           2,342


$            (856)

$           4,056

divided by Engineering Revenue

$         12,638

$         15,536


$         26,940

$         50,995

Gross Margin - Engineering

-7 %

15 %


-3 %

8 %

 

Riot Logo (PRNewsfoto/Riot Platforms, Inc.)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/riot-platforms-reports-third-quarter-2024-financial-results-current-operational-and-financial-highlights-302291931.html

SOURCE Riot Platforms, Inc.

FAQ

What was RIOT's revenue in Q3 2024?

RIOT reported total revenue of $84.8 million in Q3 2024, representing a 65% increase from Q3 2023.

How many Bitcoin did RIOT mine in Q3 2024?

RIOT mined 1,104 Bitcoin during Q3 2024, comparable to 1,106 Bitcoin mined in Q3 2023, despite the halving event.

What was RIOT's hash rate at the end of Q3 2024?

RIOT's deployed hash rate reached 28 EH/s at the end of Q3 2024, representing a 159% increase year-over-year.

What was RIOT's average cost to mine Bitcoin in Q3 2024?

RIOT's average cost to mine one Bitcoin in Q3 2024 was $35,376, excluding depreciation.

Riot Platforms, Inc.

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