$Riot Platforms (RIOT.US)$ No buy call, manage your risk Buy...
No buy call, manage your risk
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Key Highlights of RIOT
Business
1. Mining Capacity: RIOT operates with a mining capacity of approximately 29.4 EH/s (as of October 2024), reflecting consistent growth in its operations.
2. Bitcoin Holdings: RIOT holds 10,427 BTC, valued at $1.02 billion based on the current Bitcoin price of $98,200.
Technical
3. Hash Rate Growth: In October 2024, RIOT’s operational hash rate reached 29.4 EH/s, up from 28.2 EH/s in September, demonstrating steady monthly growth.
4. Energy Efficiency: RIOT achieved an average all-in power cost of 3.1 cents per kWh in Q3 2024 and continues to optimize energy usage through strategic power curtailment programs.
Strengths
5. Revenue Growth: RIOT reported $84.8 million in Q3 2024 revenue, a 65% increase compared to the same period in 2023, driven by Bitcoin mining and power credits.
6. Financial Liquidity: As of September 30, 2024, RIOT held $355.7 million in cash and $190.1 million in marketable equity securities, ensuring a strong liquidity position.
Weaknesses
7. Net Loss: RIOT posted a net loss of $154.4 million in Q3 2024, more than doubling its loss from the same period in 2023 due to increased operational costs and reduced power credits.
8. Cost per Bitcoin: The average cost to mine Bitcoin rose to $35,376 per Bitcoin in Q3 2024, up significantly due to increased network difficulty and decreased power credits.
Cash Flow
9. Operating Cash Flow: RIOT generated positive operating cash flow supported by Bitcoin mining revenue and $12.4 million in power curtailment credits in Q3 2024, despite reporting a net loss.
Ownership
10. Institutional Ownership: Institutional investors hold 40.27% of RIOT’s outstanding shares, indicating strong confidence from professional investors.
11. Insider Ownership: RIOT insiders own 6.91% of the company’s shares, aligning executive interests with those of shareholders.
Future
12. Expansion Plans: RIOT is nearing completion of Phase 1 at the Corsicana Facility (400 MW), with plans for Phase 2 (600 MW), targeting a total capacity of 1 gigawatt by 2025.
13. Strategic Initiatives: RIOT aims to reach 100 EH/s in self-mining capacity by 2025 while exploring additional opportunities for mergers, acquisitions, and investments in renewable energy.
Business
1. Mining Capacity: RIOT operates with a mining capacity of approximately 29.4 EH/s (as of October 2024), reflecting consistent growth in its operations.
2. Bitcoin Holdings: RIOT holds 10,427 BTC, valued at $1.02 billion based on the current Bitcoin price of $98,200.
Technical
3. Hash Rate Growth: In October 2024, RIOT’s operational hash rate reached 29.4 EH/s, up from 28.2 EH/s in September, demonstrating steady monthly growth.
4. Energy Efficiency: RIOT achieved an average all-in power cost of 3.1 cents per kWh in Q3 2024 and continues to optimize energy usage through strategic power curtailment programs.
Strengths
5. Revenue Growth: RIOT reported $84.8 million in Q3 2024 revenue, a 65% increase compared to the same period in 2023, driven by Bitcoin mining and power credits.
6. Financial Liquidity: As of September 30, 2024, RIOT held $355.7 million in cash and $190.1 million in marketable equity securities, ensuring a strong liquidity position.
Weaknesses
7. Net Loss: RIOT posted a net loss of $154.4 million in Q3 2024, more than doubling its loss from the same period in 2023 due to increased operational costs and reduced power credits.
8. Cost per Bitcoin: The average cost to mine Bitcoin rose to $35,376 per Bitcoin in Q3 2024, up significantly due to increased network difficulty and decreased power credits.
Cash Flow
9. Operating Cash Flow: RIOT generated positive operating cash flow supported by Bitcoin mining revenue and $12.4 million in power curtailment credits in Q3 2024, despite reporting a net loss.
Ownership
10. Institutional Ownership: Institutional investors hold 40.27% of RIOT’s outstanding shares, indicating strong confidence from professional investors.
11. Insider Ownership: RIOT insiders own 6.91% of the company’s shares, aligning executive interests with those of shareholders.
Future
12. Expansion Plans: RIOT is nearing completion of Phase 1 at the Corsicana Facility (400 MW), with plans for Phase 2 (600 MW), targeting a total capacity of 1 gigawatt by 2025.
13. Strategic Initiatives: RIOT aims to reach 100 EH/s in self-mining capacity by 2025 while exploring additional opportunities for mergers, acquisitions, and investments in renewable energy.
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