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Riot Platforms | 10-Q: Q1 2024 Earnings Report

SEC ·  May 1 16:37

Summary by Moomoo AI

Riot Platforms, Inc., a vertically integrated Bitcoin mining company, reported its financial performance for the first quarter ended March 31, 2024. The company saw a significant increase in revenue, with total segment and consolidated revenue reaching $79.3 million, up from $73.2 million in the same period of the previous year. This was primarily due to higher Bitcoin prices, which averaged $52,343 per coin, compared to $22,704 per coin in the prior year. Bitcoin Mining revenue alone was $74.6 million, a substantial increase from $48.0 million in the previous year. However, the number of Bitcoin mined decreased by 751 due to a significant increase in network difficulty. Engineering revenue decreased to $4.7 million from $21.3 million year-on-year, attributed to supply chain constraints. The company's net income for the quarter...Show More
Riot Platforms, Inc., a vertically integrated Bitcoin mining company, reported its financial performance for the first quarter ended March 31, 2024. The company saw a significant increase in revenue, with total segment and consolidated revenue reaching $79.3 million, up from $73.2 million in the same period of the previous year. This was primarily due to higher Bitcoin prices, which averaged $52,343 per coin, compared to $22,704 per coin in the prior year. Bitcoin Mining revenue alone was $74.6 million, a substantial increase from $48.0 million in the previous year. However, the number of Bitcoin mined decreased by 751 due to a significant increase in network difficulty. Engineering revenue decreased to $4.7 million from $21.3 million year-on-year, attributed to supply chain constraints. The company's net income for the quarter was a robust $211.8 million, compared to $18.5 million in the prior year, bolstered by a change in fair value of Bitcoin, which contributed gains of $234.1 million. Riot Platforms also reported on several ongoing legal disputes involving breach of contract and other claims, with the outcomes still uncertain at this early stage. The company has terminated all contracts with its Data Center Hosting customers and will no longer report this as a separate segment, focusing instead on its self-mining efforts. Looking ahead, Riot Platforms is developing the Corsicana Facility, expected to have 1.0 GW of capacity for Bitcoin Mining, and continues to focus on deploying an efficient mining fleet and realizing the benefits of vertical integration. The company anticipates a total self-mining hash rate capacity of approximately 31 EH/s by the end of 2024.

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