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Riot Platforms | 10-Q: Q2 2024 Earnings Report

SEC announcement ·  Jul 31 17:16
Summary by Moomoo AI
Riot Platforms, Inc., a vertically-integrated Bitcoin mining company, reported its financial performance for the quarter ended June 30, 2024. The company's total revenue for the quarter was $70.0 million, a decrease from $76.7 million in the same period the previous year. The Bitcoin Mining segment's revenue increased to $55.8 million, up from $49.7 million, primarily due to higher Bitcoin prices, despite a decrease in the number of Bitcoin mined due to increased network difficulty and the April 2024 halving. Engineering revenue decreased to $9.6 million from $19.3 million, attributed to supply chain constraints. The company's segment gross profit was $17.1 million, up from $12.9 million in the previous year. However, Riot Platforms experienced a net loss before taxes of $84.4 million for the quarter, compared to a loss...Show More
Riot Platforms, Inc., a vertically-integrated Bitcoin mining company, reported its financial performance for the quarter ended June 30, 2024. The company's total revenue for the quarter was $70.0 million, a decrease from $76.7 million in the same period the previous year. The Bitcoin Mining segment's revenue increased to $55.8 million, up from $49.7 million, primarily due to higher Bitcoin prices, despite a decrease in the number of Bitcoin mined due to increased network difficulty and the April 2024 halving. Engineering revenue decreased to $9.6 million from $19.3 million, attributed to supply chain constraints. The company's segment gross profit was $17.1 million, up from $12.9 million in the previous year. However, Riot Platforms experienced a net loss before taxes of $84.4 million for the quarter, compared to a loss of $27.3 million in the same period last year, largely due to a $76.4 million loss in the fair value of Bitcoin. For the six months ended June 30, 2024, the company reported a net income of $127.3 million, including non-cash gains from the change in fair value of Bitcoin and other investments. Riot Platforms continues to expand its mining operations, with a total deployed hash rate capacity of approximately 22.0 EH/s as of June 30, 2024, and anticipates achieving 36.3 EH/s by the end of the year. The company also completed the acquisition of Block Mining, adding to its operational capacity. Riot Platforms has ceased its Data Center Hosting operations to focus on self-mining efforts and has no plans to offer these services to new customers. The company's future plans include further development of its Corsicana Facility and strategic growth initiatives to capitalize on industry consolidation.

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