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Riot Platforms | 8-K: Riot Platforms Reports Third Quarter 2024 Financial Results, Current Operational and Financial Highlights

SEC ·  Oct 31 04:27

Summary by Moomoo AI

Riot Platforms, Inc., a leader in vertically integrated Bitcoin mining, reported its financial results for the third quarter of 2024 on October 30, 2024. The company announced a significant increase in revenue and deployed hash rate, with total revenue reaching $84.8 million, a 65% increase from the same quarter in the previous year. The growth was attributed to a 159% year-over-year increase in deployed hash rate, which reached 28 EH/s, allowing the company to produce 1,104 Bitcoin, consistent with its production in Q3 2023 despite the Bitcoin 'halving' event. Riot also highlighted its industry-leading average all-in cost of power at 3.1 cents/kWh. The company's robust balance sheet included approximately $1.3 billion in cash, restricted cash, marketable equity securities, and 10,427 Bitcoin held. However, Riot reported a...Show More
Riot Platforms, Inc., a leader in vertically integrated Bitcoin mining, reported its financial results for the third quarter of 2024 on October 30, 2024. The company announced a significant increase in revenue and deployed hash rate, with total revenue reaching $84.8 million, a 65% increase from the same quarter in the previous year. The growth was attributed to a 159% year-over-year increase in deployed hash rate, which reached 28 EH/s, allowing the company to produce 1,104 Bitcoin, consistent with its production in Q3 2023 despite the Bitcoin 'halving' event. Riot also highlighted its industry-leading average all-in cost of power at 3.1 cents/kWh. The company's robust balance sheet included approximately $1.3 billion in cash, restricted cash, marketable equity securities, and 10,427 Bitcoin held. However, Riot reported a net loss of $(154.4) million for the quarter, 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 loss included an unrealized loss on marketable equity securities and non-cash stock-based compensation expense. Riot adjusted its anticipated total self-mining hash rate capacity for the end of 2024 to 34.9 EH/s, down from previous guidance, due to slower expansion in Kentucky facilities. The company also conducted an At-The-Market (ATM) offering, raising net proceeds of approximately $730.8 million from the sale of shares during the nine months ended September 30, 2024. As of October 30, 2024, Riot had 332,325,535 shares of common stock outstanding.

This announcement is a separate document:

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