Bitcoin Mining Performance - As of December 31, 2024, the total deployed hash rate for the Bitcoin Mining segment increased to 31.5 EH/s, up from 12.4 EH/s as of December 31, 2023, representing a growth of approximately 154.0%[25]. - The company mined 4,828 Bitcoin in 2024, a decrease of 27.1% compared to 6,626 Bitcoin mined in 2023, attributed to increased network difficulty and the halving event[25][47]. - The company anticipates a total hash rate of approximately 38.4 EH/s by the end of 2025, based on existing operations and expected miner deliveries[25]. - The Bitcoin reward for solving a block was halved from 6.25 to 3.125 Bitcoin in April 2024, impacting the supply dynamics in the market[46]. - Bitcoin Mining production decreased from 6,626 Bitcoin in 2023 to 4,828 Bitcoin in 2024, representing a decrease of approximately 27.1%[92]. - Bitcoin Mining revenue for the years ended December 31, 2024, and 2023 was $321.0 million and $189.0 million, respectively, indicating a significant increase in revenue[403]. - Bitcoin Mining revenue increased to $321,002,000 in 2024, up 69.8% from $188,996,000 in 2023[417]. Strategic Developments - A long-term agreement with MicroBT was established to secure immersion miners, with a total purchase price of approximately $550.1 million for miners with a hash rate of 31.4 EH/s[30]. - The company acquired E4A Solutions in December 2024, enhancing its engineering capabilities and supporting its vertically integrated strategy[39]. - The Corsicana Facility is being developed to expand Bitcoin mining capabilities, with an expected capacity of 1 GW upon completion[62]. - Phase I of the Corsicana Facility includes 400 MW of immersion-cooled Bitcoin mining infrastructure, completed by December 31, 2024[63]. - The company is continuously exploring strategic growth opportunities to capitalize on market conditions and enhance its competitive position in the Bitcoin mining industry[51]. Financial Performance - Riot Platforms, Inc. reported total revenue of $376,658,000 for the year ended December 31, 2024, representing a 34.1% increase from $280,678,000 in 2023[417]. - The company achieved an operating income of $153,590,000 in 2024, compared to an operating loss of $63,047,000 in 2023[417]. - Net income for 2024 was $109,401,000, a significant improvement from a net loss of $49,472,000 in 2023[419]. - Cash and cash equivalents decreased to $277,860,000 as of December 31, 2024, down from $597,169,000 in 2023[415]. - Total assets increased to $3,935,307,000 in 2024, compared to $2,051,080,000 in 2023, reflecting a growth of 91.5%[415]. - The company's total liabilities rose to $791,622,000 in 2024, up from $163,058,000 in 2023[415]. - The company’s total stockholders' equity increased to $3,143,685,000 in 2024, up from $1,888,022,000 in 2023[415]. Market and Regulatory Environment - The price of Bitcoin saw significant increases in 2024, driven by the approval of Bitcoin spot ETFs, with one ETF surpassing $10 billion in assets under management shortly after launch[42]. - The SEC approved a series of spot Bitcoin exchange-traded funds in January 2024, leading to billions of dollars in inflows[76]. - The company is monitoring potential regulatory developments affecting Bitcoin mining and related energy consumption in Texas and Kentucky[72]. - The company has diversified banking relationships to mitigate potential regulatory risks associated with financial services in the digital asset industry[74]. Operational Efficiency - The company is focused on vertical integration to enhance operational control and reduce costs, which is critical in a competitive mining environment[49][50]. - Immersion cooling technology is being evaluated to improve mining efficiency and increase hash rate without solely relying on new miner purchases[33][36]. - Global supply chain logistics have caused delays, but the company has effectively mitigated impacts on miner deployment schedules[66]. - The company voluntarily curtailed energy consumption during extreme weather events to stabilize the electrical grid, benefiting from the difference in power costs[83]. Employee and Talent Management - As of December 31, 2024, the total workforce consisted of approximately 783 employees, with 629 in engineering, construction, manufacturing, and Bitcoin Mining operations[84]. - The company implemented a long-term performance incentive program for employees, aligning their interests with long-term organizational objectives[85]. - The company aims to maintain competitive compensation and benefits, including medical, dental, and vision insurance, as well as paid leave[91]. - The company actively seeks to attract top talent from diverse backgrounds to foster career growth and retention[88]. - The company recognizes the importance of leadership development and offers training to encourage employee ownership of their impact on success[87]. Asset Management - The company’s Bitcoin is held in cold storage by NYDIG and Coinbase, with no exposure to bankrupt digital asset exchanges[55]. - The balance of Bitcoin as of December 31, 2024, was 17,722 Bitcoin, valued at $1,654,468[92]. - During 2024, the Company made a strategic decision to halt the sale of its Bitcoin production and increase its Bitcoin holdings, classifying Bitcoin as a non-current asset on its Consolidated Balance Sheet[444]. Risk Management - The company’s market risk exposure includes the volatility of Bitcoin prices, which could materially affect revenue and net income[390]. - A 10% increase in the price of Bitcoin could result in an increase in net income of $108.9 million for the year ended December 31, 2024, compared to $48.9 million for 2023[391]. - The company’s sensitivity to power price changes indicates a potential increase in net income of $44.4 million with a 10% increase in future power prices for the year ended December 31, 2024[392]. Accounting and Reporting - The company’s internal control over financial reporting was found to be effective as of December 31, 2024, according to the independent auditor's report[398]. - The company’s financial statements for 2024 and 2023 were audited and presented fairly in all material respects[396]. - The company recognizes acquisition-related expenses separately from the business combination and expenses them as incurred[477]. - The company measures its equity method marketable equity securities at fair value at each balance sheet date, with unrealized holding gains and losses recorded in other income (expense)[480].

Riot Platforms, Inc. (RIOT) has dipped 19% in the past six months against the industry's 47% growth. This aligns with other crypto-focused stocks, such as Cipher Mining (CIFR) , which is down 37%, and Marathon Digital (MARA) , which has declined 54% in the past six months. Image Source: Zacks Investment ResearchWith RIOT’s recent pullback, investors might see this as a buying opportunity. But is now the right time to invest in RIOT? Let’s dive in.Trump’s Policies Should Propel Bitcoin and RIOTBitcoin's valu ...

On Monday, Riot Platforms (NASDAQ: RIOT ) reported its Q4 results . Its revenue beat estimates at $376M vs. a $372M consensus, up dramatically from $281M last year due to the sharp rise in Bitcoin's price. That said, the company produced less Bitcoin at ~4.83K inHarrison is a financial analyst who has been writing on Seeking Alpha since 2018 and has closely followed the market for over a decade. He has professional experience in the private equity, real estate, and economic research industry. Harrison also ...

Shares of Riot Platforms Inc RIOT tanked in early trading on Tuesday, despite the company reporting a revenue beat for fiscal 2024.Although the company reported record revenues and profits as well as improving mining efficiency for the fourth quarter, its operating costs came in higher than its guidance, according to JPMorgan.The Riot Platforms Analyst: Analyst Reginald Smith maintained an Overweight rating on the stock.The Riot Platforms Thesis: Management highlighted the HPC (high-performance computing) o ...

Riot Platforms, Inc. (RIOT) reported $142.56 million in revenue for the quarter ended December 2024, representing a year-over-year increase of 80.8%. EPS of $0.44 for the same period compares to $0.48 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $129.3 million, representing a surprise of +10.26%. The company delivered an EPS surprise of +262.96%, with the consensus EPS estimate being -$0.27.While investors closely watch year-over-year changes in headline numbers -- revenue and ...

Riot Platforms (NASDAQ: RIOT) 2024 Update February 24, 2025 NASDAQ: RIOT III. Growing Engineering Division: E4A Solutions Acquisition III IV. Capital Strategy: BTC Treasury IV V. Maximizing Value of 2.0 GW of Capacity V Forward Looking Statements Statements in this presentation that are not statements of historical fact are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions, and are not guarantees of future perf ...

Riot Platforms, Inc. (NASDAQ:RIOT) Q4 2024 Earnings Conference Call February 24, 2025 4:30 PM ET Company Participants Phil McPherson - Vice President, Capital Markets & Investor Relations Jason Les - Chief Executive Officer Colin Yee - Executive Vice President & Chief Financial Officer Jason Chung - Executive Vice President, Corporate Development & Strategy Conference Call Participants Greg Lewis - BTIG Nick Giles - B. Riley Securities Darren Aftahi - ROTH MKM Brett Knoblauch - Cantor Fitzgerald Reggie Smit ...

Financial Performance - Riot Platforms, Inc. reported quarterly earnings of $0.44 per share, exceeding the Zacks Consensus Estimate of a loss of $0.27 per share, and down from earnings of $0.48 per share a year ago, representing an earnings surprise of 262.96% [1] - The company posted revenues of $142.56 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 10.26%, compared to year-ago revenues of $78.83 million [2] Market Performance - Riot Platforms, Inc. shares have increased approximately 2.5% since the beginning of the year, while the S&P 500 has gained 2.2% [3] Future Outlook - The company's earnings outlook will be crucial for investors, including current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is -$0.19 on revenues of $149.8 million, and -$0.64 on revenues of $668.49 million for the current fiscal year [7] Industry Context - The Technology Services industry, to which Riot Platforms, Inc. belongs, is currently ranked in the top 33% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Production and Mining Performance - Riot Platforms produced 4,828 BTC in FY 2024, representing a 27% decrease from the previous year, while Bitcoin held increased by 141% to 17,722 BTC[12][14]. - The quantity of Bitcoin mined in 2024 was 4,828, a decrease from 6,626 in 2023, reflecting a 27% decline[76]. - Cost to mine one Bitcoin, excluding Bitcoin miner depreciation, was $32,216 in 2024, which is 48.5% of the production value of one Bitcoin mined[76]. - Riot paused the sale of Bitcoin earned from self-mining operations starting January 2024, leading to a 39% BTC yield for FY 2024[9][12]. Financial Performance - The company achieved a revenue of $376.7 million in FY 2024, a 34% increase compared to FY 2023, with an adjusted EBITDA of $463.2 million[12][15]. - Total revenue for 2024 reached $376.658 million, a 34.1% increase from $280.678 million in 2023[86]. - Bitcoin mining revenue significantly increased to $321.002 million, up 69.8% from $188.996 million in 2023[86]. - Operating income for 2024 was $153.590 million, compared to an operating loss of $63.047 million in 2023[86]. - Net income for 2024 was $109.401 million, a substantial recovery from a net loss of $49.472 million in 2023[86]. - Adjusted EBITDA for 2024 was $463.189 million, a significant increase from $214.021 million in 2023[88]. - Fully Costed Gross Profit for 2024 was $(98,150,000), an improvement from $(226,009,000) in 2023[78]. - Gross Margin for 2024 improved to 39%, compared to 26% in 2023[82]. - Basic net income per share improved to $0.40 in 2024, compared to a loss of $0.28 in 2023[86]. Operational Efficiency - Riot's deployed hash rate reached 31.5 EH/s by December 2024, marking a 154% increase year-over-year[12][13]. - Riot's fleet efficiency improved by 21% year-over-year, achieving 21.9 J/TH[12][15]. - The average hash cost was approximately $28 per PH/s per day, compared to an average hash price of $6,977 per BTC in FY 2024[12][20]. - Cash SG&A expenses for 2024 were $141,711,000, up from $68,176,000 in 2023, indicating a 108% increase[80]. - Hash Cost for 2024 was $28.3 per PH/s/day, compared to $10.2 per PH/s/day in 2023, reflecting a 178% increase[85]. Capital Expenditures and Investments - The company completed the acquisition of E4A Solutions for $52 million, enhancing its engineering capabilities and operational synergies[25]. - The company acquired Block Mining for $92.5 million, adding 60 MW of operational capacity and a pipeline to build to a total of 305 MW[9][12]. - Riot's capital expenditures for 2025 are estimated at $198 million, including $110 million for miner purchases, which will increase the total deployed hash rate to 6.5 EH/s by the end of 2025[43]. - The company has secured $594.4 million through the issuance of convertible senior notes due 2030, with net proceeds used to acquire Bitcoin[41]. Power Costs and Strategy - The cost of power remained competitive at 3.4 cents per kWh, contributing to a power curtailment credit of $33.7 million[12][15]. - Total Cost of Power for 2024 was $186,154,000, up from $135,513,000 in 2023, representing a 37% increase[76]. - Net Cost of Power for 2024 was $152,469,000, significantly higher than $64,298,000 in 2023, indicating a 137% increase[76]. - Riot's strategic focus includes optimizing power costs through management strategies at its Rockdale and Corsicana assets[67]. Future Outlook and Strategic Initiatives - The company aims to achieve an average operational uptime of 87% in December 2024, reflecting improvements in operational efficiency[67]. - Riot's BTC treasury strategy has shown a potential delta in value of $149.2 million at a BTC price of $100,000[38]. - The company is aggressively pursuing opportunities in AI and HPC, with a feasibility study expected to be completed by mid-March 2025[67]. - Riot's Corsicana facility has a developed capacity of 400 MW and potential capacity of 1,000 MW, positioning it well for future growth[48]. - The company is targeting an accretive BTC yield in 2025 through prudent capital strategy and operational improvements[67]. Unrealized Losses - The company reported a significant unrealized loss on equity method investments of $69.489 million in 2024[88].

Core Insights - Riot Platforms, Inc. reported a record total revenue of $376.7 million for the fiscal year ended December 31, 2024, with a net income of $109.4 million, highlighting significant growth in the context of the Bitcoin network's halving and a 67% increase in global hash rate [1][8] - The company mined 4,828 Bitcoin at an average direct cost of $32,216 per coin, which was influenced by a decrease in power credits and the halving event [2][8] - Riot's Bitcoin holdings increased by 141% year-over-year, totaling 17,722 Bitcoin, resulting in a 39% yield for shareholders in 2024 [3] Financial Performance - Total revenue increased from $280.7 million in 2023 to $376.7 million in 2024, primarily driven by a $132 million rise in Bitcoin mining revenue [8] - Bitcoin mining revenue reached $321 million, up from $189 million in the previous year, attributed to higher average Bitcoin prices and increased operational hash rate [8] - The average cost to mine Bitcoin rose significantly from $3,831 in 2023 to $32,216 in 2024, largely due to a 53% decrease in power credits and the halving event [8][15] Operational Highlights - Riot's Corsicana Facility was energized, and the company made strategic acquisitions, including Block Mining and E4A Solutions, enhancing its operational capabilities [2] - The company generated $33.7 million in power credits in 2024, down from $71.2 million in 2023, reflecting the challenges faced in the operational environment [8] - Riot maintained a strong financial position with $439.1 million in working capital, including $277.9 million in cash and $134.3 million in marketable equity securities [8] Future Outlook - Looking ahead to 2025, Riot is exploring opportunities in the AI/HPC sector, leveraging its substantial power capacity at the Corsicana Facility [4] - The company is focused on maximizing the value of its assets and enhancing shareholder value through strategic initiatives [4]