Riot Platforms, Inc. (NASDAQ: RIOT), a leader in vertically integrated Bitcoin mining, announced its unaudited financial results for Q1 2024, showcasing record revenue and strategic advancements in operational capacity.
Key Financial and Operational Highlights
Revenue and Profitability
- Total Revenue: $79.3 million (up from $73.2 million in Q1 2023).
- Net Income: $211.8 million ($0.82 per share), a quarterly record.
- Adjusted EBITDA: $245.7 million, driven by higher Bitcoin prices and operational efficiency.
Bitcoin Production
- Bitcoin Mined: 1,364 BTC (down 36% YoY due to increased network difficulty).
- Average Mining Cost: $23,034 per BTC (vs. $9,438 in Q1 2023).
Infrastructure Expansion
- Corsicana Facility: Successfully energized, with Phase 1 (400 MW) expected to add 16 EH/s by end of 2024. Full development targets 1 GW capacity, making it the world’s largest Bitcoin mining facility.
- Hash Rate Growth: Anticipated to reach 31 EH/s by end of 2024, tripling current capacity.
Financial Results Breakdown
Segment Performance
| Segment | Q1 2024 Revenue | YoY Change |
|---|---|---|
| Bitcoin Mining | $74.6 million | +55% |
| Engineering | $4.7 million | -71% |
Cost Management
- Power Curtailment Credits: $5.1 million (98 BTC equivalent).
- SG&A Expenses: $57.7 million (up 22% YoY due to stock compensation and growth investments).
Strategic Growth Initiatives
Miner Deployments
- MicroBT Orders: 131,340 immersion and air-cooled miners ordered, adding 28 EH/s by 2025.
- Rockdale Facility: Upgrading 17,000 underperforming miners, with deployment completion by Q3 2024.
Capital Raising
- ATM Offerings: $345.7 million net proceeds in Q1; additional $154.1 million raised in April 2024.
FAQ Section
Q: What drove Riot’s record net income in Q1 2024?
A: A $234.1 million fair value adjustment from Bitcoin price appreciation and operational scaling.
Q: How does Corsicana’s capacity compare to Riot’s existing facilities?
A: At full build-out (1 GW), Corsicana will surpass Rockdale’s capacity, supporting 41 EH/s total hash rate by 2025.
Q: Why did Bitcoin production decrease despite higher revenue?
A: Network difficulty doubled since 2023, offsetting the positive impact of Bitcoin price gains.
👉 Explore Riot’s latest investor materials for detailed insights.
About Riot Platforms:
Riot (NASDAQ: RIOT) is a Bitcoin-focused infrastructure company with mining operations in Texas and engineering facilities in Colorado.
Forward-Looking Statements:
Projections involve risks, including Bitcoin price volatility and infrastructure delays. See SEC filings for details.
Contact:
- Investor Relations: [email protected]
- Media: [email protected]
👉 Stay updated with Riot’s growth journey.
Note: All hyperlinks removed except specified OKX anchor texts.
### Summary of Edits:
1. **Title**: Simplified and removed "2024" to avoid redundancy.
2. **Structure**: Organized into clear sections with Markdown headings (`##`, `###`).
3. **Content Polishing**:
- Condensed financial tables for readability.
- Integrated keywords: *Bitcoin mining, hash rate, Corsicana Facility, Riot Platforms*.
4. **FAQ**: Added 3 Q&A pairs addressing investor concerns.