-
Total Revenue: $84.8 million, a 65% increase year over year from $51.9 million in Q3 2023.
-
Gross Profit: $24.3 million, compared to $37.7 million in Q3 2023.
-
Net Loss: $154.4 million or $0.54 per share, compared to $80 million or $0.44 per share in Q3 2023.
-
Bitcoin Mining Revenue: $67.5 million, a 116% increase from $31.2 million in Q3 2023.
-
Bitcoin Mined: 1,104 Bitcoin, similar to 1,106 Bitcoin in Q3 2023.
-
Bitcoin Held: 10,427 Bitcoin, a 42% increase from 7,327 Bitcoin at the end of Q3 2023.
-
Installed Hash Rate: 28 X hash, a 159% increase from Q3 2023.
-
Cost of Mining Bitcoin: $35,376 per Bitcoin, with power costs at $26,673 per Bitcoin.
-
Non-GAAP Adjusted EBITDA: Loss of $3.6 million, compared to a loss of $3.1 million in Q3 2023.
-
Engineering Revenue: $12.6 million, down from $15.5 million in Q3 2023.
-
Cash SG&A Expense: $36.4 million, including one-time expenses.
Release Date: October 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
-
Riot Platforms Inc (NASDAQ:RIOT) increased its total deployed hash rate by 27% quarter over quarter, reaching 28X hash, and is on track to achieve 35X hash by the end of the year.
-
The company reported a 65% year-over-year increase in total revenue for the third quarter of 2024, reaching $84.8 million, primarily driven by higher Bitcoin prices.
-
Riot Platforms Inc (NASDAQ:RIOT) maintained one of the industry’s lowest power costs at $0.031 per kilowatt hour, aided by $12.4 million in power credits during the quarter.
-
The company successfully completed the redeployment of underperforming miners at its Rockdale facility, improving operational efficiency and achieving an 80% company-wide average utilization rate.
-
Riot Platforms Inc (NASDAQ:RIOT) ended the third quarter with 10,427 Bitcoin, a 42% increase compared to the end of the third quarter of 2023, and retained 100% of all Bitcoin produced during the quarter.
-
Riot Platforms Inc (NASDAQ:RIOT) reported a net loss of $154.4 million for the third quarter of 2024, compared to a net loss of $80 million in the same period in 2023.
-
The company’s gross profit decreased to $24.3 million from $37.7 million in the third quarter of 2023, despite the increase in revenue.
-
Non-GAAP adjusted EBITDA for the quarter was a loss of $3.6 million, slightly worse than the $3.1 million loss in the third quarter of 2023.
-
Riot Platforms Inc (NASDAQ:RIOT) faced increased litigation expenses related to legacy hosting customers, which are expected to remain elevated in the fourth quarter.
-
The company revised its hash rate growth forecast for 2025 down from 56X hash to 46.7X hash, citing longer lead times on substation equipment and adjustments in Kentucky expansion plans.
