Riot Platforms faces a tough road ahead due to the recent Bitcoin halving event, but it is looking to get bigger and more efficient.Riot Platforms (RIOT -10.51%) is one of the top Bitcoin mining companies you can invest in today. Year to date, however, the stock has been struggling, and it's down 30%. But recently the company posted some impressive earnings numbers, even turning a healthy profit. Could Riot Platforms be an underrated stock to buy right now?The company posted record numbers in Q1On May 1, Ri ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Riot Platforms, Inc. (RIOT) .Riot Platforms, Inc. currently has a ...

Investors might want to bet on Riot Platforms, Inc. (RIOT) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a chan ...

Riot Platforms, Inc. (RIOT) closed the last trading session at $10.17, gaining 1.7% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $17.60 indicates a 73.1% upside potential.The mean estimate comprises 11 short-term price targets with a standard deviation of $3.54. While the lowest estimate of $14 indicates a 37.7% increase from the current price level, the most optimistic analyst ...

CASTLE ROCK, Colo., May 06, 2024 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ:RIOT) ("Riot" or "the Company"), an industry leader in vertically integrated Bitcoin ("BTC") mining, announces unaudited production and operations updates for April 2024. Bitcoin Production and Operations Updates for April 2024        Comparison (%) Metric April 2024 1March 2024 1April 2023 Month/MonthYear/Year Bitcoin Produced 375425639 -12%-41% Average Bitcoin Produced per Day12.513.721.3 -9%-41% Bitcoin Held 2 8,8728,4907,1 ...

For the quarter ended March 2024, Riot Platforms, Inc. (RIOT) reported revenue of $79.3 million, up 8.3% over the same period last year. EPS came in at $0.81, compared to $0.04 in the year-ago quarter.The reported revenue represents a surprise of -13.95% over the Zacks Consensus Estimate of $92.15 million. With the consensus EPS estimate being -$0.21, the EPS surprise was +485.71%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to det ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to: Commission file number: 001-33675 RIOT PLATFORMS, INC. (Exact name of registrant as specified in its charter) Nevada 84-1553387 (State or other jurisdic ...

Riot Platforms, Inc. (RIOT) came out with quarterly earnings of $0.81 per share, beating the Zacks Consensus Estimate of a loss of $0.21 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 485.71%. A quarter ago, it was expected that this company would post a loss of $0.29 per share when it actually produced earnings of $0.48, delivering a surprise of 265.52%.Over the last four quarter ...

Financial Data and Key Metrics - Revenue for Q1 2024 was $79.3 million, an 18% increase YoY, driven by a 131% increase in average Bitcoin prices, offset by a 36% decrease in Bitcoin production [43] - Bitcoin mined in Q1 2024 was 1,364, a 36% decrease YoY due to a significant increase in Bitcoin network difficulty [41] - Net income for Q1 2024 was $211.8 million, compared to $18.5 million in Q1 2023, including a $234.1 million change in the fair value of Bitcoin [46] - Non-GAAP adjusted EBITDA for Q1 2024 was $245.7 million, compared to $81.7 million in Q1 2023 [45] - Power curtailment credits received in Q1 2024 totaled $5.1 million, compared to $3.1 million in Q1 2023 [44] Business Line Data and Key Metrics - Bitcoin mining revenue in Q1 2024 was $74.6 million, including $32 million in hosting revenue, a $26.6 million increase YoY [48] - Engineering business revenue in Q1 2024 was $4.7 million, a $11.4 million decrease YoY due to global supply chain constraints [55] - Bitcoin mining cost of revenue in Q1 2024 was $23,034 per Bitcoin, with power costs accounting for 73% of the total [52] Market Data and Key Metrics - The company ended Q1 2024 with 8,490 Bitcoin, up significantly from 7,094 Bitcoin at the end of Q1 2023 [41] - The company anticipates achieving a total self-mining hashrate capacity of 31 exahash by the end of 2024 [65] - The Corsicana facility, once fully developed, will have a total capacity of 1 gigawatt, making it the largest dedicated Bitcoin mining facility in North America [59] Company Strategy and Industry Competition - The company's strategy focuses on being a vertically integrated Bitcoin mining company, with key pillars including significant scale, low-cost production, and a strong balance sheet [8] - The company has developed a fully funded growth plan, with the Corsicana facility expected to increase self-mining hashrate to 31 exahash by the end of 2024 [10] - The company is leveraging its power strategy to drive down costs and maintain a low cost of production, positioning it well for trough periods in Bitcoin mining economics [21] Management Commentary on Operating Environment and Future Outlook - Management highlighted the challenges posed by the Bitcoin halving event but noted that the company is well-positioned to navigate these challenges due to its low-cost production strategy [15] - The company expects to resolve supply chain issues impacting its engineering business by the end of Q3 2024, which will allow it to recognize revenue from delayed projects [56] - Management remains confident in achieving the 31 exahash target by the end of 2024, despite potential challenges in development and deployment [104] Other Important Information - The company has terminated its data center hosting business and consolidated results into the Bitcoin mining segment, focusing on maximizing Bitcoin mining results [14] - The company has adjusted its depreciation schedule for mining hardware from two years to three years, based on market practice and operational history [47] - The company has a long-term agreement with MicroBT for the purchase of next-generation miners, with options for an additional 75 exahash of miners [60] Q&A Session Summary Question: How is the company managing Bitcoin inventory post-halving? - The company is focused on maintaining a strong balance sheet and holding as much Bitcoin as possible, while monitoring financing options and cost of capital [76][77] Question: What is the outlook for the engineering business? - The engineering business is expected to see improved performance in the second half of 2024 as supply chain issues are resolved and manufacturing capacity is expanded [82] Question: What are the challenges in reaching the 31 exahash target? - The company is confident in achieving the target, with challenges being minor operational issues that are expected in large-scale development projects [104][110] Question: Will the company consider M&A opportunities with hosting agreements? - The company is open to M&A opportunities that align with its strategic goals, even if they include hosting agreements, but prefers to focus on organic growth [108][112] Question: What is the company's strategy for future growth beyond Corsicana? - The company is open to smaller-scale opportunities and is exploring new sites both within and outside of Texas, with a focus on low-cost power [90][92]

Financial Performance - Riot Platforms reported a net income of $211777 thousand for the three months ended March 31, 2024, compared to a net income of $18513 thousand for the same period in 2023[2] - Adjusted EBITDA for Q1 2024 was $245729 thousand, a significant increase from $81698 thousand in Q1 2023[2] - Revenue increased by 65% year-over-year, reaching $793 million in Q1 2024[41] - Bitcoin Mining revenue was $74597 thousand in Q1 2024, compared to $48023 thousand in Q1 2023[110] Bitcoin Production and Holdings - Bitcoin production decreased by 35% year-over-year to 1364 BTC in Q1 2024, due to an 89% increase in the average global network hash rate[23, 17] - The company held 8490 BTC as of March 31, 2024, with an estimated fair value of approximately $6056 million[8, 18] - The cost to mine 1 BTC was $23034 in Q1 2024[8] Hash Rate and Infrastructure - Ending hash rate deployed increased by 18% year-over-year to 124 EH/s in Q1 2024[39, 48] - The company is expanding its infrastructure with the Corsicana Facility, aiming for a hash rate of 315 EH/s by the end of 2024 and a long-term goal of 100 EH/s[35, 68] Operational Efficiency - Cost of power decreased by 10% to 38 c/kWh in Q1 2024, compared to 42 c/kWh in Q1 2023[8, 42] - Power curtailment credits increased by 67% year-over-year to $51 million in Q1 2024[20]