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 ...

Riot Platforms, Inc. (RIOT) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of a loss of $0.27 per share. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 262.96%. A quarter ago, it was expected that this company would post a loss of $0.22 per share when it actually produced a loss of $0.54, delivering a surprise of -145.45%.Over the last four quarters ...

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]

Core Viewpoint - Riot Platforms, Inc. (RIOT) is expected to report its fourth-quarter 2024 results on February 24, with a consensus estimate indicating a loss of 27 cents per share and revenues of $129.3 million, reflecting a 64% year-over-year growth [1][2]. Earnings Estimates - The Zacks Consensus Estimate for the upcoming quarter has remained unchanged, with two upward revisions and one downward revision in the last 30 days [3][4]. - RIOT has a history of earnings surprises, surpassing estimates in two of the past four quarters, with an average negative surprise of 126.5% [6][7]. Revenue Insights - The anticipated revenue for the upcoming quarter is significantly influenced by strong Bitcoin mining revenues, estimated at $114 million, indicating a 70% sequential growth [9]. Stock Performance - RIOT's stock price has increased by 39% over the past six months, while the broader industry has seen a 93% growth, with mixed performances from other crypto-focused stocks [11]. Operational Challenges - The company faces challenges due to the Bitcoin halving event, which has increased mining difficulty without a corresponding rise in Bitcoin prices, leading to operational inefficiencies [15]. - RIOT's Bitcoin production has only increased by 1% year-over-year in January 2025, raising concerns about future profitability [15]. Volatility and Investment Considerations - RIOT exhibits a high beta of 4.23, indicating extreme volatility and potential risks for short-term investors [16]. - The company is advised to adopt a wait-and-watch approach, monitoring quarterly reports, Bitcoin price movements, and efficiency improvements before making further investment decisions [16].

Core Viewpoint - Riot Platforms, Inc. is anticipated to report a year-over-year decline in earnings despite an increase in revenues for the quarter ending December 2024, with the actual results being crucial for stock price movement [1][2]. Earnings Expectations - The upcoming earnings report is scheduled for February 24, 2025, with a consensus estimate of a quarterly loss of $0.27 per share, reflecting a year-over-year change of -156.3%. Revenues are projected to be $129.3 million, representing a 64% increase from the previous year [3][2]. Estimate Revisions - The consensus EPS estimate has been revised 1.75% higher in the last 30 days, indicating a collective reassessment by analysts [4]. The Most Accurate Estimate is higher than the Zacks Consensus Estimate, leading to a positive Earnings ESP of +4.94%, suggesting a likelihood of beating the consensus EPS estimate [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3. Stocks with this combination have historically produced a positive surprise nearly 70% of the time [8][9]. Historical Performance - In the last reported quarter, Riot Platforms, Inc. was expected to post a loss of $0.22 per share but actually reported a loss of $0.54, resulting in a surprise of -145.45%. Over the last four quarters, the company has beaten consensus EPS estimates two times [12][13]. Conclusion - While Riot Platforms, Inc. appears to be a compelling candidate for an earnings beat, other factors should also be considered when evaluating the stock ahead of its earnings release [16].