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, 2023 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 ...

Bitcoin Assets and Impairment - As of December 31, 2022, the company held 6,974 Bitcoin with a carrying value of $109.4 million, reflecting cumulative impairment charges of $147.4 million during the fiscal year due to decreases in fair value [439]. - The company reported an impairment of Bitcoin amounting to $147,365 thousand in 2022, up from $43,973 thousand in 2021 [461]. - The company recognized an impairment charge of $55.5 million for its miners due to adverse market conditions as of December 31, 2022 [616]. - The company performed a goodwill impairment assessment resulting in a non-cash impairment charge of $335.6 million during the year ended December 31, 2022 [623][625]. Financial Performance - The company recognized approximately $156.9 million in revenue from Bitcoin mining for the year ended December 31, 2022 [451]. - Total revenue for 2022 was $259.171 million, an increase of 21.5% from $213.243 million in 2021 [456]. - Bitcoin mining revenue decreased to $156.870 million in 2022 from $184.422 million in 2021, a decline of 15% [456]. - Net loss for 2022 was $509.553 million, compared to a net loss of $15.437 million in 2021, representing a significant increase in losses [456]. - Operating income (loss) for 2022 was $(512.701) million, compared to $(29.870) million in 2021, indicating a worsening operational performance [456]. - Cash and cash equivalents decreased to $230.328 million in 2022 from $312.315 million in 2021, a decline of 26.2% [454]. - Total assets decreased to $1.320 billion in 2022 from $1.522 billion in 2021, a reduction of approximately 13.3% [454]. Strategic Plans and Investments - The company expects to continue making strategic acquisitions and investments, including the development of a second large-scale Bitcoin mining facility outside Corsicana, Texas [21]. - The company has plans for market expansion and new product development, focusing on enhancing its data center hosting and engineering services [456]. - The Company acquired a 265-acre site in Navarro County, Texas for $10.1 million to develop a one-gigawatt Bitcoin mining and data center facility, with operations expected to commence by Q4 2023 [557]. - The Company acquired ESS Metron for a total consideration of $56.9 million, which included a cash payment of approximately $30.1 million and 715,413 shares of common stock valued at approximately $26.7 million [560]. Risks and Challenges - The company faces significant risks related to the volatility of Bitcoin prices, which could adversely affect its ability to raise additional capital [21]. - The company may be negatively impacted by cybersecurity threats, which could disrupt its information technology networks [21]. - The company is subject to various risks, including geopolitical events and climate change regulations, which could materially affect its business operations [21]. - The company has identified a material weakness in its internal control over financial reporting as of December 31, 2022 [446]. Revenue Recognition and Accounting Practices - The company’s Bitcoin assets are accounted for as indefinite-lived intangible assets and are measured for impairment daily based on the quoted price of Bitcoin [440]. - The company’s management has exercised significant judgment in applying accounting principles to revenue recognized from Bitcoin mining, indicating complexities in financial reporting [451]. - Revenue from data center hosting is recognized monthly as power is provided, with variable fees based on actual power usage [508]. - The Company recognizes revenue from engineering and construction services upon completion of each phase of the project, utilizing a cost-to-cost method for revenue recognition [511][515]. Customer Concentration and Accounts Receivable - As of December 31, 2022, five customers accounted for over 80% of consolidated accounts receivable, indicating a high customer concentration risk [598]. Cash Flow and Capital Management - Net cash provided by operating activities was $530 thousand in 2022, a significant improvement from a cash used of $86,082 thousand in 2021 [461]. - The company raised $304,849 thousand from the issuance of common stock in 2022, compared to $684,817 thousand in 2021 [461]. - The company is focused on capital allocation to opportunities that generate the highest return on investment in the evolving cryptocurrency environment [467].

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 June 30, 2022 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 Blockchain, Inc. (Exact name of registrant as specified in its charter) Nevada 84-1553387 (State or other jurisd ...

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, 2022 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 Blockchain, Inc. (Exact name of registrant as specified in its charter) Nevada 84-1553387 (State or other juris ...

R MOTH Riot Blockchain, Inc. NASDAQ: RIOT / MAR 17, 2022 FORWARD LOOKING STATEMENTS Statements in this presentation that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because such statements are subject to risks ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 BLOCKCHAIN, INC. (Exact name of registrant as specified in its charter) | Nevada | 84-1553387 | | --- | --- | | (State or other jurisdic ...

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 September 30, 2021 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 Blockchain, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...

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 June 30, 2021 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 Blockchain, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpor ...

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, 2021 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 Blockchain, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR | Nevada | 84-1553387 | | --- | --- | | | (I.R.S. Employer Identification No.) | | (State or other jurisdiction of Incorporation or organization) | | 202 6th Street, Suite 401, Castle Rock, CO 80104 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area ...