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]

Non-GAAP Adjusted EBITDA (Unaudited) Three Months Ended March 31, | --- | --- | --- | --- | --- | |--------------------------------------------------------------|-------|-----------|-------|----------| | (in $ thousands, except for per share amounts) | | 2024 | | 2023 | | Net Income (Loss) | | $ 211,777 | | $ 18,513 | | Interest (Income) Expense (7,805) 3,830 | | | | | | Income Tax Expense (Benefit) (22) (4,969) | | | | | | Depreciation and Amortization 32,343 59,340 | | | | | | | | | | | | EBITDA | | $ 236 ...

Exhibit 99.1 RIOT PLATFORMS REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS, CURRENT OPERATIONAL AND FINANCIAL HIGHLIGHTS Riot Reports $79.3 Million in Total Revenue and Successful Energization of New Corsicana Facility CASTLE ROCK, Colo., May 1, 2024 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in vertically integrated Bitcoin mining, reported financial results for the three- month period ended March 31, 2024. The unaudited financial statements and acco ...

Riot Platforms (RIOT) will report its first-quarter 2024 results on May 1, before market open.Let’s check out how RIOT is currently doing.Stock Performance & ValuationThe stock gained 13.4% over the past year. Despite an impressive gain, RIOT underperformed the 55% growth of the industry it belongs to and the Zacks S&P 500 composite’s 23.5% increase.Based on EV-to-EBITDA, RIOT is currently trading at 9.54 compared with the industry’s 60.02. If we look at the Price/Earnings ratio, PSN shares are currently tr ...

The latest trading session saw Riot Platforms, Inc. (RIOT) ending at $11.88, denoting a +0.25% adjustment from its last day's close. The stock outpaced the S&P 500's daily gain of 0.02%. Meanwhile, the Dow lost 0.11%, and the Nasdaq, a tech-heavy index, added 0.1%.Heading into today, shares of the company had lost 1.66% over the past month, outpacing the Business Services sector's loss of 5.08% and the S&P 500's loss of 3.01% in that time.Investors will be eagerly watching for the performance of Riot Platfo ...

Castle Rock, CO, April 24, 2024 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in vertically integrated Bitcoin (“BTC”) mining, announced today that it has scheduled its first quarter 2024 earnings conference call for Wednesday, May 1, 2024, at 8:30 A.M. EST. During the call, Riot will discuss the results for the quarter ended March 31, 2024.   This conference call will be available through the audio webcast, please use this link here to register. Addit ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Let's take a look at what these Wall Street heavyweights have to say about Riot Platforms, Inc. (RIOT) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.Riot Platforms, Inc. currently ...

Riot Platforms, Inc. (RIOT) shares soared 16% in the last trading session to close at $11.85. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9.7% loss over the past four weeks.The stock recorded a price hike in response to the increase in the price of Bitcoin, following the ‘halving’ and the launch of Runes. This company is expected to post quarterly loss of $0.21 per share in its upcoming report, which represents a year-over-ye ...

Last weekend, crypto enthusiasts braced for the 2024 Bitcoin (BTC-USD) halving. The long-awaited event has come and gone and, so far, Bitcoin prices haven’t really suffered. On the contrary, BTC is more than 4% in the green for the past five days. This has been an excellent development for crypto mining stocks, most of which have also enjoyed impressive growth over the past week. But Riot Platforms (NASDAQ:RIOT) is a particular standout.RIOT stock has surged more than 44% over the past five days, rising ste ...