Financial Data and Key Metrics - Total revenue for Q3 2024 was $84.8 million, a 65% increase year-over-year compared to $51.9 million in Q3 2023, driven primarily by higher Bitcoin prices [17] - Gross profit for Q3 2024 was $24.3 million, down from $37.7 million in Q3 2023 [17] - Non-GAAP adjusted EBITDA for Q3 2024 was a loss of $3.6 million, compared to a loss of $3.1 million in Q3 2023 [17] - Net loss for Q3 2024 was $154.4 million or $0.54 per share, compared to a net loss of $80 million or $0.44 per share in Q3 2023 [19] - Bitcoin mining revenue for Q3 2024 was $67.5 million, a 116% increase compared to $31.2 million in Q3 2023 [20] - Bitcoin mining gross profit for Q3 2024 was $28.4 million, representing a margin of 42%, compared to $56.4 million or a margin of 181% in Q3 2023 [20] - The company generated $12.4 million in power credits during Q3 2024, lowering the all-in cost of power to $3.1 cents per kilowatt hour [9] Business Line Data and Key Metrics - Bitcoin mining cost per Bitcoin in Q3 2024 was $35,376, with power costs accounting for $26,673 per Bitcoin (75% of total cost) [22] - Direct non-power costs per Bitcoin mined were $8,703, down from 41% of total costs in Q2 2024 to 25% in Q3 2024, reflecting economies of scale [23] - The engineering business (ESSMetron) reported revenue of $12.6 million in Q3 2024, a decrease of $2.9 million compared to Q3 2023, primarily due to delays in a large government contract [24] - ESSMetron reported a gross loss of $0.9 million in Q3 2024, compared to a gross profit of $2.3 million in Q3 2023 [24] Market Data and Key Metrics - The company mined 1,104 Bitcoin in Q3 2024, in line with the 1,106 Bitcoin mined in Q3 2023, despite the Bitcoin block subsidy halving event in April 2024 [16] - The company ended Q3 2024 with 10,427 Bitcoin, a 42% increase compared to 7,327 Bitcoin held at the end of Q3 2023 [16] - The global network hash rate increased by 4% quarter-over-quarter, from 604 exahash in Q2 2024 to 625 exahash in Q3 2024 [21] - The company's total deployed hash rate increased by 27% quarter-over-quarter, from 22 exahash to 28 exahash, meeting the quarter-end target [8] Company Strategy and Industry Competition - The company's primary strategic focus is on developing a leading vertically integrated Bitcoin mining company, built on three key pillars: significant scale, low-cost production, and a strong balance sheet [7] - The company is on track to reach 35 exahash by the end of 2024, with plans to achieve 100 exahash of self-mining hash rate in the future [29] - The company is expanding its Corsicana Facility, which will add 600 megawatts of capacity when complete, taking the site to 1 gigawatt of capacity [30] - The company is revising its hash rate growth forecast for 2024 and 2025, with a year-end installed hash rate of 35 exahash for 2024, down slightly from prior guidance of 36 exahash [33] - The company is taking a more cautious approach to its 2025 hash rate growth forecast, lowering the year-end exit hash rate forecast from 56 exahash to 46.7 exahash [35] Management Commentary on Operating Environment and Future Outlook - The company is focused on achieving operational excellence, with a goal of greater than 95% average utilization of deployed hash rate, excluding periods of curtailment related to power strategy [45] - The company is leveraging its low-cost power strategy to maintain one of the industry's lowest costs to mine Bitcoin, at $35,376 per Bitcoin in Q3 2024 [41] - The company is actively exploring opportunities to allocate power capacity for AI HPC (High-Performance Computing) if it offers better economics than Bitcoin mining [54] - The company is monitoring industry trends and making decisions that provide the greatest benefit to shareholders while staying focused on the long-term goal of reaching 100 exahash in total self-mining hash rate [43] Other Important Information - The company adopted FASB's final standard on crypto assets in December 2023, recognizing Bitcoin held at fair value, resulting in a mark-to-market upward adjustment of $8.6 million in Q3 2024 [18] - The company expects run rate cash SG&A for Q4 2024 to be in the range of $27 million to $30 million, with elevated litigation expenses anticipated [28] - The company has initiated the full second phase development of the Corsicana Facility, with orders placed for substation equipment and expected completion in 2026 [30] Q&A Session Summary Question: Utilization Rate and Operational Excellence - The company is focused on achieving greater than 95% average utilization of deployed hash rate, excluding periods of curtailment related to power strategy [45] - The company has seen rapid improvements in utilization, from 60%-70% in previous months to over 80% in the most recent month [45] Question: M&A Appetite and Market Opportunities - The company is actively exploring M&A opportunities, particularly in the private mining sector, driven by challenging hash price conditions and the need for fleet upgrades [48] - The company is disciplined in its approach to M&A, focusing on opportunities that align with its strategic goals [49] Question: AI HPC Optionality and Power Allocation - The company is open to allocating power capacity for AI HPC if it offers better economics than Bitcoin mining, with preliminary discussions ongoing [54] - The company has received interest from multiple parties for significant amounts of power capacity, particularly for 2025 [89] Question: ESSMetron and Third-Party Deals - ESSMetron is a small customer of Riot, with most of its capacity utilized for third-party contracts, particularly in data center construction and power generation [58] - The company expects ESSMetron to return to higher-margin contracts in Q1 2025, following the completion of a large government contract [59] Question: Kentucky Expansion Timeline - The company has pushed out some of the expected Kentucky expansion into 2026 and 2027 to maximize power capacity and improve economics [61] Question: SG&A and Litigation Expenses - The company expects elevated litigation expenses in Q4 2024, but these are temporary and not reflective of the run rate of operating the business [66] Question: AI HPC and Counterparty Quality - The company is focused on working with strong, well-capitalized counterparties for any potential AI HPC deals, with a preference for improving capital efficiency [96] Question: M&A Focus and Opportunities - The company is open to both large and small M&A opportunities, with a focus on valuation, operational excellence, and jurisdiction [105] - The company is actively exploring opportunities to supplement its organic growth pipeline [106] Question: Bitcoin Mining vs. Direct Bitcoin Purchase - The company believes that Bitcoin mining allows for averaging in over time, leveraging its low-cost power strategy to mine Bitcoin at a discount to market prices [119]

Q3 2024 Performance Highlights - Riot Platforms produced 1,104 Bitcoin in Q3 2024, consistent with the 1,106 Bitcoin produced in Q3 2023[7] - The company retained all Bitcoin produced in Q3 2024, selling none[7] - Ending hash rate deployed reached 28 EH/s, a 159% increase year-over-year[7] - Revenue totaled $84.8 million, including $67.5 million from self-mining, a 21% increase compared to Q2 2023[7] - Cost of power was 3.1 c/kWh, remaining one of the lowest in the industry[7] - Power curtailment credits amounted to $12.4 million[7] - The company held 10,427 Bitcoin as of September 30, 2024, a 42% increase year-over-year[11] Financial Position - Riot Platforms had $290 million in cash and $619 million in marketable securities as of September 30, 2024[5] - Total capital stood at $1.28 billion as of September 30, 2024[5] Hash Rate and Future Growth - Self-mining hash rate deployed increased by 6.2 EH/s, or 28%, quarter-over-quarter[11] - The company anticipates reaching 35 EH/s by year-end 2024[5] - Riot is targeting 100 EH/s in self-mining through infrastructure pipeline, miner purchase contracts, and acquisitions[26]

Exhibit 99.1 Riot Platforms Reports Third Quarter 2024 Financial Results, Current Operational and Financial Highlights Riot Reports $84.8 million in Total Revenue and Deployed Hash Rate of 28 EH/s CASTLE ROCK, Colo., October 30, 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 September 30, 2024. The accompanying presentation materials are available o ...

Riot Reports $84.8 million in Total Revenue and Deployed Hash Rate of 28 EH/s CASTLE ROCK, Colo., Oct. 30, 2024 /PRNewswire/ -- 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 September 30, 2024. The accompanying presentation materials are available on Riot's website. Riot's Corsicana Facility Riot's Corsicana Facility Hash Rate Growth Hash Rate Growth "I'm pleased to announ ...

Riot Platforms, Inc. (RIOT) will report its third-quarter 2024 results on Oct. 30, after market close.See Zacks Earnings Calendar to stay ahead of market-making news.The company has had an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate in three of the four trailing quarters and missed in one, delivering an earnings surprise of 166.3%, on average.RIOT’s Q3 ExpectationsThe Zacks Consensus Estimate for the top line is pegged at $93 million, suggesting a 79.2% year-over-year inc ...

Core Viewpoint - Riot Platforms, Inc. is anticipated to report a year-over-year increase in earnings driven by higher revenues, with the earnings report expected on October 30, 2024, potentially influencing the stock price based on actual results compared to estimates [1] Revenue and Earnings Estimates - The company is projected to post a quarterly loss of $0.17 per share, reflecting a year-over-year change of +32% [2] - Revenues are expected to reach $93 million, representing a 79.2% increase from the same quarter last year [2] Estimate Revisions Trend - The consensus EPS estimate has been revised 3.37% lower in the last 30 days, indicating a reassessment by analysts [3] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -30.81%, suggesting a bearish outlook from analysts [4][6] - The stock currently holds a Zacks Rank of 3, complicating predictions of an earnings beat [6] Historical Performance - In the last reported quarter, the company was expected to post a loss of $0.16 per share but actually reported a loss of $0.32, resulting in a surprise of -100% [7] - Over the past four quarters, Riot Platforms has beaten consensus EPS estimates three times [7] Conclusion - An earnings beat or miss may not solely dictate stock movement, as other factors can influence investor sentiment [8] - While the company does not appear to be a compelling earnings-beat candidate, monitoring other factors is essential for investment decisions [8]

CASTLE ROCK, Colo., Oct. 16, 2024 /PRNewswire/ -- 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 third quarter 2024 earnings conference call for Wednesday, October 30, 2024, at 4:30 P.M. EST. During the call, Riot will discuss the results for the quarter ended September 30, 2024. This conference call will be available through the audio-only webcast, please use this link here to regis ...

The latest trading session saw Riot Platforms, Inc. (RIOT) ending at $8.77, denoting a +0.34% adjustment from its last day's close. This change outpaced the S&P 500's 0.76% loss on the day. Meanwhile, the Dow lost 0.75%, and the Nasdaq, a tech-heavy index, lost 1.01%. Coming into today, shares of the company had gained 25.58% in the past month. In that same time, the Business Services sector gained 3.52%, while the S&P 500 gained 4.31%. Analysts and investors alike will be keeping a close eye on the perform ...

From a technical perspective, Riot Platforms, Inc. (RIOT) is looking like an interesting pick, as it just reached a key level of support. RIOT's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world. A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most comm ...

The most recent trading session ended with Riot Platforms, Inc. (RIOT) standing at $8.16, reflecting no shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 0.97%. Meanwhile, the Dow experienced a rise of 0.3%, and the technology-dominated Nasdaq saw an increase of 1.45%. The company's stock has climbed by 19.82% in the past month, exceeding the Business Services sector's gain of 4.27% and the S&P 500's gain of 5.41%. The investment community will b ...