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]

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 ...