Core Viewpoint - OpenAI's ChatGPT has identified two stocks, Riot Platforms and AppLovin, as potential candidates for turning $100 into $1,000 by 2026, despite the high-risk nature of such investments [1] Group 1: Riot Platforms (NASDAQ: RIOT) - Riot Platforms is a leading Bitcoin mining company that is aggressively expanding its mining capacity with a goal to increase its hash rate by the end of 2025 [2] - The stock price of Riot Platforms is highly sensitive to Bitcoin's price movements, which can lead to significant gains if Bitcoin surges [3] - As of the latest trading session, RIOT was priced at $8.55, reflecting a 4% decline for the day and an 18% drop year-to-date [3] Group 2: AppLovin Corporation (NASDAQ: APP) - AppLovin specializes in marketing and monetization solutions for mobile applications and has received a consensus "Strong Buy" rating from analysts [5] - The company reported earnings of $1.67 per share, exceeding expectations of $1.45, and generated $1.48 billion in revenue, surpassing the $1.38 billion estimate [6] - AppLovin's stock was trading at $354, up 0.8%, with a year-to-date gain of over 3% [7]

Group 1: Company Performance - NetEase-S (09999) saw a significant increase of 10.89% in stock price after reporting Q1 2025 net revenue of RMB 28.8285 billion, a year-on-year increase of 7.4%, and gross profit of RMB 18.5 billion, up 8.6% [1] - H&H International Holdings (01112) rose over 8% as the market speculated on the ergotamine concept, with its Swisse brand showing strong performance in high-growth segments [2] - China Gold International (02099) experienced a stock price increase of over 5% after reporting a 351% rise in Q1 revenue to USD 273 million [2] Group 2: Clinical and Pharmaceutical Developments - Shandong Xinhua Pharmaceutical (00719) surged over 14% as COVID-19 infections showed an upward trend, with the company preparing for Phase II clinical trials of OAB-14 [1] - Innovent Biologics (01801) rose nearly 3% after announcing the completion of the first patient dosing in the Phase III clinical study of Ma Shidu peptide for obesity [1] - Kangxi Biologics (06185) increased over 3% after receiving approval from the Indonesian drug regulatory authority for its inhaled tuberculosis vaccine clinical trial [1] Group 3: Market Trends and Reactions - The Nasdaq Golden Dragon China Index fell over 2%, with notable declines in popular Chinese stocks such as Tiger Brokers (TIGR.US) down over 8% and Beike (BEKE.US) down over 5% [3] - UnitedHealth Group (UNH.US) experienced a significant drop of over 15% following reports of a U.S. Department of Justice investigation into potential insurance fraud [3] - Bitcoin-related stocks declined, with CleanSpark (CLSK.US) down nearly 6% and Coinbase (COIN.US) down over 7%, as Bitcoin itself fell over 1.5% [3]

| | | | | | | Comparison (%) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Metric | April 2025 1 | March 2025 1April 2024 | | | | Month/Month | | Year/Year | | Bitcoin Produced | 463 | 533 | 375 | -13 | | % | 23 | % | | Average Bitcoin Produced per Day | 15.4 | 17.2 | 12.5 | -10 | | % | 23 | % | | Bitcoin Held 2 | 19,2113 | 19,223 | 8,872 | 0 % | | | 117 | % | | Bitcoin Sold | 475 | - | - | N/A | | | N/A | | | Bitcoin Sales - Net Proceeds | $38.8 million | - | - | N/A | | | N/A | | | Avera ...

Core Viewpoint - Needham analyst John Todaro maintains a Buy rating on Riot Platforms, Inc. but has lowered the price forecast from $13.50 to $12 following the company's first quarter results, which showed significant revenue growth primarily from Bitcoin mining [1][5]. Financial Performance - Riot Platforms reported total revenue of $79.3 million in the first quarter, an increase driven by a $71.5 million rise in Bitcoin mining revenue [1]. - The company produced 1,530 Bitcoin in the first quarter, up from 1,364 Bitcoin in the same quarter of the previous year [2]. - The average cost to mine Bitcoin was $43,808 during the quarter [2]. Investment Thesis - The analyst is optimistic about Riot Platforms for several reasons: - The company has high-performance computing (HPC) opportunities in 2026 with a potential capacity of 600MW at its Corsicana site [3]. - Riot is a low-cost Bitcoin producer, with power costs below four cents per kilowatt-hour [4]. - The company maintains a clean balance sheet with no corporate debt and holds one of the largest cash and Bitcoin positions among publicly traded mining firms [4]. - The stock is currently trading at a discount compared to peers, which is expected to change as HPC becomes a more significant growth driver [5]. Future Outlook - The price forecast was adjusted based on a multiple of 13 times the firm's estimated EV/EBITDA for 2026 [5]. - The resolution of litigation with Rhodium is expected to ease SG&A expenses and free up an additional 125MW of capacity [5]. - Although Riot has not yet secured a letter of intent with HPC tenants, there is optimism regarding the potential at the Corsicana site due to infrastructure upgrades and management's commitment to developing a full-stack, built-to-suit data center [6].

Company Overview - Riot Platforms, a Bitcoin mining company, reported its first quarter earnings, but the stock's reaction has been muted, indicating a potential disconnect from Bitcoin's price movements [2]. Market Reaction - The stock of Riot Platforms has somewhat decoupled from Bitcoin's price, which is unusual given the company's direct involvement in Bitcoin mining [2]. Analyst Insights - The analysis emphasizes the importance of combining technical and fundamental analysis to identify potential growth stocks early in their cycles, which is a focus area for the investment group Timely Trader [3].

Core Insights - Riot Platforms, Inc. reported a revenue of $161.39 million for Q1 2025, marking a year-over-year increase of 103.5% [1] - The company's EPS for the same period was -$0.90, a decline from $0.81 a year ago, indicating a significant EPS surprise of -260.00% compared to the consensus estimate of -$0.25 [1] Revenue Breakdown - Bitcoin mined was reported at 1,530, matching the average estimate from two analysts [4] - Revenue from Bitcoin mining reached $142.90 million, exceeding the six-analyst average estimate of $139.35 million, with a year-over-year increase of 91.6% [4] - Engineering revenue was reported at $13.90 million, below the six-analyst average estimate of $16.57 million, but still reflecting a year-over-year increase of 195.7% [4] - Other revenue amounted to $4.60 million, slightly below the four-analyst average estimate of $5.11 million, yet showing a remarkable year-over-year increase of 19066.7% [4] Stock Performance - Over the past month, shares of Riot Platforms, Inc. have returned -9.7%, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Riot Platforms, Inc. (RIOT) came out with a quarterly loss of $0.90 per share versus the Zacks Consensus Estimate of a loss of $0.25. This compares to earnings of $0.81 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -260%. A quarter ago, it was expected that this company would post a loss of $0.27 per share when it actually produced earnings of $0.44, delivering a surprise of 262.96%.Over the last four quarters, the company h ...

Financial Data and Key Metrics Changes - Riot reported total revenue of $161.4 million for Q1 2025, a 13% increase from $142.6 million in the previous quarter [14] - Gross profit for Q1 2025 was $73.6 million, up from $55.7 million in the prior quarter, resulting in a gross margin of 46%, compared to 39% previously [14] - Net loss for Q1 2025 was $296.4 million, or $0.90 per share, compared to a net income of $136.4 million, or $0.43 per share in the prior quarter [16] - Non-GAAP adjusted EBITDA for Q1 2025 was negative $176.3 million, compared to positive $296.3 million in the previous quarter [15] Business Line Data and Key Metrics Changes - Riot increased its self-mining hash rate from 31.5 exahash to 33.7 exahash, a 7% increase, while global hash rate rose by 10% [12] - Bitcoin mining revenue totaled $142.9 million in Q1 2025, a 13% increase from $126.3 million in the prior quarter [16] - Engineering revenue increased by 20% to $13.9 million in Q1 2025, compared to $11.6 million in the previous quarter [18] Market Data and Key Metrics Changes - Riot ended Q1 2025 holding 19,223 Bitcoin, an 8% increase from 17,722 Bitcoin at the end of 2024 [13] - The price of Bitcoin at the end of Q1 2025 was $82,534, down from $93,354 at the end of Q4 2024, leading to a mark-to-market adjustment of $271.2 million [16] Company Strategy and Development Direction - The acquisition of Rhodium's assets aims to enhance Riot's hashrate capacity and reduce operating losses and litigation costs [9][20] - The company is focusing on developing its AI HPC data center business, with significant progress made in land acquisitions and infrastructure development [11][24] - Riot's strategy includes maintaining a strong balance sheet while exploring various financing options to fund growth [10][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for data center capacity, particularly for AI applications, with a projected need for 30 gigawatts by 2030 [42] - The company aims to maximize the value of its assets and is actively pursuing partnerships with hyperscalers [30][82] - Management highlighted the importance of prudent financial management and operational efficiency in navigating market challenges [10][30] Other Important Information - Riot's cash SG&A expenses for Q1 2025 were $41.9 million, including one-time litigation expenses [16] - The company is actively working on securing additional fiber capacity and water supply for its Corsicana facility [28] Q&A Session Summary Question: Insights on the large flexible load task force - Management clarified that Riot was not behind the inception of the task force but is involved in public policy efforts [33] Question: Economics of capital projects - Management indicated it is too early to determine specific capital expenditure targets but is focused on maximizing shareholder value [36] Question: Demand for AI HPC opportunities - Management noted robust demand for data center capacity and positive feedback from hyperscalers [42] Question: Financing options for projects - Management stated they are exploring various financing options to maximize capital efficiency [61] Question: Backup generation and power infrastructure - Management emphasized the importance of backup generation and their engineering division's expertise in this area [50] Question: Cash OpEx trends post-Rhodium settlement - Management confirmed guidance for cash SG&A remains at $30 to $33 million per quarter, excluding one-time expenses [87] Question: Milestones for HPC development - Management highlighted the importance of building internal expertise and securing leases as key milestones [81]

PART I - FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company reported a net loss of $296.4 million for Q1 2025, a significant reversal from prior year's net income, primarily due to a $208.0 million loss on Bitcoin fair value, despite doubled revenues [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $3.72 billion as of March 31, 2025, from $3.94 billion at December 31, 2024, mainly due to reductions in cash and Bitcoin fair value, with total liabilities and stockholders' equity also declining Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $163,719 | $277,860 | | Bitcoin | $1,586,545 | $1,654,468 | | Property and equipment, net | $1,307,055 | $1,338,787 | | **Total assets** | **$3,719,017** | **$3,935,307** | | Total current liabilities | $139,302 | $160,385 | | Long-term debt, less current portion | $584,999 | $584,311 | | **Total liabilities** | **$774,179** | **$791,622** | | **Total stockholders' equity** | **$2,944,838** | **$3,143,685** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2025, Riot reported a net loss of $296.4 million, or ($0.90) per share, a reversal from Q1 2024's net income, primarily due to a significant negative swing in Bitcoin fair value, despite a 103.5% increase in total revenue Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except EPS) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenue | $161,387 | $79,296 | | Total costs and expenses | $395,261 | ($124,646) | | Operating income (loss) | ($233,874) | $203,942 | | Change in fair value of Bitcoin | ($208,040) | $234,080 | | **Net income (loss)** | **($296,367)** | **$211,777** | | **Diluted net income (loss) per share** | **($0.90)** | **$0.81** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to $122.1 million in Q1 2025, while net cash used in investing activities decreased significantly, and net cash provided by financing activities sharply declined due to lower ATM offering proceeds Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($122,060) | ($57,853) | | Net cash used in investing activities | ($59,227) | ($194,493) | | Net cash provided by financing activities | $67,857 | $343,674 | | **Net (decrease) increase in cash** | **($113,430)** | **$91,328** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's vertically-integrated Bitcoin mining business, its evaluation of AI/HPC power capacity, key acquisitions, Bitcoin holdings of 19,223 valued at $1.59 billion, derivative power purchase agreements, and significant miner purchase commitments - The company is a vertically-integrated Bitcoin mining company with large-scale facilities in Texas and Kentucky, and is formally evaluating the use of approximately **600 MW** of power capacity at its Corsicana Facility for AI/HPC applications[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) - In 2024, Riot acquired Block Mining and E4A Solutions to enhance its vertical integration strategy, and in April 2025, acquired assets from Rhodium for **$185.0 million**, terminating legacy hosting contracts[31](index=31&type=chunk)[67](index=67&type=chunk) Bitcoin Holdings as of March 31, 2025 | Metric | Quantity | Fair Value (in thousands) | | :--- | :--- | :--- | | Balance as of Dec 31, 2024 | 17,722 | $1,654,468 | | Bitcoin mined in Q1 2025 | 1,530 | $142,859 (revenue) | | Change in fair value in Q1 2025 | — | ($208,040) | | **Balance as of Mar 31, 2025** | **19,223** | **$1,586,545** | - The company's Power Purchase Agreements (PPAs) are accounted for as derivative assets, with a combined fair value of **$191.4 million** as of March 31, 2025[100](index=100&type=chunk)[113](index=113&type=chunk)[118](index=118&type=chunk) - As of March 31, 2025, the company has a remaining commitment of **$54.0 million** for the purchase of miners from MicroBT, expected to be paid during 2025[170](index=170&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 103.5% year-over-year revenue growth to higher Bitcoin prices and increased Engineering segment activity, with deployed hash rate growing to 33.7 EH/s, while the cost to mine one Bitcoin rose to $43,808, and liquidity is managed through ATM stock offerings [Business Overview and Trends](index=49&type=section&id=Business%20Overview%20and%20Trends) Riot operates as a vertically-integrated Bitcoin mining company with major facilities in Texas and Kentucky, actively evaluating 600 MW of Corsicana power capacity for AI/HPC uses, and increased its total deployed hash rate capacity to 33.7 EH/s - Riot is a vertically-integrated Bitcoin miner with a total developed power capacity of **1,165 MW** across its facilities in Texas and Kentucky[220](index=220&type=chunk)[222](index=222&type=chunk) - The company is formally evaluating the feasibility of developing **600 MW** of remaining power capacity at its Corsicana Facility for AI/HPC uses to maximize asset potential[226](index=226&type=chunk)[227](index=227&type=chunk) - Total deployed hash rate capacity increased by **6.9%** to **33.7 EH/s** as of March 31, 2025, from **31.5 EH/s** at the end of 2024[228](index=228&type=chunk) [Results of Operations](index=61&type=section&id=Results%20of%20Operations) Total revenue for Q1 2025 was $161.4 million, up from $79.3 million in Q1 2024, driven by higher Bitcoin prices and Engineering revenue, but significantly increased costs and a $208.0 million loss on Bitcoin fair value led to a substantial net loss - Bitcoin Mining revenue increased to **$142.9 million** in Q1 2025 from **$71.4 million** in Q1 2024, primarily due to the average price of Bitcoin rising to **$93,385** from **$52,343**[268](index=268&type=chunk) - Engineering revenue grew to **$13.9 million** in Q1 2025 from **$4.7 million** in Q1 2024, partly due to the E4A Solutions acquisition and accelerated project completions[269](index=269&type=chunk) - Depreciation and amortization expense increased by **$45.6 million** year-over-year to **$77.9 million**, mainly due to the Corsicana Facility coming online and the deployment of additional miners[274](index=274&type=chunk) Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (loss) | ($296,367) | $211,777 | | Depreciation and amortization | $77,926 | $32,343 | | EBITDA | ($219,093) | $236,293 | | **Adjusted EBITDA** | **($176,337)** | **$245,729** | [Liquidity and Capital Resources](index=64&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, Riot had net working capital of $310.3 million, including $163.7 million in cash, with its primary cash source being ATM equity offerings which generated $68.4 million in Q1 2025, and a remaining $54.0 million commitment for miner purchases - The company's primary source of cash is its ATM offering program, which raised net proceeds of **$68.4 million** in Q1 2025 and **$345.7 million** in Q1 2024[284](index=284&type=chunk) - As of March 31, 2025, the company had **$310.3 million** in net working capital, including **$163.7 million** in cash and cash equivalents[285](index=285&type=chunk) - A significant contractual commitment is the remaining **$54.0 million** for the purchase of MicroBT miners, expected to be paid during 2025[287](index=287&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=69&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies its primary market risks as Bitcoin price volatility and power price fluctuations, with a hypothetical 10% change in Bitcoin price impacting net income by $158.6 million, and a 10% change in future power prices impacting net income by $47.2 million Bitcoin Price Sensitivity Analysis (Q1 2025) | Scenario | Impact on Net Income (in thousands) | | :--- | :--- | | 10% Increase in Price of Bitcoin | $158,634 | | 10% Decrease in Price of Bitcoin | ($158,634) | Power Price Sensitivity Analysis (Q1 2025) | Scenario | Impact on Net Income (in thousands) | | :--- | :--- | | 10% Increase in Future Power Prices | $47,240 | | 10% Decrease in Future Power Prices | ($47,240) | [Controls and Procedures](index=71&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, and is integrating the internal controls of recently acquired Block Mining and E4A Solutions for full inclusion by year-end 2025 - Management concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[319](index=319&type=chunk) - The company is integrating the internal controls of the newly acquired Block Mining and E4A Solutions, with full inclusion into the internal control scope planned for year-end 2025[320](index=320&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=73&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference detailed disclosures on legal proceedings from Note 17, covering disputes with Green Revolution Cooling, Northern Data, and the recent settlement with legacy hosting customer Rhodium - The company refers to Note 17 for details on its legal proceedings, which cover disputes with Green Revolution Cooling, Northern Data, and legacy hosting customers[322](index=322&type=chunk)[176](index=176&type=chunk) [Risk Factors](index=73&type=section&id=Item%201A.%20Risk%20Factors) In addition to existing risks, the company highlights a new risk related to changes in U.S. trade policy, where tariffs could materially impact the cost or availability of essential mining hardware and construction materials - A new risk factor has been added concerning changes in U.S. trade policy, specifically the potential for tariffs to adversely impact the procurement of mining hardware and other critical components[324](index=324&type=chunk)[325](index=325&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=73&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2025, the company repurchased 40,552 shares of common stock at an average price of $11.93 per share, surrendered by employees to satisfy tax obligations from restricted stock award vesting Common Stock Repurchases Q1 2025 | Period | Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2025 | 16,716 | $13.46 | | Feb 2025 | 17,270 | $12.27 | | Mar 2025 | 6,566 | $7.12 | | **Total** | **40,552** | **$11.93** | [Other Information](index=73&type=section&id=Item%205.%20Other%20Information) The company reported that no directors or officers adopted, modified, or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements for company securities during Q1 2025 - No directors or officers adopted, modified, or terminated any Rule 10b5-1 trading plans during the first quarter of 2025[327](index=327&type=chunk) [Exhibits](index=76&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed with the quarterly report, including corporate governance documents, CEO and CFO certifications, and financial statements in Inline XBRL format - Lists all exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data files[330](index=330&type=chunk)

Exhibit 10.1 CERTAIN INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL PURCHASE AND SALE AGREEMENT AMONG Rhodium Renewables LLC, Rhodium Technologies LLC, Rhodium 30MW LLC, Rhodium 2.0 LLC, Rhodium 10MW LLC, Rhodium Encore LLC, AND Jordan HPC LLC AS SELLERS AND Whinstone US, Inc., a Delaware corporation AS PURCHASER 4913-9826-8974.23 STRICTLY PRIVATE AND CONFIDENTIAL DRAFT F ...