Production and Mining Performance - Riot Platforms produced 4,828 BTC in FY 2024, representing a 27% decrease from the previous year, while Bitcoin held increased by 141% to 17,722 BTC[12][14]. - The quantity of Bitcoin mined in 2024 was 4,828, a decrease from 6,626 in 2023, reflecting a 27% decline[76]. - Cost to mine one Bitcoin, excluding Bitcoin miner depreciation, was 32,216in2024,whichis48.5376.7 million in FY 2024, a 34% increase compared to FY 2023, with an adjusted EBITDA of 463.2million[12][15].−Totalrevenuefor2024reached376.658 million, a 34.1% increase from 280.678millionin2023[86].−Bitcoinminingrevenuesignificantlyincreasedto321.002 million, up 69.8% from 188.996millionin2023[86].−Operatingincomefor2024was153.590 million, compared to an operating loss of 63.047millionin2023[86].−Netincomefor2024was109.401 million, a substantial recovery from a net loss of 49.472millionin2023[86].−AdjustedEBITDAfor2024was463.189 million, a significant increase from 214.021millionin2023[88].−FullyCostedGrossProfitfor2024was(98,150,000), an improvement from (226,009,000)in2023[78].−GrossMarginfor2024improvedto390.40 in 2024, compared to a loss of 0.28in2023[86].OperationalEfficiency−Riot′sdeployedhashratereached31.5EH/sbyDecember2024,markinga15428 per PH/s per day, compared to an average hash price of 6,977 per BTC in FY 2024[12][20]. - Cash SG&A expenses for 2024 were 141,711,000, up from 68,176,000in2023,indicatinga10828.3 per PH/s/day, compared to 10.2perPH/s/dayin2023,reflectinga17852 million, enhancing its engineering capabilities and operational synergies[25]. - The company acquired Block Mining for 92.5million,adding60MWofoperationalcapacityandapipelinetobuildtoatotalof305MW[9][12].−Riot′scapitalexpendituresfor2025areestimatedat198 million, including 110millionforminerpurchases,whichwillincreasethetotaldeployedhashrateto6.5EH/sbytheendof2025[43].−Thecompanyhassecured594.4 million through the issuance of convertible senior notes due 2030, with net proceeds used to acquire Bitcoin[41]. Power Costs and Strategy - The cost of power remained competitive at 3.4 cents per kWh, contributing to a power curtailment credit of 33.7million[12][15].−TotalCostofPowerfor2024was186,154,000, up from 135,513,000in2023,representinga37152,469,000, significantly higher than 64,298,000in2023,indicatinga137149.2 million at a BTC price of 100,000[38].−ThecompanyisaggressivelypursuingopportunitiesinAIandHPC,withafeasibilitystudyexpectedtobecompletedbymid−March2025[67].−Riot′sCorsicanafacilityhasadevelopedcapacityof400MWandpotentialcapacityof1,000MW,positioningitwellforfuturegrowth[48].−ThecompanyistargetinganaccretiveBTCyieldin2025throughprudentcapitalstrategyandoperationalimprovements[67].UnrealizedLosses−Thecompanyreportedasignificantunrealizedlossonequitymethodinvestmentsof69.489 million in 2024[88].
Riot Platforms(RIOT)2025-02-24 21:51