Riot Platforms Reports Full Year 2024 Financial Results, Current Operational and Financial Highlights

Core Insights - Riot Platforms, Inc. reported a record total revenue of $376.7 million for the fiscal year ended December 31, 2024, with a net income of$109.4 million, highlighting significant growth in the context of the Bitcoin network's halving and a 67% increase in global hash rate [1][8] - The company mined 4,828 Bitcoin at an average direct cost of $32,216 per coin, which was influenced by a decrease in power credits and the halving event [2][8] - Riot's Bitcoin holdings increased by 141$280.7 million in 2023 to $376.7 million in 2024, primarily driven by a$132 million rise in Bitcoin mining revenue [8] - Bitcoin mining revenue reached $321 million, up from$189 million in the previous year, attributed to higher average Bitcoin prices and increased operational hash rate [8] - The average cost to mine Bitcoin rose significantly from $3,831 in 2023 to$32,216 in 2024, largely due to a 53% decrease in power credits and the halving event [8][15] Operational Highlights - Riot's Corsicana Facility was energized, and the company made strategic acquisitions, including Block Mining and E4A Solutions, enhancing its operational capabilities [2] - The company generated $33.7 million in power credits in 2024, down from$71.2 million in 2023, reflecting the challenges faced in the operational environment [8] - Riot maintained a strong financial position with $439.1 million in working capital, including$277.9 million in cash and $134.3 million in marketable equity securities [8] Future Outlook - Looking ahead to 2025, Riot is exploring opportunities in the AI/HPC sector, leveraging its substantial power capacity at the Corsicana Facility [4] - The company is focused on maximizing the value of its assets and enhancing shareholder value through strategic initiatives [4]