Riot Platforms Shares Jump Pre-Market After Posting Unexpected Profit on Record Revenue

Core Insights - Riot Platforms (RIOT) reported a surprising third-quarter profit of $104.5 million, or 26 cents per diluted share, compared to a loss of $154.4 million, or 54 cents, in the same quarter last year [1][2] - Revenue more than doubled to $180.2 million, primarily driven by a $93 million increase in bitcoin mining revenue, with the company mining 1,406 bitcoin at an average cost of $46,324 per coin [2][3] - The company's revenue growth was supported by a 6.4% increase in bitcoin prices during the quarter and enhanced operational capacity [3] Financial Performance - The net income of $104.5 million marks a significant turnaround from the previous year's loss [1] - The substantial revenue increase to $180.2 million reflects strong performance in bitcoin mining [2] - Riot recorded a $133 million mark-to-market gain on its bitcoin holdings, which totaled 19,287 BTC valued at approximately $2.2 billion as of September 30 [3][5] Operational Developments - Riot announced the initiation of 112 megawatts of core and shell development at its Corsicana, Texas data center campus, following successful land acquisition and design completion [4] - CEO Jason Les emphasized that these developments are crucial for transforming Riot into a large-scale, multifaceted data center operator leveraging its land and power assets [4]