Presentation for Business Update MAY 6, 2025 Forward-Looking Statements This communication contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in ...

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $49 million, a 16% increase from $42 million in Q4 2024, driven by higher Bitcoin production and prices [26][27] - The average Bitcoin price increased from approximately $83,000 in Q4 2024 to approximately $93,000 in Q1 2025, although the spot price declined to roughly $83,000 by the end of Q1 [26][27] - The company reported a GAAP net loss of $39 million or $0.11 per share, compared to a net income of $40 million or $0.13 per share in Q1 2024 [28][29] Business Line Data and Key Metrics Changes - The Odessa data center mined 5.24 Bitcoin in Q1 2025, generating $49 million in revenue, compared to 4.92 Bitcoin and $42 million in Q4 2024, reflecting a 6.5% increase in production [25][29] - The cost of revenue decreased by 18% sequentially due to less frequent curtailment, while year-over-year costs remained flat [30] Market Data and Key Metrics Changes - The company’s operating capacity stands at 327 MW, with an expected pipeline capacity expansion of approximately 2.8 GW in the coming years [7] - The average all-in electricity cost was approximately $23,379 per Bitcoin produced, reflecting competitive pricing [6] Company Strategy and Development Direction - The company is transitioning from solely a Bitcoin miner to a developer of high-performance computing (HPC) data centers, with a focus on operational flexibility and strategic partnerships [9][11] - A term sheet was signed with Fortress Credit Advisors LLC for financing at the Barbara Lake site, indicating a strategic move to leverage external capital for development [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s operational flexibility and ability to adapt to market cycles, despite turbulent macroeconomic conditions [5][12] - The treasury management strategy has been effective, unlocking $90 million in liquidity to support growth without diluting shareholders [14] Other Important Information - The company has engaged in discussions with potential tenants and financing partners, indicating strong interest in its data center developments [10][11] - The Odessa facility has received industry recognition for its operational excellence, setting benchmarks for efficiency [15] Q&A Session Summary Question: Can you provide more details on the Fortress announcement? - The Fortress partnership will be a joint venture, with Fortress backing the financing of a full data center build, allowing the company to retain up to 49% ownership without additional capital [43][44][45] Question: How have conversations progressed since the tariff announcements? - The pace of conversations has increased, with more inquiries from large investors and tenants, indicating sustained interest despite tariff changes [48][49] Question: What is the financing strategy for Barber Lake? - The financing strategy allows the company to develop data centers without the high cost of capital typically associated with Bitcoin mining, enabling better economics [54][56][59] Question: How is the company managing long lead time item purchases? - The company prioritizes getting substations ordered and built, which are critical for tenant due diligence and project timelines [74][75] Question: What is the relationship with SoftBank now that they have invested? - The company is focused on securing a high-quality tenant for Barbara Lake, with hopes that SoftBank could become a tenant, while also exploring other potential tenants [78][80]

First Quarter 2025 Revenue of $49m, up 16% quarter over quarter Signed term sheet with Fortress Credit Advisors to serve as the JV financing partner at Barber Lake Nearing completion of 150 MW Phase I infrastructure at Black Pearl First Quarter 2025 GAAP Net Loss of $39m, and Non-GAAP Adjusted Earnings of $6m NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ: CIFR) ("Cipher" or the "Company") today announced its first quarter 2025 financial results, with an update on its operations and b ...

Shares of Mara Holdings (MARA -8.29%) are falling on Monday. The stock dropped 8.6% as of 3:14 p.m. ET and was down as much as 12% earlier in the day. The move comes as the S&P 500 and Nasdaq Composite slipped 0.3% and 0.4%, respectively.Mara, a Bitcoin mining company, released its April production update on Monday. Investors were disappointed by the underwhelming numbers.Bitcoin production is droppingMara released its latest Bitcoin production update for April 2025. The company saw the number of Bitcoin bl ...

| | | | | | | 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 ...

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].

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]

Core Insights - Riot Platforms, Inc. reported a record total revenue of $161.4 million for Q1 2025, a significant increase from $79.3 million in Q1 2024, primarily driven by a $71.5 million rise in Bitcoin mining revenue [9] - The company produced 1,530 bitcoins in Q1 2025, compared to 1,364 bitcoins in the same period of 2024 [9] - The average cost to mine one bitcoin, excluding depreciation, was $43,808 in Q1 2025, up from $23,034 in Q1 2024, largely due to the block subsidy halving event and a 41% increase in the average global network hash rate [9] Financial Performance - Bitcoin mining revenue reached $142.9 million in Q1 2025, compared to $71.4 million in Q1 2024, driven by higher average bitcoin prices and increased operational hash rate [9] - Engineering revenue for the quarter was $13.9 million, up from $4.7 million in the same period last year, now including results from E4A Solutions, LLC, acquired in December 2024 [9] - The company maintained a strong financial position with $310.3 million in working capital, including $163.7 million in unrestricted cash and $71.0 million in marketable equity securities [9] Strategic Developments - Riot acquired Rhodium's mining operations and tangible property at the Rockdale Facility, repurposing 125 MW of power capacity for self-mining operations, eliminating nearly $15 million in operating losses from a legacy contract in 2024 [3] - The company is advancing its AI/HPC data center business, with a feasibility study indicating the Corsicana site as an attractive asset for data center tenants, and is enhancing the site with additional development land and improved connectivity [4] - Construction on a substation at the Corsicana Facility is ongoing, expected to bring a total of 1.0 GW of power capacity online by early 2026 [4]

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 [13] - Gross profit for Q1 2025 was $73.6 million, up from $55.7 million in the prior quarter, resulting in a gross margin increase from 39% to 46% [13] - 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 [14] - Non-GAAP adjusted EBITDA for Q1 2025 was negative $176.3 million, a significant decrease from positive $296.3 million in the previous quarter [13][14] 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% [11] - Bitcoin mining revenue totaled $142.9 million in Q1 2025, a 13% increase from $126.3 million in the prior quarter [14] - Engineering revenue increased by 20% to $13.9 million in Q1 2025, compared to $11.6 million in the previous quarter [16] 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 [12] - 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 [14] 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 [7][19] - The company is focusing on developing its AI HPC data center business, with significant progress in land acquisitions and infrastructure development [10][20] - Riot's strategy includes maintaining a strong balance sheet while exploring various financing options to fund growth [8][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a Bitcoin yield of 7% year-to-date and emphasized the importance of operational efficiency [12][30] - The company is optimistic about the demand for data center capacity, particularly in the AI sector, and is actively engaging with potential tenants [42][43] - Management highlighted the importance of securing financing partners to support the development of the AI HPC data center [46][91] Other Important Information - Riot's capital expenditures in Q1 2025 totaled $48.9 million, primarily for the expansion of its Corsicana facility [20] - The company is actively pursuing additional land acquisitions to enhance its data center development capabilities [26][70] 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 to support regulatory success [33][34] 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 regarding power delivery [42][43] Question: Financing options for AI HPC projects - Management stated they are exploring various financing structures to maximize value and are well-positioned with potential financing partners [46][91] Question: Impact of tariffs on power infrastructure - Management acknowledged that tariffs could impact costs for certain components but emphasized domestic production for critical switchgear [78] Question: Milestones for AI HPC development - Management highlighted the importance of building internal expertise and completing a basis of design for potential data centers as key milestones [81][82]

Bitcoin BTC/USD had a blowout April, rising 15% and closing near $94,300. But for a third straight month, miners with high-performance computing (HPC) ambitions — Iren Ltd IREN, Riot Platforms Inc RIOT, TeraWulf Inc WULF and Hut 8 Corp HUT — seriously lagged.While Bitcoin has gained 14.42% over the past month, Iren stock is down 5.05%. Riot stock has gained a meagre 0.46%, TeraWulf up 4.50% while Hut 8 stock has declined 2.18%.Read Also: Bitcoin, Gold Shine In April While Stocks, Oil Suffer— Mohamed El-Eria ...