Riot Platforms, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue: $79.3 million, up 8% from $73.2 million in Q1 2023. This growth was driven by a 131% increase in average Bitcoin prices ($52,343 in Q1 2024 vs. $22,706 in Q1 2023), despite a 36% decline in production (1,364 BTC mined vs. 2,115 BTC in Q1 2023) due to increased global network difficulty.
  • Net Income: $211.8 million ($0.82 per share), up from $18.5 million ($0.11 per share) in Q1 2023. This includes a $234.1 million gain in fair value of Bitcoin holdings.
  • Adjusted EBITDA: $245.7 million, vs. $81.7 million in Q1 2023.
  • Bitcoin Holdings: 8,490 BTC as of March 31, 2024, up from 794 BTC as of March 31, 2023.
  • Hash Rate: 12.4 EH/s as of Q1 2024 (up 18% YoY). Riot expects to reach 31 EH/s by YE 2024 and is targeting 100 EH/s long-term via Corsicana expansion and MicroBT orders.
  • Bitcoin Mining Segment Revenue: $74.6 million (+$26.6 million YoY).
  • Bitcoin Mining Margin: 45% GAAP; 52% non-GAAP when including $5.1 million in power curtailment credits.
  • Cost to Mine One Bitcoin Direct: $23,034, of which $16,764 (73%) is power cost.
  • Corsicana Facility: Phase 1 (400 MW) energized in Q2 2024, on track to complete by YE. Goal is 1 GW total capacity; expected to add 16 EH/s to hash rate in 2024.

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Operator: Greetings, and welcome to the Riot Platforms First Quarter 2021 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Philip McPherson, Vice President of Capital Markets and Investor Relations. Thank you, Phil. You may begin. Phil McPherson: Thank you, Devine. Good morning, and welcome to Riot Platforms First Quarter 2024 Earnings Call. My name is Phil McPherson, and joining me on today's call are Jason Les, CEO; Colin Yee, CFO; and Jason Chung, Executive Vice President of Corporate Development and Strategy. On the Riot Investor Relations website, you can find our first quarter 2024 earnings press release and earnings presentation, which are intended to supplement today's prepared remarks and which include a discussion of certain non-GAAP items. Non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP and are included as additional clarifying items to aid investors in further understanding the company's first quarter performance. During today's call, we will be making forward-looking statements regarding potential future events. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties. Actual results could materially differ due to factors discussed in today's earnings press release and co

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