Riot Platforms, Inc. Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Riot Platforms Q1 2025 Earnings Summary

  • Bitcoin Production: Riot mined 1,530 BTC in Q1 2025, up from 1,516 BTC in Q4 2024, aided by improved 90% uptime and operational efficiency despite a global network hash rate increase of 10%.
  • Hash Rate Growth: Self-mining hash rate rose 7% to 33.7 EH/s from 31.5 EH/s last quarter.
  • Bitcoin Holdings: Increased to 19,223 BTC, up 8% from 17,722 BTC at year-end 2024. Bitcoin per million fully diluted shares rose from 44.3% to 47.4% (7% yield).
  • Financial Highlights:
    • Revenue: $161.4M, a 13% increase from $142.6M in Q4 2024.
    • Gross Profit: $73.6M (46% margin), improved from $55.7M (39% margin).
    • Bitcoin Mining Revenue: $142.9M, up 13% from $126.3M.
    • Adjusted EBITDA: -$176.3M, down from +$296.3M in Q4 2024.
    • Net Loss: $296.4M or $0.90/share, compared to Net Income of $136.4M or $0.43/share in Q4 2024.
    • Drivers of net loss included $271.2M in mark-to-market losses from Bitcoin price decline ($93,354 → $82,534).
  • Operational Costs:
    • Cost to Mine: $43,808 per BTC (power cost: $35,313, or 81%). Net power cost dropped to $0.034/kWh from $0.038.

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Operator: Good day, and thank you for standing by. Welcome to the Riot Platforms First Quarter 2025 Earnings Conference Call. Please note that all participants have been placed in listen-only mode until the question-and-answer session begins, following the company's presentation of its prepared remarks. Please also be advised that today's call is being recorded. I would now like to hand the conference over to Phil McPherson, Vice President of Capital Markets and Investor Relations at Riot Platforms. Please go ahead. Phil McPherson: Thank you, Lisa. Good afternoon, and welcome to Riot Platform's first quarter 2025 earnings conference call. My name is Phil McPherson, Vice President of Capital Markets and Investor Relations. And joining me on today's call from Riot are Jason Les, CEO; Benjamin Yi, Executive Chairman; Colin Yee, CFO; and Jason Chung, Executive Vice President and Head of Corporate Development and Strategy. On the Riot Investor Relations website, you can find our first quarter 2025 earnings press release and accompanying 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 2025 performance. During to

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