Riot Platforms, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Deployed Hash Rate: Grew 77% vs Q1 2024 from 12 EH/s to 22 EH/s. Up 106% YoY (vs 10.7 EH/s in Q2 2023). Exceeded Q2 guidance of 21 EH/s.
  • Raised 2024 Hash Rate Target: Upped to 36 EH/s by year-end (previously 31 EH/s).
  • Raised 2025 Hash Rate Target: Now targeting 56 EH/s by end of 2025 (up from prior 40 EH/s).
  • Bitcoin Mined: 844 BTC mined, down 52% YoY from 1,775 BTC due to April 2024 halving and 68% network difficulty increase YoY.
  • Bitcoin Holdings: 9,334 BTC as of Q2 2024, 28% increase from 7,265 BTC in Q2 2023. Retained 100% of mined BTC.

Financial Performance

  • Total Revenue: $70M, down 9% YoY from $76.7M, driven by lower engineering segment revenue.
  • Bitcoin Mining Revenue: $55.8M, up 12% YoY ($49.7M in Q2 2023).
  • GAAP Net Loss: $84.4M ($0.32/share) vs $27.4M ($0.16/share) in Q2 2023.
  • Adjusted EBITDA: $(75.2)M vs $24.3M in Q2 2023. Hit by $76.4M fair value loss on Bitcoin holdings, $32M stock-based comp, $37.3M in depreciation.
  • Non-GAAP Gross Profit: $30.3M, up from $26.2M in Q2 2023.

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Operator: Greetings and welcome to Riot Platforms Second Quarter 2024 Financial Results Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Phil McPherson, Vice President of Capital Markets and Investor Relations. Thank you. You may begin. Phil McPherson: Thank you, Zico. Good afternoon and welcome to Riot Platforms' second quarter 2024 earnings conference call. My name is Phil McPherson and joining me on today's call from Riot are Jason Les, CEO, 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 second quarter 2024 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 second 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 ass

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