Riot Platforms, Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $84.8 million for Q3 2024, a 65% YoY increase from $51.9 million in Q3 2023, driven by higher Bitcoin prices.
  • Bitcoin Mining Revenue: $67.5 million in Q3 2024, a 116% YoY increase from $31.2 million in Q3 2023.
  • Bitcoin Mined: 1,104 BTC in Q3 2024, almost flat compared to 1,106 BTC in Q3 2023. Noteworthy, this result came despite a 59% increase in network difficulty and the April 2024 halving event.
  • Gross Profit: $24.3 million in Q3 2024, compared to $37.7 million in Q3 2023, showing a decline due to increased costs and lower mining margins.
  • Net Loss: $154.4 million (-$0.54/share) vs. $80 million loss (-$0.44/share) in Q3 2023. Included $30.6M stock-based comp, a $38.1M unrealized loss on marketable securities, and $60M in depreciation/amortization.
  • Adjusted EBITDA: -$3.6 million in Q3 2024 vs. -$3.1 million in Q3 2023.

Operational Highlights

  • Hash Rate: Reached 28 EH/s by quarter-end, a 27% increase QoQ and a 159% YoY increase from 10.8 EH/s in Q3 2023.
  • Target Update: End-of-2024 revised target hash rate is now 35 EH/s (previously 36 EH/s). The 2025 hash rate target was revised down from 56 EH/s to 46.7 EH/s mainly due to delays in Kentucky and Corsicana site development.

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Operator: Good day, and thank you for standing by. Welcome to Riot Platforms Third Quarter 2024 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 call over to Phil McPherson, Vice President of Capital Markets and Investor Relations at Riot Platforms. Please go ahead. Phil McPherson: Thank you, Liz. Good afternoon, and welcome to Riot Platforms third quarter 2024 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; 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 third 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 third quarter performance. During today's call, we will be making forward-lo

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