Riot Platforms, Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Bitcoin Holdings Strategy: Riot retained 100% of all self-mined Bitcoin in 2024, resulting in a 141% year-over-year increase to 17,722 BTC, valued at $1.7 billion as of Dec 31, 2024.
  • Production and Hash Rate: 2024 self-mining hash rate rose 154% YoY from 12.4 EH/s to 31.5 EH/s, outpacing the global network hash rate increase of 67% YoY. Despite April’s halving, Riot’s production remained stable at ~16.6 BTC/day.
  • Bitcoin Yield Increase: Bitcoin holdings per million fully diluted shares grew from 31.8 to 44.3 BTC (+39% YoY).
  • Convertible Notes Offering: Riot issued inaugural convertible senior notes in Dec 2024 to acquire more Bitcoin at favorable terms, lowering cost of capital and diversifying institutional investor base.
  • Revenue and Profit Growth: FY2024 revenue increased to $376.7M (+34% YoY), driven by higher Bitcoin prices. Gross profit rose to $147.6M from $97.6M in 2023, and non-GAAP adjusted EBITDA more than doubled to $463.2M.
  • Net Income: FY2024 net income reached $109.4M ($0.40/share) compared to a loss of $49.5M in 2023. Bitcoin mark-to-market adjustment added $458.7M to income due to adoption of new FASB fair-value accounting rules.

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Operator: Good day, and thank you for standing by. Welcome to Riot Platforms Fourth Quarter 2024 and Full Year 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 over to Phil McPherson, Vice President of Capital Markets and Investor Relations at Riot Platforms. Please go ahead. Phil McPherson: Thank you, Michelle. Good afternoon, and welcome to Riot Platforms fourth quarter and full year 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, Head of Corporate Development and Strategy. On the right, Investor Relations website, you can find our fourth quarter and full year 2024 earnings press release and accompanying earnings presentation, which are intended to supplement today's prepared remarks and which includes 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 fourth quarter and full-ye

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