Riot Platforms Stock Falls After Worse-Than-Expected Q3 Results

Riot Platforms, Inc. RIOT reported its third-quarter results after Wednesday’s closing bell. Here’s a look at the details from the report.  

The Details: Riot Platforms reported quarterly losses of 54 cents per share, which missed the analyst consensus estimate for losses of 15 cents. Quarterly revenue came in at $84.786 million, which missed the consensus estimate of $95.352 million.

• The average cost to mine Bitcoin, excluding depreciation, was $35,376 in the quarter, as compared to negative $22,741 per Bitcoin for the same three-month period in 2023.
• Generated $12.4 million in power credits during the quarter, as compared to $49.6 million in power credits generated for the same three-month period in 2023.
• Bitcoin Mining revenue was $67.5 million for the quarter, as compared to $31.2 million for the same three-month period in 2023, primarily driven by higher average Bitcoin prices and an increase in operational hash rate, partially offset by an increase in network difficulty and the block subsidy “halving” event.
• Engineering revenue was $12.6 million for the quarter, as compared to $15.5 million for the same three-month period in 2023.

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“I’m pleased to announce Riot’s results for the third quarter 2024, the first full quarter past the Bitcoin ‘halving’ event, during which Riot continued to achieve significant growth while maintaining industry-leading low power costs,” said Jason Les, CEO of Riot.

“Riot recorded $84.8 million in revenue this quarter, representing a 65% increase over the same quarter in 2023, driven by a 159% year-over-year increase in deployed hash rate to 28 EH/s at the end of the quarter. This significant increase in deployed hash rate allowed us to produce 1,104 Bitcoin this quarter, in-line with our Bitcoin production in the third quarter of 2023, despite the ‘halving,’” Les added.

RIOT Price Action: According to Benzinga Pro, Riot Platforms shares are down 6.01% after-hours at $9.85 at the time of publication Wednesday.

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