Riot Platforms (RIOT) Q3 2024 earnings summary

Executive summary

• Total revenue reached $84.8 million in Q3 2024, up 65% year-over-year, driven by a 159% increase in deployed hash rate to 28.2 EH/s and higher Bitcoin prices, with 1,104 Bitcoin mined and no Bitcoin sold during the quarter.

• Net loss widened to $154.4 million ($0.54/share), impacted by non-cash expenses, higher stock-based compensation, legal costs, and unrealized losses on marketable securities.

• Maintained strong liquidity with $1.3 billion in cash, restricted cash, marketable securities, and 10,427 Bitcoin held as of September 30, 2024.

• Completed acquisition of Block Mining, adding 60 MW of operational capacity in Kentucky and expanding geographic and energy market exposure.

• Continued expansion of the Corsicana Facility, with 300 MW deployed and a fourth building under construction.

Financial highlights

• Q3 2024 revenue: $84.8M (Q3 2023: $51.9M); Bitcoin Mining revenue: $67.5M; Engineering revenue: $12.6M.

• Net loss Q3 2024: $154.4M (Q3 2023: $80.0M); Adjusted EBITDA: $(3.6)M; EPS: $(0.54) (Q3 2023: $(0.44)).

• Bitcoin Mining gross margin was 42%, down from 181% in Q3 2023; gross profit (excluding depreciation) was $28.4M.

• Power curtailment credits received totaled $12.4M, down from $49.6M in Q3 2023.

• Cash and cash equivalents at September 30, 2024: $355.7M; marketable securities: $190.1M.

Outlook and guidance

• Year-end 2024 self-mining hash rate guidance revised to 34.9–35 EH/s, with 2025 guidance lowered to 46.7 EH/s due to equipment lead times and Kentucky project timing.

• Long-term goal remains 100 EH/s in self-mining capacity, with Corsicana Facility Phase II expected online in Q4 2025.

• CapEx guidance for the next five quarters reduced to $663M, with requirements for 2024 and 2025 fully funded.

• Q4 2024 run-rate cash SG&A forecasted at $27–$30M, with elevated litigation and ongoing M&A activity.

• Block Mining sites expected to reach 110 MW for self-mining by end of 2024.