Riot Platforms reports Q1 EPS 82c, consensus (14c)

Reports Q1 revenue $79.3M, consensus $94.86M. Produced 1,364 Bitcoin during the quarter, which represented a decrease of 36% from the 2,115 Bitcoin mined during the three months ended March 31, 2023, due primarily to the significant increase in the Bitcoin network difficulty, which has more than doubled since January 2023. “I am excited to present results for Riot for the first quarter of 2024, during which we achieved a number of significant milestones which further solidify our growth path,” said Jason Les, CEO of Riot. “This quarter, Riot reported net income of $211.8 million and earnings per share of $0.82 which are new record highs for our quarterly results. Additionally, we reported $245.7 million in adjusted EBITDA for the quarter, another record high for Riot, rounding out strong financial performance for the quarter. “Last month, Riot also announced the energization of our Corsicana Facility, which we believe will be the largest dedicated Bitcoin mining facility in the world once fully developed. Miners deployed at our Corsicana Facility are already hashing, and we remain on track to increase our self-mining hash rate capacity to 31 EH/s by the end of the year, which will nearly triple our existing hash rate capacity. With up to 1 GW of total capacity when fully developed, the Corsicana Facility provides Riot with a clear growth pipeline unrivalled in our industry and gives us a strong foundation upon which we will continue scaling our Bitcoin mining business in the future.”