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Riot Platforms reported earnings Full Year 2024 results ended on December 31, 2024

$RIOT (+1,38 %)


- Revenue: $376.7M, +34% YoY

- Net Income: $109.4M vs -$49.5M in 2023

- Adjusted EBITDA: $463.2M vs $214.0M in 2023


CEO Jason Les: "Riot had a remarkable year in 2024, generating record revenue of $376.7 million and net income of $109.4 million. These results are particularly noteworthy in the context of the Bitcoin network's 'halving' in April of 2024, and an increase in global hash rate of 67% over the course of the year."


🌱Revenue & Growth

- Bitcoin Mining Revenue: $321.0M, +70% YoY

- Engineering Revenue: $38.5M, -40% YoY

- Bitcoin Produced: 4,828, -27% YoY

- Hash Rate: 31.5 EH/s (deployed)


💰Profits & Financials

- Cash: $277.9M as of Dec 31, 2024

- Bitcoin Holdings: 17,722 BTC (+141% YoY), valued at ~$1.65B

- Cost to Mine Bitcoin: $32,216 vs $3,831 in 2023

- Power Credits Generated: $33.7M vs $71.2M in 2023


📌Business Highlights

- Energized Corsicana Facility with 1GW overall capacity (600MW unutilized)

- Acquired Block Mining and E4A Solutions (electrical engineering services)

- Raised $579M through convertible senior notes offering


🔮Future Outlook

- Pursuing opportunities in AI/HPC sector for power assets at Corsicana Facility

- Focus on Bitcoin yield strategy for shareholders

- Accelerating conversations with potential counterparties to maximize value of facilities

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