- 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