Riot Platforms, Inc. ( (RIOT) ) has released its Q4 earnings. Here is a breakdown of the information Riot Platforms, Inc. presented to its investors.
Riot Platforms, Inc. is a Bitcoin mining and digital infrastructure company operating primarily in the United States, with a focus on vertically integrated Bitcoin mining operations and electrical engineering services.
In its latest earnings report for the fiscal year 2024, Riot Platforms, Inc. announced a record total revenue of $376.7 million, driven by significant growth in Bitcoin mining activities despite challenges such as the Bitcoin network’s ‘halving’ event and a substantial increase in global hash rate.
Key financial highlights include a net income of $109.4 million and an adjusted EBITDA of $463.2 million. The company mined 4,828 Bitcoin at an average direct cost of $32,216 per coin, benefiting from a unique power strategy that kept the all-in cost of power at 3.4 cents per kilowatt hour. Riot also raised $579 million through a convertible senior notes offering, which facilitated the acquisition of additional Bitcoin, increasing its holdings by 141% to 17,722 Bitcoin by year-end.
Strategic initiatives in 2024 included the energization of the Corsicana Facility and acquisitions of Block Mining and E4A Solutions, which enhanced Riot’s operational capabilities. The company is also exploring opportunities in the AI/HPC sector, leveraging its substantial power capacity at the Corsicana Facility to maximize asset value.
Looking ahead, Riot Platforms is focused on continuing to enhance shareholder value through strategic growth in Bitcoin yield and exploring new opportunities in the AI/HPC sector, supported by its strong financial position and operational capabilities.