Riot Platforms reports Q3 EPS (54c), consensus (16c)

Reports Q3 revenue $84.8M, consensus $95.35M. “I’m pleased to announce Riot‘s results for Q3 2024, the first full quarter past the Bitcoin ‘halving’ event, during which Riot continued to achieve significant growth while maintaining industry-leading low power costs,” said Jason Les, CEO. “Riot recorded $84.8M in revenue this quarter, representing a 65% increase over the same quarter in 2023, driven by a 159% year-over-year increase in deployed hash rate to 28 EH/s at the end of the quarter. This significant increase in deployed hash rate allowed us to produce 1,104 Bitcoin this quarter, in-line with our Bitcoin production in the third quarter of 2023, despite the ‘halving’. During the quarter, Riot once again demonstrated the benefits of our unique power strategy, achieving an industry-leading average all-in cost of power of 3.1 cents/kWh…Riot also ended the quarter having maintained our robust balance sheet strength, with approximately $1.3B in cash, restricted cash, marketable equity securities, and 10,427 Bitcoin held. Looking forward, I am incredibly excited about our future path, as our teams continue working to develop and deploy even more power capacity and hash rate across Texas and Kentucky, towards Riot’s next goal of achieving 100 EH/s in self-mining capacity.”