The earnings call presented a mix of positive growth in hash rate and revenue, alongside challenges with increased net losses, operational inefficiencies, and reduced future growth forecasts. The positive aspects of strategic power management and increased Bitcoin holdings were countered by financial and operational hurdles.

Company Guidance

During Riot Platforms' third quarter 2024 earnings call, the company provided numerous metrics reflecting their operational performance and future guidance. Riot increased its total deployed hash rate by 27% quarter-over-quarter, from 22 EH/s to 28 EH/s, meeting their quarter-end target and aiming to reach 35 EH/s by the year's end. The company produced 1,104 Bitcoin during the quarter, despite a 59% increase in Bitcoin network difficulty from the previous year. Financially, Riot reported a total revenue of $84.8 million, a 65% increase from Q3 2023, primarily due to higher Bitcoin prices, though gross profit decreased to $24.3 million from $37.7 million in the previous year. Their Bitcoin mining revenue was $67.5 million, up 116% year-over-year, with a gross profit margin of 42%. Riot's power strategy resulted in $12.4 million in power credits, reducing their all-in cost of power to $0.031 per kilowatt hour. The company ended the quarter holding 10,427 Bitcoin, up 42% from the end of Q3 2023. Riot's net loss for the quarter was $154.4 million, which included non-cash expenses like stock-based compensation and depreciation. Looking forward, they revised their 2024 hash rate growth forecast to 35 EH/s and adjusted their 2025 target to 46.7 EH/s, citing longer lead times on substation equipment and strategic adjustments in Kentucky.

Significant Increase in Hash Rate

Riot increased its total deployed hash rate by 27% quarter-over-quarter from 22 EH/s to 28 EH/s, meeting the quarter-end target and is on track to reach 35 EH/s by year-end.

Power Strategy Success

Generated $12.4 million in power credits, reducing all-in power costs to $0.031 per kilowatt hour, supporting the Texas grid during disruptions.

Revenue Growth

Total revenue for Q3 2024 was $84.8 million, a 65% increase year-over-year, primarily driven by higher Bitcoin prices.

Bitcoin Holdings Increase

Riot ended Q3 2024 with 10,427 Bitcoin, a 42% increase relative to the 7,327 Bitcoin held at the end of Q3 2023.

Bitcoin Mining Revenue Surge

Bitcoin mining revenue totaled $67.5 million, a 116% increase relative to Q3 2023.

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Riot Platforms (GB:0KX0) Earnings, Revenues Date & History

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GB:0KX0 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 12, 2025	2024 (Q4)	-0.14 / -	0.435	―	―	―
Oct 30, 2024	2024 (Q3)	-0.17 / -0.52	-0.24	-116.00% (-0.28)
Jul 31, 2024	2024 (Q2)	-0.10 / -0.33	-0.163	-103.53% (-0.17)
May 01, 2024	2024 (Q1)	-0.19 / 0.79	-0.317	348.48% (+1.10)	―
Feb 22, 2024	2023 (Q4)	-0.27 / 0.43	-0.873	149.78% (+1.31)	―	―
Nov 07, 2023	2023 (Q3)	-0.26 / -0.24	-0.23	-4.17% (>-0.01)	―	―
Aug 09, 2023	2023 (Q2)	-0.20 / -0.16	-0.48	66.00% (+0.32)		―
May 10, 2023	2023 (Q1)	-0.14 / -0.32	0.288	-210.00% (-0.60)	―	―
Mar 02, 2023	2022 (Q4)	-0.12 / -0.87	-0.173	-405.56% (-0.70)	―	―
Nov 07, 2022	2022 (Q3)	0.01 / -0.23	0.085	-369.66% (-0.32)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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GB:0KX0 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 30, 2024	€21.71	€21.71	0.00%
Jul 31, 2024	€21.71	€21.71	0.00%
May 01, 2024	€21.71	€21.71	0.00%
Feb 22, 2024	€21.71	€21.71	0.00%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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