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Riot Platforms Reports Strong Performance for 2024

Riot Platforms, Inc. (NASDAQ: RIOT), a prominent player in the vertically integrated Bitcoin mining industry, recently unveiled its financial results for the year ending December 31, 2024, demonstrating significant growth and strategic advancements.

Stellar Revenue and Earnings

In 2024, Riot achieved a record total revenue of $376.7 million, a notable increase from $280.7 million in the previous year. This growth was driven by a $132 million surge in Bitcoin mining revenue. The company reported a net income of $109.4 million, highlighting its solid financial fundamentals despite challenging market conditions, including the pivotal Bitcoin network 'halving' event that occurred in April.

CEO Jason Les emphasized the company’s achievements, stating, "Riot had a remarkable year, particularly in an environment where the global hash rate surged by 67%. Our strategic focus on retaining Bitcoin instead of selling has placed us in a strong position to maximize shareholder value."

Record adjusted EBITDA reached $463.2 million, significantly underlining the effectiveness of Riot’s operations. The company mined 4,828 Bitcoin during the year, with an average direct mining cost of $32,216 per Bitcoin, largely attributed to its advantageous power strategy which yielded an all-in power cost of just 3.4 cents per kilowatt-hour across all facilities.

Strategic Growth Initiatives

2024 also marked critical growth initiatives for Riot, including the energization of its Corsicana Facility and the acquisitions of Block Mining and E4A Solutions, a leading provider of electrical engineering services. These developments are designed to bolster its mining operations and enhance its engineering capabilities.

Furthermore, the strategic shift towards a Bitcoin yield strategy culminated in the successful closure of a convertible senior notes offering, raising $579 million in net proceeds. The funding facilitated the acquisition of 5,784 Bitcoins, thus elevating Riot's total holdings to 17,722 Bitcoins, representing a 141% increase year-over-year and yielding a 39% return for shareholders.

Looking Ahead

As Riot positions itself for 2025, the focus expands to include opportunities in the AI/HPC sector. With 1 gigawatt of overall capacity at the Corsicana Facility—600 megawatts of which remain underutilized—the company is engaging with potential partners to leverage this extraordinary asset located near Dallas, Texas. Les highlights the potential for growth in AI power demands, signaling an exciting evolution for Riot's operations.

Financial Highlights Summary

The following points summarize Riot Platforms' key fiscal and operational achievements for 2024:

• - Total Revenue: $376.7 million (up from $280.7 million in 2023)
• - Bitcoin Produced: 4,828 (down from 6,626 in 2023)
• - Average Mining Cost: $32,216 (up from $3,831 in 2023)
• - Power Credits Generated: $33.7 million (versus $71.2 million in 2023)
• - Bitcoin Mining Revenue: $321 million (up from $189 million in 2023)
• - Engineering Revenue: $38.5 million (down from $64.3 million in 2023, mainly due to supply chain issues)
• - Total Bitcoin Holdings: 17,722, valued approximately at $1.65 billion based on the December 31, 2024 Bitcoin price of $93,354.

About Riot Platforms, Inc.

Established with a vision to become the world’s foremost Bitcoin-driven infrastructure platform, Riot focuses on positively impacting interconnected sectors, networks, and communities. Committed to excellence through innovation and robust partnerships, Riot operates Bitcoin mining facilities in central Texas and Kentucky, alongside engineering operations in Denver and Houston.

For more detailed information about their ongoing projects and future developments, visit Riot Platforms Website.

This forward-looking statement emphasizes the company’s proactive strategies, which aim to foster sustainable growth in an evolving digital landscape.