Key Achievements and Financial Performance
Riot Platforms, Inc. (NASDAQ: RIOT), a leader in vertically integrated Bitcoin mining, announced its financial results for the year ended December 31, 2024. The company reported record revenue of $376.7 million, driven by strategic growth initiatives and a robust Bitcoin yield strategy.
Financial Highlights:
- Total Revenue: $376.7 million (up from $280.7 million in 2023).
- Net Income: $109.4 million.
- Adjusted EBITDA: $463.2 million.
- Bitcoin Mined: 4,828 BTC (average direct cost: $32,216 per coin).
- Bitcoin Holdings: 17,722 BTC (valued at ~$1.65 billion as of December 2024).
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Operational Milestones
- Corsicana Facility: Energized in 2024, contributing to Riot’s 31.5 EH/s hash rate.
- Strategic Acquisitions: Block Mining and E4A Solutions bolstered engineering and mining capabilities.
- Power Strategy: Achieved an all-in power cost of 3.4 cents/kWh across facilities.
CEO Jason Les emphasized Riot’s resilience post-Bitcoin halving and its focus on AI/HPC opportunities for 2025, leveraging 600MW of untapped power capacity in Corsicana, TX.
Fiscal Year 2024 Detailed Results
Revenue Breakdown:
| Segment | 2024 Revenue ($M) | 2023 Revenue ($M) | Change |
|---|---|---|---|
| Bitcoin Mining | 321.0 | 189.0 | +70% |
| Engineering | 38.5 | 64.3 | -40% |
Cost Efficiency:
- Power Credits: $33.7 million (vs. $71.2 million in 2023).
- Low Mining Cost: Attributed to Riot’s proprietary power curtailment strategy.
2025 Outlook: AI/HPC Expansion
Riot is exploring AI/HPC applications for its Corsicana power assets, targeting partnerships to maximize value from its 1GW capacity (600MW currently unused).
FAQs
Q1: How did Riot perform post-Bitcoin halving?
A1: Despite the halving, Riot achieved record revenue and EBITDA through efficient operations and strategic Bitcoin holdings.
Q2: What are Riot’s plans for AI/HPC?
A2: The company aims to repurpose its Corsicana power capacity for high-performance computing, capitalizing on its proximity to Dallas.
Q3: Why did engineering revenue decline?
A3: Delays in a major government contract due to supply chain issues impacted 2024 revenue.
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About Riot Platforms
Riot (NASDAQ: RIOT) is a Bitcoin-driven infrastructure platform with mining operations in Texas/Kentucky and engineering hubs in Colorado/Texas.
Mission: Innovate and positively impact sectors through community partnerships and vertical integration.
For details, visit Riot’s official website.
Note: Forward-looking statements involve risks. See SEC filings for details.