NASDAQ$RIOT
Riot Platforms Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Riot reported a decrease in revenue due to lower Bitcoin prices, but achieved record Bitcoin production and hash rate capacity.
Riot Platforms reported a total revenue of $73.2 million for Q1 2023, a decrease compared to Q1 2022 due to lower Bitcoin prices. However, the company achieved record Bitcoin production of 2,115 and a hash rate capacity of 10.5 EH/s. The company is nearing completion of miner deployment at its Rockdale Facility and is working to enhance operating efficiency.
- Total revenue was $73.2 million, compared to $79.8 million in the same period last year.
- Bitcoin production reached 2,115, up from 1,405 in the same period last year.
- The company maintained a strong financial position with $158.3 million in cash on hand and $202.0 million in Bitcoin.
- Riot achieved an all-time record hash rate capacity of 10.5 EH/s as of April 30, 2023.
Headline financials
Revenue & EPS history
Riot · Revenue · Quarterly
$73.2M
Revenue by segment
Riot · $64.1M total across 2 segments · Q1 2023
- Bitcoin Mining$48M-17.1%74.9%
- Engineering$16.1M+33.1%25.1%
Forward guidance
Riot Platforms is continuing its 400 MW expansion at the Rockdale Facility, expected to be completed in Q2 2023, and anticipates achieving a hash rate capacity of 12.5 EH/s in the second half of 2023.
Tailwinds
- Completion of water-cooling pads installation in Building D.
- Installation of evaporative water wall system framing in Building E.
- Building F has been brought back online.
- Ongoing 400 MW expansion at the Rockdale Facility.
- Expects to have a total of 94,976 miners deployed with a hash rate capacity of approximately 10.6 EH/s.
Headwinds
- Damage to Buildings F and G at our Rockdale Facility due to severe winter storms.
- Delay in achieving 12.5 EH/s in total self-mining hash rate capacity in Q1 2023.
- 17,040 miners currently offline in Building G.
- The net loss for the quarter included non-cash stock-based compensation of $2.2 million.
- The net loss for the quarter included non-cash charges of $4.5 million related to impairment of our Bitcoin.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
-1.5%
Avg return
Earnings day
-1.2%
Avg return
5 days after
+9.1%
Avg return
30 days after
35%
14 / 40 earnings
Positive
+37.3%
Q4 2018
Best reaction
-20.3%
Q2 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | +7.9% | +27.3% | +69.6% | |
| Q4 2025 | -4.3% | -13.8% | -21.7% | |
| Q3 2025 | -5.6% | -10.1% | -23.5% | |
| Q1 2025 | +7.8% | +0.9% | +3.9% | |
| Q4 2024 | -6.7% | -7.1% | -22.2% | |
| Q3 2024 | -15.0% | -17.4% | +16.4% | |
| Q2 2024 | -10.1% | -19.9% | -27.4% | |
| Q1 2024 | +1.9% | +6.5% | -3.7% | |
| Q4 2023 | -1.7% | +11.3% | -24.5% | |
| Q3 2023 | -6.6% | -5.9% | +35.1% | |
| Q2 2023 | -12.2% | -14.2% | -35.9% | |
| Q1 2023 | -6.4% | -3.1% | -9.7% | |
| Q4 2022 | +3.3% | +0.5% | +62.7% | |
| Q3 2022 | -7.9% | -7.8% | -27.1% | |
| Q2 2022 | -7.7% | -27.0% | -23.9% | |
| Q1 2022 | -10.8% | +3.9% | -28.7% | |
| Q4 2021 | +23.6% | +31.6% | +0.4% | |
| Q3 2021 | -16.5% | -18.1% | -41.5% | |
| Q2 2021 | +9.6% | +12.4% | -16.3% | |
| Q1 2021 | -1.8% | -12.2% | +31.4% | |
| Q4 2020 | +1.0% | -10.1% | -46.6% | |
| Q3 2020 | -5.5% | +9.0% | +142.5% | |
| Q2 2020 | -4.0% | +0.3% | -21.8% | |
| Q1 2020 | -13.5% | +12.4% | +67.6% | |
| Q4 2019 | +2.3% | -0.8% | +56.6% | |
| Q3 2019 | -1.3% | -1.3% | -13.7% | |
| Q2 2019 | +2.8% | -6.6% | -3.8% | |
| Q1 2019 | +22.6% | +24.2% | -25.6% | |
| Q4 2018 | +37.3% | +26.0% | +25.4% | |
| Q3 2018 | -15.5% | -15.5% | -13.7% | |
| Q2 2018 | -20.3% | -20.0% | -43.4% | |
| Q1 2018 | +5.9% | -7.6% | -12.9% | |
| Q4 2017 | -6.0% | -9.0% | +30.1% | |
| Q3 2017 | -2.0% | +13.5% | +221.6% | |
| Q2 2017 | -1.3% | -3.2% | +5.3% | |
| Q1 2017 | -3.3% | +0.3% | +8.6% | |
| Q4 2016 | -2.0% | -3.5% | -7.6% | |
| Q3 2016 | +0.4% | +5.6% | +46.4% | |
| Q2 2016 | +4.1% | +1.3% | +24.7% | |
| Q1 2016 | -3.2% | — | — | |
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