NASDAQ$RIOT
Riot Platforms Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Riot reported increased revenue and bitcoin production, driven by expanded mining capacity and power strategy execution.
Riot Platforms reported a revenue of $76.7 million, a rise from $72.9 million in the same period last year. The increase was primarily driven by a 27% increase in Bitcoin production. The company produced 1,775 Bitcoin during the quarter, up from 1,395 in the same period of 2022, and maintained a strong financial position with $289.2 million in cash on hand.
- Total revenue reached $76.7 million, compared to $72.9 million in Q2 2022.
- Bitcoin production increased to 1,775, up from 1,395 in the same quarter last year.
- Power curtailment credits earned totaled $13.5 million, a significant increase from $5.7 million in Q2 2022.
- The company maintained a robust financial position, holding $289.2 million in cash.
Headline financials
Revenue & EPS history
Riot · Revenue · Quarterly
$76.7M
Revenue by segment
Riot · $69M total across 2 segments · Q2 2023
- Bitcoin Mining$49.7M+76.2%72.0%
- Engineering$19.3M—28.0%
Forward guidance
Riot anticipates reaching a self-mining hash rate capacity of 12.5 EH/s in Q4 2023 as Building G is brought back online. By mid-2024, with the deployment of MicroBT miners, the total self-mining hash rate capacity is expected to reach 20.1 EH/s.
Tailwinds
- Building G is expected to be back online in Q4 2023, increasing hash rate capacity.
- New MicroBT miners are expected to add 7.6 EH/s by mid-2024.
- Total self-mining hash rate capacity is projected to reach 20.1 EH/s by mid-2024.
- Riot has an option to purchase additional miners, potentially adding 15.3 EH/s of capacity.
- The company is focused on expanding its mining infrastructure and capabilities.
Headwinds
- Damage to Building G in December 2022 has delayed hash rate growth.
- The full capacity of Building G (2.4 EH/s) is not expected to be online until September.
- Achieving the 20.1 EH/s target is dependent on the successful deployment of new miners.
- The additional purchase option for miners is solely at Riot's election.
- There may be risks and uncertainties associated with construction, deployment, and integration of new equipment.
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 Q2 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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