NASDAQ$RIOT
Riot Platforms Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Riot's revenue decreased due to lower Engineering revenue, partially offset by increased Bitcoin Mining revenue; the company also nearly doubled installed hash rate.
Riot Platforms reported $70.0 million in total revenue for Q2 2024, with a decrease primarily driven by a $9.7 million decrease in Engineering revenues offset by a $6 million increase in Bitcoin Mining revenue. The company's deployed hash rate grew to 22.0 EH/s as of June 30, 2024. Riot also acquired Block Mining Inc. to expand growth pipeline and operational expertise.
- Total revenue was $70.0 million, compared to $76.7 million in the same period last year.
- Bitcoin Mining revenue reached $55.8 million, up from $49.7 million in the same period last year.
- The average direct cost to mine Bitcoin, inclusive of power credits, was $25,327.
- Riot maintained a strong financial position with $646.5 million in working capital, including $481.2 million in cash on hand.
Headline financials
Revenue & EPS history
Riot · Revenue · Quarterly
$70M
Revenue by segment
Riot · $46.7M total across 2 segments · Q3 2023
- Bitcoin Mining$31.2M+41.2%66.8%
- Engineering$15.5M-1.9%33.2%
Forward guidance
Riot anticipates achieving a total self-mining hash rate capacity of 36 EH/s by the end of 2024.
Tailwinds
- The Corsicana Facility will have a total capacity of 1 GW when fully developed.
- The recently energized substation will power the initial 400 MW phase of development of the Corsicana Facility.
- This initial phase is expected to add 16 EH/s to Riot’s self-mining capacity by the end of 2024.
- The acquisition immediately increases Riot’s hash rate by 1 EH/s and establishes an additional arm of growth for Riot in new jurisdictions and energy markets, starting in Kentucky.
- The acquisition includes 60 MW of existing operational capacity with potential to expand to over 300 MW in total in Kentucky.
Headwinds
- Unaudited estimates of Bitcoin production.
- Future hash rate growth (EH/s).
- The anticipated benefits, construction schedule, and costs associated with the Corsicana site expansion.
- Expected schedule of new miner deliveries.
- Potential negative impacts on results of Bitcoin production due to the variance in mining pool rewards.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
-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 |
|---|---|---|---|---|
| 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% | |
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