NASDAQ$RIOT
Riot Platforms Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Riot's Q3 results demonstrated ongoing execution of its long-term strategic plan to grow and thrive post-halving.
Riot Platforms reported a total revenue of $51.9 million, mined 1,106 Bitcoin, and achieved a new all-time record hash rate capacity of 10.9 EH/s. The company's power strategy drove down the average cost to mine to negative $6,141 per Bitcoin. Riot finished the quarter with $290 million in cash on hand and 7,327 Bitcoin, representing a combined total of nearly $500 million in liquidity.
- Total revenue reached $51.9 million, compared to $46.3 million in Q3 2022.
- The average cost to mine Bitcoin was negative ($6,141), compared to $8,227 per Bitcoin for the same period in 2022.
- Bitcoin Mining revenue was $31.2 million, driven by higher Bitcoin production and prices.
- Data Center Hosting revenue was $5.1 million, while Engineering revenue reached $15.5 million.
Headline financials
Revenue & EPS history
Riot · Revenue · Quarterly
$51.9M
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 expects to achieve a total self-mining hash rate capacity of 12.5 EH/s in the fourth quarter of 2023, as Building G is brought back online. Upon full deployment of an initial miner order by mid-2024, Riot’s total self-mining hash rate capacity is expected to reach 20.2 EH/s.
Tailwinds
- Building G hash rate is returning and will continue to ramp back to its full capacity of 2.4 EH/s by the end of the year.
- Initial order of 33,280 Bitcoin miners for its Corsicana Facility has recently been updated to replace approximately 6,000 M56S++ miners with approximately 6,000 MicroBT M66 miners
- Upon full deployment of this initial order by mid-2024, Riot’s total self-mining hash rate capacity is expected to reach 20.2 EH/s.
- Riot secured an option to purchase up to 66,560 additional miners from MicroBT consisting of the M56S++, M66, and M66S models on terms not to exceed the initial order.
- Assuming full exercise of Riot’s additional purchase option, the additional 66,560 miners would add approximately 16.1 EH/s of incremental hash capacity to Riot’s self-mining capacity.
Headwinds
- Due to the impact of damage incurred to Building G during the severe winter storm in Texas in December 2022, Riot expects to achieve a total self-mining hash rate capacity of 12.5 exahash per second (“EH/s”) in the fourth quarter of 2023, as Building G is brought back online.
- Integration of acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated
- Failure to otherwise realize anticipated efficiencies and strategic and financial benefits from our acquisitions
- The impact of COVID-19 on us, our customers, or on our suppliers in connection with our estimated timelines
- We may not be able to realize the anticipated benefits from immersion-cooling
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 Q3 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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