NASDAQ$RIOT
Riot Platforms Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Riot achieved revenue growth and maintained a strong hash rate despite the Bitcoin halving.
Riot Platforms reported $84.8 million in total revenue for Q3 2024, a 65% increase compared to Q3 2023. The company produced 1,104 Bitcoin, in line with the previous year, despite the halving event. Riot maintained a strong financial position with approximately $1.3 billion in cash, restricted cash, marketable equity securities, and Bitcoin holdings.
- Total revenue reached $84.8 million, a 65% increase year-over-year.
- Bitcoin mining revenue was $67.5 million, driven by higher Bitcoin prices and increased hash rate.
- Maintained a strong financial position with $1.3 billion in cash, restricted cash, marketable equity securities, and Bitcoin holdings.
- Produced 1,104 Bitcoin during the quarter, despite the block subsidy halving.
Headline financials
Revenue & EPS history
Riot · Revenue · Quarterly
$84.8M
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 a total self-mining hash rate capacity of 34.9 EH/s by the end of 2024 and now expects to complete the full development of the Corsicana Facility in 2026 and, alongside expansion plans in the Kentucky Facilities, to achieve a hash rate capacity of 65.7 EH/s by the end of 2026.
Headwinds
- Slower than planned expansion in the recently acquired Kentucky facilities.
- Previous 2025 expansion plans in Kentucky now being pushed out into 2026.
- Longer than anticipated lead times for the next substation at the Corsicana Facility.
- Two new buildings coming online in 2025 versus prior expectations for three buildings.
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 Q3 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% | |
| Q1 2016 | -3.2% | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q4 2011 | — | — | — | |
| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2011 | — | — | — | |
| Q4 2010 | — | — | — | |
| Q3 2010 | — | — | — | |
| Q2 2010 | — | — | — | |
| Q1 2010 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro