Riot Platforms Inc (MEX:RIOT)
MXN 264 -0.53 (-0.2%) Market Cap: 95.54 Bil Enterprise Value: 102.70 Bil PE Ratio: 0 PB Ratio: 1.71 GF Score: 74/100
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Q4 2024 Riot Platforms Inc Earnings Call Transcript

Feb 24, 2025 / 09:30PM GMT
Release Date Price: MXN205.88 (-3.82%)

Key Points

Positve
  • Riot Platforms Inc (RIOT) increased its self-mining hash rate by 154% in 2024, significantly outpacing the global hash rate increase of 67%.
  • The company ended 2024 holding 17,722 Bitcoin, a 141% increase from the previous year, reflecting a strong Bitcoin yield strategy.
  • Riot Platforms Inc (RIOT) reported a 34% increase in total revenue for 2024, driven by higher Bitcoin prices.
  • The acquisition of E4A Solutions is expected to enhance Riot's engineering business, offering higher-margin recurring services revenues.
  • Riot Platforms Inc (RIOT) plans to grow its Bitcoin mining hash rate by approximately 22% in 2025, while also pursuing AI/HPC opportunities to maximize asset value.
Negative
  • Riot Platforms Inc (RIOT) produced 27% less Bitcoin in 2024 compared to 2023, primarily due to the Bitcoin halving event.
  • The company's Bitcoin mining gross profit margin decreased from 87% in 2023 to 52% in 2024.
  • Power costs increased significantly, with the cost to mine a Bitcoin rising to $42,011, largely due to elevated spot market rates.
  • Riot's engineering business revenue decreased from $64.3 million in 2023 to $38.5 million in 2024, impacted by supply chain constraints.
  • The company incurred approximately $22 million in one-off costs in Q4 2024, including litigation and M&A expenses, affecting overall profitability.
Operator

Good day and thank you for standing by. Welcome to Riot Platforms fourth quarter 2024 and full year 2024 earnings conference call. (Operator Instructions) Please also be advised that today's call is being recorded.

I would now like to hand the conference call over to Phil McPherson, Vice President of Capital Markets and Investor Relations at Riot Platforms. Please go ahead.

Phil McPherson
Riot Platforms Inc - Vice President, Capital Markets & Investor Relations

Thank you, Michelle. Good afternoon and welcome to Riot Platforms fourth quarter and full year 2024 earnings conference call. My name is Phil McPherson, Vice President of Capital Markets and Investor Relations. And joining me on today's call from Riot are Jason Les, CEO; Colin Yee, CFO; and Jason Chung, Executive Vice President and Head of Corporate Development and Strategy.

On the right investor relations website, you can find our third quarter 2024 earnings press release and the company earnings presentation, which are intended to supplement today's prepared remarks, and which

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