Q1 2025 Riot Platforms Inc Earnings Call Transcript
Key Points
- Riot Platforms Inc (RIOT) achieved an average uptime of nearly 90% in Bitcoin Mining operations, indicating significant improvements in operating efficiency.
- The acquisition of Rhodium's assets, including mining operations and access to 125 megawatts of power, is expected to enhance hash rate capacity and reduce operating losses.
- Riot Platforms Inc (RIOT) reported a 13% increase in total revenue for Q1 2025 compared to the previous quarter, driven by increased uptime and improved operating efficiency.
- The company increased its Bitcoin holdings by 8% to 19,223 Bitcoin by the end of Q1 2025, reflecting a strategic focus on long-term value creation.
- Riot Platforms Inc (RIOT) is advancing its AI/HPC data center business, with significant progress in site development and engagement with potential counterparties.
- Riot Platforms Inc (RIOT) reported a net loss of $296.4 million for Q1 2025, primarily due to mark-to-market adjustments from a decline in Bitcoin price and marketable securities.
- Non-GAAP adjusted EBITDA was negative $176.3 million for the first quarter, a significant decrease from the prior quarter.
- The company incurred substantial depreciation and amortization expenses of $77.9 million and noncash stock-based compensation expenses of $29.6 million.
- Cash SG&A expenses included $8.6 million in litigation expenses and $3.0 million in advisory fees, contributing to higher operational costs.
- Despite improvements, Riot Platforms Inc (RIOT) faced challenges with global network hash rate growing at a slightly greater pace than its deployed hash rate.
Good day and thank you for standing by. Welcome to the Riot Platforms' first-quarter 2025 earnings conference call. (Operator Instructions) Please also be advised that today's call is being recorded. I would now like to hand the conference over to Phil McPherson, Vice President of Capital Markets and Investor Relations at Riot Platforms. Please go ahead.
Thank you, Lisa. Good afternoon, and welcome to Riot Platforms first-quarter 2025 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; Benjamin Yi, Executive Chairman; Colin Yee, CFO; and Jason Chung, Executive Vice President and Head of Corporate Development and Strategy. On the Riot Investor Relations website, you can find our first-quarter 2025 earnings press release and accompanying earnings presentation, which are intended to supplement today's prepared remarks, and which include a discussion of
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