Q3 2024 Riot Platforms Inc Earnings Call Transcript
Key Points
- Riot Platforms Inc (RIOT) increased its total deployed hash rate by 27% quarter over quarter, reaching 28X hash, and is on track to achieve 35X hash by the end of the year.
- The company reported a 65% year-over-year increase in total revenue for the third quarter of 2024, reaching $84.8 million, primarily driven by higher Bitcoin prices.
- Riot Platforms Inc (RIOT) maintained one of the industry's lowest power costs at $0.031 per kilowatt hour, aided by $12.4 million in power credits during the quarter.
- The company successfully completed the redeployment of underperforming miners at its Rockdale facility, improving operational efficiency and achieving an 80% company-wide average utilization rate.
- Riot Platforms Inc (RIOT) ended the third quarter with 10,427 Bitcoin, a 42% increase compared to the end of the third quarter of 2023, and retained 100% of all Bitcoin produced during the quarter.
- Riot Platforms Inc (RIOT) reported a net loss of $154.4 million for the third quarter of 2024, compared to a net loss of $80 million in the same period in 2023.
- The company's gross profit decreased to $24.3 million from $37.7 million in the third quarter of 2023, despite the increase in revenue.
- Non-GAAP adjusted EBITDA for the quarter was a loss of $3.6 million, slightly worse than the $3.1 million loss in the third quarter of 2023.
- Riot Platforms Inc (RIOT) faced increased litigation expenses related to legacy hosting customers, which are expected to remain elevated in the fourth quarter.
- The company revised its hash rate growth forecast for 2025 down from 56X hash to 46.7X hash, citing longer lead times on substation equipment and adjustments in Kentucky expansion plans.
Good day and thank you for standing by. Welcome to Riot Platforms third quarter, 2024 earnings conference call. Please note that all participants have been placed in listen-only mode until the question and answer session begins following the company's presentation of its prepared remarks. 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.
Thank you, Liz. Good afternoon and welcome to Riot Platforms third quarter, 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
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