Fri, Feb 28, 1:18 PM (58 days ago)
**Riot Platforms, Inc. (RIOT) Summary for Fiscal Year Ended December 31, 2024** Riot Platforms, Inc. reported total revenue of $376.7 million in FY 2024, up from $280.7 million in FY 2023, driven primarily by Bitcoin Mining revenue, which increased to $321.0 million, reflecting higher Bitcoin prices averaging $66,488 despite a 27.1% decrease in mined Bitcoin (4,828 BTC). The company’s deployed hash rate surged 154% to 31.5 EH/s. Net income was $109.4 million, significantly improved from a loss of $49.5 million in the prior year, aided by a $457.4 million gain from Bitcoin's fair value change. Operating expenses rose notably to $223.1 million, largely due to increased operational capacity and headcount. The company implemented a Bitcoin Treasury Strategy, halting Bitcoin sales to bolster holdings. Riot continues to expand its facilities, including the Corsicana Facility (400 MW capacity), and acquired Block Mining and E4A Solutions, enhancing operational capacity and engineering capabilities. Risks include volatility in Bitcoin prices, regulatory scrutiny, and ongoing supply chain challenges. The company maintains strong liquidity with $277.9 million in cash and equivalents, positioning itself for future growth amid a competitive landscape.