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Riot Platforms | 8-K: Riot Platforms Reports Full Year 2023 Financial Results, Current Operations and Financial Highlights

SEC announcement ·  Feb 24 03:57
Summary by Futu AI
On February 22, 2024, Riot Platforms, Inc., a Nevada-incorporated and Nasdaq-listed company specializing in Bitcoin mining, released its financial and operational results for the year ended December 31, 2023. The announcement, made through a press release and an updated corporate presentation, was filed with the U.S. Securities and Exchange Commission. Riot Platforms reported a total revenue of $280.7 million for 2023, an increase from $259.2 million in 2022, driven by higher Bitcoin production and prices. The company produced 6,626 Bitcoin, up 19% from the previous year, and earned $71.2 million in power credits from the ERCOT grid in Texas. Riot Platforms also highlighted the completion of its 700 megawatt Rockdale Facility expansion and the development of the 1 gigawatt Corsicana Facility, which is set to begin energization at the end...Show More
On February 22, 2024, Riot Platforms, Inc., a Nevada-incorporated and Nasdaq-listed company specializing in Bitcoin mining, released its financial and operational results for the year ended December 31, 2023. The announcement, made through a press release and an updated corporate presentation, was filed with the U.S. Securities and Exchange Commission. Riot Platforms reported a total revenue of $280.7 million for 2023, an increase from $259.2 million in 2022, driven by higher Bitcoin production and prices. The company produced 6,626 Bitcoin, up 19% from the previous year, and earned $71.2 million in power credits from the ERCOT grid in Texas. Riot Platforms also highlighted the completion of its 700 megawatt Rockdale Facility expansion and the development of the 1 gigawatt Corsicana Facility, which is set to begin energization at the end of Q1 2024. The company's non-GAAP financial measures, including EBITDA and Adjusted EBITDA, were presented alongside GAAP results, with a net loss of $49.5 million for the year, significantly improved from a net loss of $509.6 million in 2022. Riot Platforms ended the year with a strong balance sheet, including $597 million in cash and 7,362 Bitcoin. The company's hash rate capacity increased by 28% to 12.4 EH/s, with plans to reach 28 EH/s by the end of 2024 and 38 EH/s by the end of 2025.

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