Summary by Futu AI
Riot Platforms reported Q3 2024 revenue of $84.8 million, up 65% YoY, driven by a 159% increase in deployed hash rate to 28 EH/s. The company produced 1,104 Bitcoin during the quarter, maintaining production levels despite the halving event. Bitcoin mining revenue reached $67.5 million, while engineering revenue was $12.6 million. The average cost to mine one Bitcoin was $35,376, up from -$22,741 in Q3 2023.The company maintained a strong financial position with $355.7 million in cash, $190.1 million in marketable securities, and 10,427 unencumbered Bitcoin. However, Q3 resulted in a net loss of $154.4 million, including a $38 million unrealized loss on marketable securities and $30.6 million in stock-based compensation expense.Riot revised its hash rate growth targets, now expecting 34.9 EH/s by end-2024 and 46.7 EH/s by end-2025, down from previous guidance due to delayed expansion in Kentucky facilities and extended timelines at the Corsicana Facility. The company projects reaching 65.7 EH/s by the end of 2026 through continued development of its Corsicana Facility and Kentucky operations.
