Riot Platforms Reports Strong Growth in 2024 Financial Results
Riot Platforms Reports Strong Growth in 2024
Riot Platforms Inc., a leading Bitcoin miner, has recently released its financial results for the fiscal year 2024. The report, disclosed after the closing bell on a recent Monday, showcases significant growth in revenue and profitability, attracting considerable attention from investors.
Impressive Financial Performance
Riot Platforms revealed that the fiscal 2024 revenue reached an impressive $376.7 million. This figure not only surpassed the analyst consensus estimate of $372.34 million but also marked a substantial increase compared to the previous year's revenue of $280.7 million.
Key Highlights of the Report
A closer look at the report reveals several noteworthy financial metrics:
- Total revenue rose to $376.7 million, with a significant contribution from Bitcoin mining revenue, which increased by $132 million year over year.
- The company produced 4,828 Bitcoin, a decrease from 6,626 Bitcoin in the same period last year.
- The average cost of mining Bitcoin (excluding depreciation) stood at $32,216 per Bitcoin, compared to just $3,831 in 2023, primarily driven by changes in power credits and the global network hash rate.
- For the year, Bitcoin mining revenue amounted to $321 million, an increase from $189 million in the previous year.
- Engineering revenue saw a drop to $38.5 million from $64.3 million in the previous year, reflecting changes in operational focus.
- Riot reported holding 17,722 unencumbered Bitcoin, translating to approximately $1.65 billion based on a market price of $93,354 per Bitcoin as of December 31, 2024.
CEO's Insights on Future Prospects
Jason Les, CEO of Riot Platforms, expressed pride in the company's achievements for the year. He noted that the notable revenue and net income of $109.4 million are milestones, especially in conjunction with the Bitcoin network's halving event and a significant increase in the global hash rate.
Record Adjusted EBITDA
One of the standout metrics in the report was the record adjusted EBITDA of $463.2 million, demonstrating the effectiveness of Riot's treasury policy aimed at retaining Bitcoin production rather than selling it.
Market Reaction
Following the release of the financial results, Riot Platforms shares experienced a notable uptick, climbing 3.50% in after-hours trading to reach $10.34.
Conclusion
The remarkable growth reported by Riot Platforms signals strong prospects for future performance in an ever-evolving cryptocurrency landscape. With the increasing interest in Bitcoin and a robust operational strategy, Riot seems poised for continued growth.
Frequently Asked Questions
What were Riot Platforms' total revenues for fiscal 2024?
Riot Platforms reported total revenues of $376.7 million for fiscal 2024.
How many Bitcoin did Riot Platforms produce in 2024?
In fiscal 2024, Riot Platforms produced 4,828 Bitcoin.
What was the average cost of mining Bitcoin for Riot in 2024?
The average cost to mine Bitcoin for Riot was $32,216 in 2024.
What is Riot Platforms' strategy regarding Bitcoin production?
Riot Platforms aims to retain its Bitcoin production rather than selling it, as part of its treasury policy.
What has been the market reaction to Riot Platforms' financial results?
Riot Platforms' shares increased by 3.50% in after-hours trading following the announcement of its financial results.
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