Riot Platforms, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023 at 10:17 pm
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Riot Platforms, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 31.22 million compared to USD 22.07 million a year ago. Revenue was USD 51.89 million compared to USD 46.29 million a year ago. Net loss was USD 45.33 million compared to USD 32.44 million a year ago. Basic loss per share from continuing operations was USD 0.25 compared to USD 0.21 a year ago.
For the nine months, sales was USD 128.99 million compared to USD 126.17 million a year ago. Revenue was USD 201.87 million compared to USD 199.02 million a year ago. Net loss was USD 128.7 million compared to USD 349.42 million a year ago. Basic loss per share from continuing operations was USD 0.76 compared to USD 2.61 a year ago.
Riot Platforms, Inc. is a vertically integrated bitcoin mining company principally engaged in enhancing its capabilities to mine bitcoin in support of the bitcoin blockchain. It also provides comprehensive and critical mining infrastructure for institutional-scale hosted clients to mine bitcoin at its Rockdale Facility. The Rockdale Facility provides over 700 megawatts in total developed capacity for its bitcoin mining and data center hosting services for institutional-scale hosted clients. It operates through three segments: Bitcoin Mining, Data Center Hosting, and Engineering. Its Bitcoin Mining segment operates approximately 112,944 miners, with a hash rate capacity of 12.4 exahash per second (EH/s). Its Data Center Hosting segment operates at its Rockdale Facility and focuses on providing co-location services for institutional-scale bitcoin mining companies. Its Engineering segment designs and manufacturers power distribution equipment and custom engineered electrical products.