On May 1, 2024, Riot Platforms, Inc., a Nevada-based Bitcoin mining and digital infrastructure company, reported its financial results for the first quarter of 2024. The company, which trades under the symbol RIOT on the Nasdaq Capital Market, announced a total revenue of $79.3 million, an increase from $73.2 million in the same period of 2023. This rise was attributed to a 131% increase in Bitcoin prices, despite a decrease in Bitcoin production. Riot achieved a net income of $211.8 million and earnings per share of $0.82, both record highs for the company. Adjusted EBITDA also reached a new peak at $245.7 million. The quarter saw the energization of Riot's Corsicana Facility, which is expected to be the world's largest dedicated Bitcoin mining facility upon full development...Show More

On May 1, 2024, Riot Platforms, Inc., a Nevada-based Bitcoin mining and digital infrastructure company, reported its financial results for the first quarter of 2024. The company, which trades under the symbol RIOT on the Nasdaq Capital Market, announced a total revenue of $79.3 million, an increase from $73.2 million in the same period of 2023. This rise was attributed to a 131% increase in Bitcoin prices, despite a decrease in Bitcoin production. Riot achieved a net income of $211.8 million and earnings per share of $0.82, both record highs for the company. Adjusted EBITDA also reached a new peak at $245.7 million. The quarter saw the energization of Riot's Corsicana Facility, which is expected to be the world's largest dedicated Bitcoin mining facility upon full development. Riot's self-mining hash rate capacity is projected to nearly triple to 31 EH/s by year-end. The company's financial position remains strong, with $692.5 million in working capital, including $688.5 million in cash and 8,490 unencumbered Bitcoin. Riot also reported on its at-the-market equity offering program, which brought in net proceeds of approximately $345.7 million from the sale of shares during the quarter. The company's CEO, Jason Les, expressed excitement over the milestones achieved, which he believes solidify Riot's growth path.