Riot Q2 revenue rises, reaches record net income

Overview

• Riot Q2 revenue rises to $153 mln, largely in line with analyst expectations, per LSEG data

• Net income reaches record $219.5 mln, driven by Bitcoin mining revenue

• Adjusted EBITDA hits $495.3 mln, reflecting strong operational performance

Outlook

• Riot Platforms focuses on optimizing its ready-for-service power portfolio for future growth

• Company aims to expand high-value data centers

• Riot Platforms positioned to benefit from Bitcoin and computing demand

• Company leveraging robust balance sheet for strategic expansion

Result Drivers

• BITCOIN MINING REVENUE - Driven by higher average Bitcoin prices and increased in operational hash rate

• INCREASED BITCOIN PRODUCTION - Produced 1,426 Bitcoin, up from 844 in Q2 2024

• COST TO MINE - Cost per Bitcoin increased due to block subsidy 'halving' and higher global network hash rate

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for Riot Platforms Inc is $16.75, about 19.3% above its July 30 closing price of $13.52

Press Release: ID:nGNX4X8F2l