Riot Platforms Q3 net income swings to profit

Overview

• Riot Platforms Q3 revenue of $180.2 mln beats analyst expectations

• Net income for Q3 at $104.5 mln, reversing a loss from last year

• Company initiates 112 MW data center project at Corsicana campus

Outlook

• Riot initiates 112 MW data center development at Corsicana campus

• Company focuses on expanding data center capabilities

Result Drivers

• BITCOIN MINING REVENUE - Revenue increased due to a $93.3 mln rise in Bitcoin Mining revenue, driven by higher bitcoin prices and operational hash rate

• DATA CENTER DEVELOPMENT - Initiation of 112 MW core and shell development at Corsicana campus, supported by land acquisition and design completion

• COST TO MINE - Cost to mine Bitcoin rose due to a 52% increase in global network hash rate, offset by a 147% increase in power credits

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", no "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 $26.00, about 14.7% above its October 29 closing price of $22.17

Press Release: ID:nGNX473KRj

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