Riot Platforms Inc (NASDAQ: RIOT) is in the green at writing after reporting a surprise profit for its first financial quarter.
Riot comes in shy of revenue estimates in Q1
Revenue printed at $79.3 million in Q1 – versus $95.5 million that experts had forecast, as per the press release the bitcoin miner posted on Wednesday.
On the plus side, however, analysts had called for a 21 cents loss on a per-share basis while Riot Platforms came in at a record 82 cents per share of earnings. According to Jason Les – its chief executive:
[Riot] achieved a number of significant milestones [in Q1] which further solidify our growth path.
Riot Platforms now expects to end this year with 31 EH/s of total self-mining hash rate capacity. Its shares are now down some 40% versus their year-to-date high.
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Riot benefited from a sharp rally in Bitcoin
Riot Platforms attributed much of the strength in its fiscal first quarter to a whopping 131% increase the price of Bitcoin versus last year.
The Nasdaq-listed firm mined 1,364 bitcoin in total – down 36% versus the same quarter last year while the cost of mining at $23,034 on average was up some 14.5% on a year-over-year basis. CEO Les also said in the press release today:
Last month, Riot also announced the energization of our Corsicana Facility, which we believe will be the largest dedicated Bitcoin mining facility in the world once fully developed.
Other notable figures in the earnings report include $4.7 million in engineering revenue which was also down significantly versus the same three-month period of 2023. Wall Street currently has a consensus “buy” rating on Riot stock.
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