What's Going On With Bitcoin Mining Stock Riot Platforms?

Riot Platforms Inc RIOT shares are trading higher Wednesday on the heels of the Bitcoin BTC/USD mining company’s first-quarter results. Here’s a look at the highlights from the quarter.

What Happened: Riot Platforms reported first-quarter revenue of $79.3 million, which missed the consensus estimate of $94.859 million, per Benzinga Pro. The company reported positive earnings of 82 cents per share, beating estimates for a loss of 14 cents per share.

Riot said it produced 1,264 bitcoin during the quarter, down 36% year-over-year. The company said the decline was primarily due to a significant increase in bitcoin network difficulty. Riot anticipates achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024.

“This quarter, Riot reported net income of $211.8 million and earnings per share of $0.82 which are new record highs for our quarterly results. Additionally, we reported $245.7 million in adjusted EBITDA for the quarter, another record high for Riot, rounding out strong financial performance for the quarter,” said Jason Les, CEO of Riot.

Riot noted that it has placed three purchase orders with MicroBT for additional mining systems. Deployment of the miners is expected to begin in the second quarter and be completed in the third quarter. Riot expects that it will reach a total self-mining hash rate capacity of 41 EH/s in 2025 upon full deployment.

Management will hold a conference call to discuss these results at 8:30 a.m. ET.

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RIOT Price Action: Riot Platforms shares were up 2.56% at $10.37 at the time of publication, according to Benzinga Pro.

Photo: wastedgeneration from Pixabay.