Bitcoin Miner Riot Platforms Reports Q2 Earnings, Shares Stumble

Riot Platforms Inc RIOT reported financial results for the second quarter on Thursday after the bell. Here’s a rundown of the report.

Q2 Earnings: Riot reported second-quarter revenue of $152.99 million, beating analyst estimates of $147.65 million. The Bitcoin BTC/USD mining company reported second-quarter earnings of 57 cents per share, beating estimates for a loss of 10 cents per share, per Benzinga Pro.

Riot said it produced 1,426 Bitcoin during the quarter, up from 844 in the prior year’s quarter. The company’s average cost to mine was $48,992 in the period.

Riot held a total of 19,273 Bitcoin at quarter’s end. The company also had $255.4 million of unrestricted cash on hand.

“Strong tailwinds in the price of Bitcoin contributed to Riot achieving a record $219.5 million in net income and $495.3 million in adjusted EBITDA, representing exceptionally strong results for the quarter,” said Jason Les, CEO of Riot.

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“We are immensely proud of our evolution over the past several years, having built world-class capabilities in power procurement, Bitcoin mining at global scale, and infrastructure engineering, culminating in a strong position to control our destiny and maximize shareholder value.”

RIOT Price Action: Riot shares were down 5.15% in Thursday's after-hours session, trading at $12.72 at the time of publication, according to Benzinga Pro.

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