Riot Platforms, Inc. (NASDAQ: RIOT) has just released its full year 2023 financial results and current operational highlights. The company, an industry leader in vertically integrated Bitcoin mining, reported record-breaking results, including $280.7 million in total revenue, production of 6,626 Bitcoin, and a record hash rate capacity of 12.4 EH/s.
Key Highlights: Total revenue for the fiscal year ended December 31, 2023, was $280.7 million, compared to $259.2 million for the same period in 2022. Riot earned $71.2 million in power credits through support of the ERCOT grid in Texas during supply/demand issues in 2023. The company produced 6,626 Bitcoin, a 19% increase from the previous year, despite the impact of the company’s effective power strategy. Riot's cost to mine Bitcoin in 2023, net of power credits allocated to self-mining, averaged $7,539 per Bitcoin, representing a 33% decrease year-over-year. The company achieved a net loss of $49.5 million in 2023, significantly improved from a net loss of $509.6 million in 2022. Riot's hash rate capacity increased by 28% to 12.4 EH/s as of December 31, 2023, compared to 9.7 EH/s in the prior year.
Financial Results: Total revenue for the year comprised $189.0 million in Bitcoin mining revenue, $27.3 million in data center hosting revenue, $64.3 million in engineering revenue, and $0.1 million in other revenue. Bitcoin mining revenue in excess of mining cost of revenue for the year was $92.4 million, representing 48.9% of mining revenue. * Non-GAAP adjusted EBITDA for 2023 was $214.0 million, a significant improvement compared to $(67.2) million in 2022.
Operational Outlook: * Riot plans to energize the first building at its new Corsicana facility at the end of Q1 2024, with a projected self-mining hash rate growth to over 28 EH/s by the end of 2024.
Riot Platforms, Inc. aims to be the world’s leading Bitcoin-driven infrastructure platform, with a focus on Bitcoin mining and digital infrastructure operations in central Texas and Colorado.
The company's full 8-K submission is available here. As a result of these announcements, the company's shares have moved -6.5% on the market, and are now trading at a price of $14.71. For more information, read the company's full 8-K submission here.