Q2 2024 Riot Platforms Inc Earnings Call Transcript
Key Points
- Riot Platforms Inc (RIOT) achieved a 77% increase in total deployed hash rate quarter over quarter, exceeding their target.
- The company raised its 2024 deployed hash rate target from 31 EH/s to 36.5 EH/s and its 2025 target from 40 EH/s to 56 EH/s.
- Riot Platforms Inc (RIOT) generated $13.9 million in power credits during the quarter, resulting in an all-in cost of power of $0.027 per kilowatt hour.
- The acquisition of Block Mining adds 16 MW of operating capacity with potential expansion to 110 MW this year and a pipeline to over 300 MW in Kentucky.
- Riot Platforms Inc (RIOT) ended the second quarter with 9,334 Bitcoin, a 28% increase compared to the same period in 2023.
- Bitcoin production decreased by 52% from the second quarter of 2023, primarily due to the block subsidy halving event and increased network difficulty.
- Total revenue for the second quarter was $70 million, a 9% decrease year over year, driven by lower revenue at the company's engineering division.
- Non-GAAP adjusted EBITDA for the quarter was a loss of $75.2 million, compared to a positive $24.3 million in the second quarter of 2023.
- Net loss for the quarter was $84.4 million, or $0.32 per share, compared to a net loss of $27.4 million, or $0.16 per share, for the same period in 2023.
- The company's Bitcoin mining margin decreased to 37% from 52% in the second quarter of 2023, primarily due to the halving event and increased global hash rate.
Greetings and welcome to Riot Platforms second-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.
And it is now my pleasure to introduce your host, Phil McPherson, Vice President of Capital Markets and Investor Relations. Thank you. You may begin.
Thank you, Zeeco. Good afternoon, and welcome to Riot Platforms' second-quarter 2024 earnings conference call. My name is Phil McPherson, and joining me on today's call from Riot are Jason Les, CEO; Colin Yee, CFO; and Jason Chung, Executive Vice President and Head of Corporate Development and Strategy.
On the right, at the Investor Relations website, you can find our second-quarter 2024 earnings press release and accompanying earnings presentation, which are intended to supplement today's prepared remarks and which include a discussion of certain non-GAAP items. Non-GAAP financial measures provided should not be considered as a
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