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Mar 31, 2023
Riot Q1 2023 Earnings Report
Riot reported a decrease in revenue due to lower Bitcoin prices, but achieved record Bitcoin production and hash rate capacity.
Key Takeaways
Riot Platforms reported a total revenue of $73.2 million for Q1 2023, a decrease compared to Q1 2022 due to lower Bitcoin prices. However, the company achieved record Bitcoin production of 2,115 and a hash rate capacity of 10.5 EH/s. The company is nearing completion of miner deployment at its Rockdale Facility and is working to enhance operating efficiency.
Total revenue was $73.2 million, compared to $79.8 million in the same period last year.
Bitcoin production reached 2,115, up from 1,405 in the same period last year.
The company maintained a strong financial position with $158.3 million in cash on hand and $202.0 million in Bitcoin.
Riot achieved an all-time record hash rate capacity of 10.5 EH/s as of April 30, 2023.
Riot
Riot
Forward Guidance
Riot Platforms is continuing its 400 MW expansion at the Rockdale Facility, expected to be completed in Q2 2023, and anticipates achieving a hash rate capacity of 12.5 EH/s in the second half of 2023.
Positive Outlook
- Completion of water-cooling pads installation in Building D.
- Installation of evaporative water wall system framing in Building E.
- Building F has been brought back online.
- Ongoing 400 MW expansion at the Rockdale Facility.
- Expects to have a total of 94,976 miners deployed with a hash rate capacity of approximately 10.6 EH/s.
Challenges Ahead
- Damage to Buildings F and G at our Rockdale Facility due to severe winter storms.
- Delay in achieving 12.5 EH/s in total self-mining hash rate capacity in Q1 2023.
- 17,040 miners currently offline in Building G.
- The net loss for the quarter included non-cash stock-based compensation of $2.2 million.
- The net loss for the quarter included non-cash charges of $4.5 million related to impairment of our Bitcoin.