Riot Platforms Q3 net loss of $154 million, total revenue of $84.8 million

Riot Platforms reported a steep third-quarter loss due to rising costs and unrealized investment losses as it lowered its hashrate targets for 2024 and beyond. Riot produced 1,104 BTC in the quarter, roughly the same as the same period last year (1,106 BTC). The company’s production fell 52% year-over-year in the previous quarter. For the quarter ended September 30, the company reported total revenue of $84.8 million, of which $67.5 million came from bitcoin mining. Gross profit from bitcoin mining, excluding depreciation, was $28.4 million, a 42% margin, a sharp drop from 181% in the same period last year. Rising electricity, labor, and insurance costs contributed to the difference. The company reported a net loss of $154.4 million, or $0.54 per share, compared with a net loss of $84.4 million ($0.32 per share) in the second quarter and a loss of $0.44 per share in the same period last year. This was also significantly lower than the consensus estimate of a loss of $0.18 per share. The larger loss included $38 million in unrealized losses on available-for-sale equity securities, $30.6 million in non-cash stock-based compensation, and $60 million in depreciation and amortization expenses. Non-GAAP adjusted EBITDA was a loss of $3.6 million for the quarter, slightly wider than the $3.1 million loss in the same period last year. (The Block)