Riot Platforms Reports FY23 Revenue $280.7M Misses $288.433M Estimate
Portfolio Pulse from Benzinga Newsdesk
Riot Platforms (RIOT) reported FY23 revenue of $280.7M, missing the $288.433M estimate but showing improvement from $259.2M in FY22. The increase was driven by higher Bitcoin production and prices. RIOT earned $71.2M in power credits, produced 6,626 Bitcoin (up 19% YOY), and saw a net loss decrease to $49.5M from $509.6M in FY22. Non-GAAP Adjusted EBITDA was $214.0M, including a $184.7M gain on Bitcoin. The company also increased its hash rate capacity by 28% to 12.4 EH/s.
February 22, 2024 | 9:56 pm
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POSITIVE IMPACT
Riot Platforms reported a FY23 revenue miss but showed significant operational improvements, including a 19% increase in Bitcoin production, a substantial reduction in net loss, and a 28% increase in hash rate capacity.
Despite missing revenue estimates, RIOT's operational improvements and significant reduction in net loss, coupled with a strong position in Bitcoin production and hash rate capacity, suggest a positive outlook for the stock in the short term. The decrease in cost to mine Bitcoin and the increase in non-GAAP Adjusted EBITDA further support this view.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100