Riot Platforms, Inc. reported significant financial developments for the three and nine months ended September 30, 2024, reflecting both growth and challenges in its operations. The company achieved total revenue of $84.8 million for Q3 2024, a substantial increase from $51.9 million in Q3 2023. For the nine-month period, revenue rose to $234.1 million, compared to $201.9 million in the prior year. The increase in revenue was primarily driven by Bitcoin Mining, which generated $67.5 million in Q3 2024, up from $31.2 million in Q3 2023, and $194.7 million for the nine months, compared to $129.0 million in 2023. The average Bitcoin price also saw a notable rise, averaging $61,133 per coin in Q3 2024, compared to $28,228 in the same period last year.
Despite the revenue growth, Riot Platforms reported a net loss of $154.4 million for Q3 2024, widening from a loss of $80.0 million in Q3 2023. For the nine months, the net loss narrowed to $27.0 million from $88.9 million in the previous year. The increase in costs and expenses, which totaled $206.3 million for Q3 2024 compared to $134.4 million in Q3 2023, contributed to the losses. Notably, selling, general, and administrative expenses surged to $66.9 million, primarily due to stock compensation and increased hiring.
Strategically, Riot Platforms has focused on expanding its mining capabilities, highlighted by the acquisition of Block Mining for approximately $113.6 million, which included cash and stock. This acquisition is expected to enhance the company's hash rate and geographic footprint. Additionally, the company has been investing heavily in new mining equipment, with total deposits and payments to MicroBT for miners reaching approximately $448.5 million, alongside ongoing development of the Corsicana Facility, which is projected to have a capacity of 1.0 GW.
Riot's total assets increased to $2.9 billion as of September 30, 2024, up from $2.1 billion at the end of 2023, while total stockholders' equity rose to $2.7 billion. The company also reported a significant increase in cash and cash equivalents, totaling $355.7 million, down from $597.2 million at the end of 2023, reflecting the cash used in operations and investments.
Overall, Riot Platforms is navigating a complex landscape of increased operational costs and market volatility while pursuing aggressive growth strategies in the Bitcoin mining sector.
About Riot Platforms, Inc.
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