Business
Riot Blockchain Announces Financial Results and Operating Highlights for the Year Ended December 31, 2021
Riot Earns Record 3,812 BTC and $213.2 Million in Total Revenue in 2021 CASTLE ROCK, Colo., March 16, 2022 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ:
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Earns Record 3,812 BTC and $213.2 Million in Total Revenue in 2021\nCASTLE ROCK, Colo., March 16, 2022 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot Blockchain” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and hosting, announced today financial highlights and financial results, for the full year ended December 31, 2021. The audited financial statements are available on Riot’s website and here. Increased 2021 total revenue by 1,665% to $213.2 million, compared to $12.1 million in 2020.Reported a net loss of $7.9 million in 2021, as compared to a net loss of $12.7 million in 2020. Net loss for the fiscal year 2021 was significantly impacted by non-cash stock-based compensation expense of $68.5 million and a non-cash, unrealized loss of $36.5 million on impairment of cryptocurrencies.Produced a Company record Adjusted Non-GAAP EBITDA of $82.4 million in 2021, compared to $(6.3) million in Non-GAAP Adjusted EBITDA in 2020. See attachment for supplemental information of Non-U.S. GAAP Measures of Financial Performance.Increased hashing capacity by 444% to 3.1 EH/s as of December 31, 2021, compared to 0.57 EH/s as of December 31, 2020.Increased Bitcoin held on balance sheet by 353% to 4,884 BTC as of December 31, 2021, compared to 1,078 BTC as of December 31, 2020. “We are pleased to report that 2021 was a record financial year for the Company,” said Jason Les, CEO of Riot. “2021 was also a transformative year, with the Company emerging as a vertically-integrated industry leader in Bitcoin mining. Riot is extremely well-positioned for the future with demonstrated access to low-cost infrastructure, a world-class digital infrastructure development team, highly-specialized in-house engineering capabilities, industry-leading utilization of cutting-edge immersion-cooling technology, increasing hash rate and a strong balance sheet. As part of our strategy in 2022, the Company will continue to leverage its industry-leading position and focus on driving operational, technological and financial improvements that are expected to deliver results for our shareholders.” Fiscal Year 2021 Operational Highlights Invested in 82,500 Bitmain S19, S19 Pro, S19j Pro, and S19XP Antminers which, when fully installed by January 2023, are expected to achieve an estimated aggregate Bitcoin mining hash rate capac...