Business
Riot Blockchain Reports Record First Quarter 2022 Financial Results, Current Operational and Financial Highlights
Riot Reports a Record $79.8 Million in Total Revenue and 1,405 BTC Produced in Q1 2022 CASTLE ROCK, Colo., May 10, 2022 (GLOBE NEWSWIRE) -- Riot Blockchain,
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Reports a Record $79.8 Million in Total Revenue and 1,405 BTC Produced in Q1 2022\nCASTLE ROCK, Colo., May 10, 2022 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot Blockchain” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and hosting, reported financial results for the three-month period ended March 31, 2022. The unaudited financial statements are available on Riot’s website and here. “We are extremely proud of the progress that Riot continues to make, having achieved record levels of net income, revenue, hash rate and Bitcoin mined in the first quarter,” said Jason Les, CEO of Riot. “Our vertically integrated business strategy of owning, operating and manufacturing has accelerated our growth while helping insulate us from continuing global supply chain issues. Over the remainder of 2022 and beyond, Riot plans to build upon the solid foundation set to date. We look forward to demonstrating continued operational excellence, execution in increasing our hash rate, and leading our industry in increasing the Company’s developed capacity.” First Quarter 2022 and Recent Financial Highlights Riot continues to attain significant milestones while positioning itself for future opportunities, driven by its focus on Bitcoin mining. Increased total revenue by 244% to a record $79.8 million for the three-month period ended March 31, 2022, as compared to $23.2 million for the same three-month period in 2021.Increased mining revenue by 150% to a record $57.9 million for the three-month period ended March 31, 2022, as compared to $23.2 million for the same three-month period in 2021.Produced record net income of $35.6 million for the three-month period ended March 31, 2022, as compared to net income of $7.5 million for the same three-month period in 2021. Mining revenue margin remained consistent at approximately 67% of mining revenues on a year-over-year basis, despite a 12% lower price of BTC in Q1 2022 of $41,241 as compared to $46,729 for the same period in 2021, demonstrating the Company’s increasing operating efficiencies in its mining segment. Mining revenue margin is computed as Bitcoin mining revenue net of cost of revenues of Bitcoin mining (exclusive of depreciation and amortization). Increased BTC production quantity by 186% to a record 1,405 BTC during the three-month period ended March ...