Business
Riot Blockchain Reports Record Second Quarter 2021 Financial Results, Current Operational and Financial Highlights
Castle Rock, CO, Aug. 23, 2021 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot" or the "Company"), one of the leading Nasdaq-listed public
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Castle Rock, CO, Aug. 23, 2021 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot\" or the \"Company\"), one of the leading Nasdaq-listed public Bitcoin (“BTC”) mining companies in the United States, reported financial results as of and for the three-months ended June 30, 2021. The unaudited financial statements are available on Riot's website and here. Increased mining revenue by 1,540% to a record $31.5 million for the three-month period ended June 30, 2021, as compared to $1.9 million for the same three-month period in 2020.Increased mining revenue margin to 70% for the three-month period ended June 30, 2021, as compared to 25% for the same three-month period in 2020.Produced record net income of $19.3 million, or $0.22 per share for the three-month period ended June 30, 2021, as compared to a $(10.6) million net loss, or $(0.31) per share, for the same three-month period in 2020.Total cash and Bitcoin of $195.4 million as of June 30, 2021. “We are extremely pleased with Riot’s record quarterly financial results,” said Jason Les, Riot’s CEO. “The Company’s improved financial results are a direct result of Riot’s absolute focus on Bitcoin mining and growing its mining operations. With the successful acquisition of Whinstone US (“Whinstone”), the Company’s growth prospects have been significantly de-risked, and future financial opportunities are very exciting. As previously announced, Riot is aggressively expanding its capacity at Whinstone, which is expected to provide the critical infrastructure necessary to successfully execute on driving continued growth for the Company.” Second Quarter 2021 and Recent Financial Highlights Riot continues to attain significant milestones and set up for future opportunities, driven by its focus on Bitcoin mining. Produced a Company record $19.3 million in net income for the three-month period ended June 30, 2021, as compared to a $(10.6) million net loss for the same three-month period in 2020.Increased mining revenues by 1,540%, to $31.5 million for the three-month period ended June 30, 2021, as compared to $1.9 million for the same three-month period in 2020.Increased mining revenue margin, excluding depreciation and amortization, to 70% for the three-month period ended June 30, 2021, as compared to 25% for the same three-month period in 2020.Increased total mined BTC by 38% o...