Business
Riot Blockchain Reports Third Quarter 2020 Financial Results, Recent Operational & Financial Highlights
- Increased mining revenue by 21% to $6.7 million for the nine-month period ended September 30, 2020, as compared to $5.6 million the same nine-month period
About this update from Riot Platforms, Inc.
[{"type":"text","content":"- Increased mining revenue by 21% to $6.7 million for the nine-month period ended September 30, 2020, as compared to $5.6 million the same nine-month period in 2019.\n - Increased cryptocurrency mining revenue margin to 38% for the nine-month period ended September 30, 2020, as compared to 18% during the same nine-month period in 2019.\n - Increased margin of cryptocurrency mining revenues in excess of cost of revenues during the three-month period ended September 30, 2020 to 47%, indicating performance improved in the latter part of the nine-month period ended September 30, 2020.\n - Excluding stock-based compensation, decreased SG&A expenses to $5.1 million for the nine months ended September 30, 2020, as compared to $6.7 million during the same nine-month period in 2019.\n - Increased liquidity to $39.1 million in cash and cryptocurrencies, as compared to $11.3 million as of December 31, 2019.\n\n\nCASTLE ROCK, Colo., Nov. 9, 2020 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot\" or the \"Company\"), one of the few Nasdaq listed public cryptocurrency mining companies in the United States, reported financial results for the three and nine-month periods ended September 30, 2020. The financial statements are available on Riot's website and here. \n\n \n \n \n \n \n \n\n \nRiot continues to achieve substantial milestones on its bitcoin mining focus. As previously disclosed, the Company expects to have a total of 22,640 miners deployed by June 2021, the vast majority consisting of the latest generation S19 Pro miners. At full deployment, Riot expects to achieve 2.3 EH/s of total hash rate capacity by utilizing 73 megawatts of energy. This would result in Riot having an overall operational efficiency of approximately 32.33 ±% 5 joules per terahash (J/TH).\nRiot's mining revenues for the nine-month period ended September 30, 2020 increased by 21%, as compared to the same nine-month period in 2019. SG&A expenses, excluding stock-based compensation decreased by 24%. In addition, the Company's working capital, liquidity and total stockholders' equity positions all continued to improve as compared to the beginning of 2020.\nRecent Operational Highlights\nReceived and deployed 3,040 next-generation Bitmain S19 and S19 Pro Antminers during the period of July through November 2020, increasing the Company's total hashrate capac...