Business
Riot Reports Full Year 2022 Financial Results, Current Operational and Financial Highlights
Riot Reports Record Results, with $259.2 Million in Total Revenue, 5,554 Bitcoin Produced, and Record Hash Rate Capacity of 9.7 EH/s CASTLE ROCK, Colo., March
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Reports Record Results, with $259.2 Million in Total Revenue, 5,554 Bitcoin Produced, and Record Hash Rate Capacity of 9.7 EH/s\nCASTLE ROCK, Colo., March 02, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and data center hosting, reported today financial results for the full year ended December 31, 2022. The audited financial statements are available on Riot’s website and here. “I am pleased to announce 2022 results for Riot, highlighted by significant growth in hash rate, successful expansion at our Rockdale Facility, continued progress on our Corsicana Facility development, and a lowering of our industry leading cost of Bitcoin production, all while maintaining our strong financial position,” said Jason Les, CEO of Riot Platforms. “This was a remarkable year of growth for Riot, as we more than tripled our hash rate capacity, leading to numerous monthly production records, and finished the year at an all-time high of 9.7 EH/s in hash rate capacity, which is a testament to the hard work our best-in-class team has put in throughout 2022. Three new buildings at our Rockdale Facility were completed in 2022, and a fourth is nearing completion in Q1 2023 which, when completed, will finalize our Rockdale Facility expansion. Meanwhile, our additional growth plans continue to progress, with development at our Corsicana Facility, where we broke ground in mid-2022, and are on track for energization in the fourth quarter of 2023.” “In 2022, Riot realized significant benefits from our unique power strategy, from which we generated more than $27 million in power credits through voluntary energy curtailment under our low-cost, large-scale, and long-term fixed rate power contracts. These power credits enabled us to lower our cost of production in 2022, on a non-GAAP basis, to among the lowest in the industry. Despite challenging market conditions, particularly in the second half of the year, Riot was also able to maintain our strong financial position, ending 2022 with approximately $230 million in cash, no long-term debt, and 6,974 Bitcoin, worth approximately $116 million on a non-GAAP basis based on year-end Bitcoin prices. Riot’s industry-leading financial strength puts us in a strong position to continue executing on our aggressive growth plans, in...