Slide 1: Q1 2023 Quarterly Update
Q1 2023 Quarterly Update May 10, 2023 NASDAQ: RIOT
Slide 2: Forward-looking statements
Statements in this presentation that are not statements of historical fact are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and are not guarantees of future performance or actual results. Such sta
Slide 3: Riot Platforms is the Leading Bitcoin-Driven Infrastructure Platform
Riot Platforms (NASDAQ: RIOT) is the Leading Bitcoin-Driven Infrastructure Platform 94,176 miners deployed / 10.5 EH/s hash rate deployed2,3 Significant scale of operations Total revenue1 : $73 million Low-cost producer 1 2 Direct cost to produce 1 BTC1,4: $9,438/BTC Bitcoin Mining gross margin1,4:
Slide 4: Q1 2023 Financial and Operational Results
Q1 2023 Financial and Operational Results 4
Slide 5: Riot Platforms Q1 2023 Snapshot
Riot Platforms Q1 2023 Snapshot 5 Q1 2023 Notes Ending hash rate deployed1 10.5 EH/s ▪ 144% increase year-over-year Bitcoin produced 2,115 BTC ▪ 51% increase year-over-year Bitcoin sold 1,975 BTC ▪ $44.4 million in proceeds received (avg. price of $22,481 per BTC) Bitcoin held 7,094 BTC ▪ $202.0 mil
Slide 6: Riot Achieved All-Time Records in Miners Deployed, Hash Rate, and Bitcoin Produced
6 Ending miners deployed(# of miners) Ending hash rate deployed (EH/s) Bitcoin produced (# of BTC) Bitcoin held (# of BTC) 4.3 10.5 Q1 2022 Q1 2023 +144% 6,062 7,094 Q1 2022 Q1 2023 42,919 94,176 Q1 2022 Q1 2023 +119% 1,405 2,115 Q1 2022 Q1 2023 +51% +17% 1. Excludes 17,040 miners that are offline a
Slide 7: Bitcoin Mining – Gross Margins Recovering
$57.9 $46.2 $22.1 $30.7 $48.0 68% 66% 61% 39% 58% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Revenue ($ million) Gross margin (%) 7 Bitcoin Mining – Gross Margins Recovering Alongside Q1 2023 Rebound in Bitcoin Price 4.3 EH/s 4.4 EH/s 5.6 EH/s 9.7 EH/s 10.5 EH/s Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
Slide 8: Data Center Hosting – Ongoing Efforts to Resolve Legacy Contracts
$(3.4) $(1.9) $1.1 $(6.4) $(15.5) (35%) (19%) 13% (71%) (171%) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Gross profit ($ million) Gross margin (%) $9.7 $9.8 $8.4 $9.0 $9.0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 8 Data Center Hosting – Ongoing Efforts to Resolve Legacy Contracts +1% -15% +7% +1% ▪ $0.
Slide 9: Electrical Engineering – Strong Increase in Demand
$0.6 $1.8 $2.0 $3.5 $0.6 5% 10% 13% 17% 4% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Gross profit ($ million) Gross margin (%) $12.1 $16.9 $15.8 $20.5 $16.1 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 9 Electrical Engineering – Strong Increase in Demand from Third-Party Data Center Customers +40% -7% +29%
Slide 10: Q1 2023 Operational Highlights
Q1 2023 Operational Highlights 10
Slide 11: Rockdale Facility – Largest Bitcoin Mining Facility in North America
11 1. As measured by developed capacity. Rockdale Facility – Largest Bitcoin Mining Facility in North America1 ▪ As of April 30, 2023, we had a deployed fleet of 94,176 miners with hash rate capacity of 10.5 EH/s (excluding 17,040 miners currently offline in Building G) ▪ As of April 30, 2023, 800 m
Slide 12: Corsicana Facility – Riot's Second Large-Scale Facility
G 12 Corsicana Facility – Riot's Second Large-Scale Facility [1 GW] Capex spent as of Q1 2023 Q2-Q4 2023 capex estimate 2024 capex estimate Total phase 1 capex $70mm $333mm Corsicana Phase 1 Capex Schedule1 $182mm $81mm Aerial shot of Corsicana Facility development site 1. Phase 1 of the Corsicana F
Slide 13: Industry-Leading Financial Strength, with Growth Plans Through Year-End 2023
13 Q1 2023 ATM proceeds Estimated BTC sales Rockdale Facility expansion Corsicana Facility 400 MW build-out $188 million Cash balance1,2 4 1. As of March 31, 2023. 2. Includes $158.3 million of unrestricted cash and $29.5 million of restricted cash. 3. $95.7 million of net proceeds received from ATM
Slide 14: Riot's vision is to be the world's leading Bitcoin-driven infrastructure platform
14 Riot’s vision is to be the world’s leading Bitcoin-driven infrastructure platform
Slide 15: Appendix
Appendix 15
Slide 16: Statement of Operations (Unaudited)
16 Statement of Operations (Unaudited) Three Months Ended March 31, 2023 2022 (in $ thousands) Revenue: - Bitcoin Mining $ 48,023 $ 57,945 - Data Center Hosting 9,042 9,694 - Engineering 16,147 12,124 - Other revenue 24 24 Total revenue 73,236 79,787 Costs and expenses: Cost of revenue: - Bitcoin Mi
Slide 17: Balance Sheet (Unaudited)
As of March 31, As of December 31, 2023 2022 (in $ thousands) 17 Balance Sheet (Unaudited) Assets: Current assets: Cash and cash equivalents $ 158,272 $ 230,328 Restricted cash 29,498 - Accounts receivable, net 19,837 26,932 Costs and estimated earnings in excess of billings 13,718 19,743 Prepaid ex
Slide 18: Balance Sheet (Unaudited) – Liabilities and Equity
18 Balance Sheet (Unaudited) Liabilities and stockholder's equity: Current liabilities: Accounts payable 19,685 18,445 Billings in excess of costs and estimated earnings 5,345 8,446 Accrued expenses 82,666 65,464 Deferred revenue, current portion 2,776 2,882 Contingent consideration liability - futu
Slide 19: Non-GAAP Adjusted EBITDA (Unaudited)
19 Non-GAAP Adjusted EBITDA (Unaudited) * Indicates Non-GAAP measure. We use Adjusted EBITDA to eliminate the effects of certain non-cash and/or non-recurring items, that do not reflect our ongoing strategic business operations. Adjusted EBITDA includes impairment of Bitcoin charges. Adjusted EBITDA
Slide 20: Non-GAAP Cost of Revenues (Unaudited)
20 Non-GAAP Cost of Revenues (Unaudited) * Indicates Non-GAAP measure. We use these Non-GAAP measures to evaluate the performance of our core business operations, Bitcoin Mining and Data Center Hosting, after including the impact of our power management strategy. They are provided in addition to, an