Slide 1: Riot Platforms FY 2023 Update
NASDAQ: RIOT Riot Platforms (NASDAQ: RIOT) FY 2023 Update February 27, 2024
Slide 2: Forward Looking Statements
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
Slide 3: Riot Platforms is the Leading Vertically Integrated Bitcoin Mining Company
Riot Platforms is the Leading Vertically Integrated Bitcoin Mining Company 1 Hash Rate Deployed: 6,626 Bitcoin mined1 / Significant scale of Total revenue1: YE 2023: YE 2024E: operations $281 million ~18.2 Bitcoin 12.4 EH/s 31.5 EH/s mined/day 2 FY 2023 Direct cost to FY 2023 Bitcoin Mining FY 2023
Slide 4: FY 2023 Financial Update
FY 2023 Financial Update Rockdale Facility, Building G (Immersion-Cooled) – Rockdale, Texas 4
Slide 5: Riot Platforms FY 2023 Snapshot
Riot Platforms FY 2023 Snapshot Ending hash rate deployed 12.4 EH/s ▪ 28% increase year-over-year Bitcoin produced 6,626 BTC ▪ 19% increase year-over-year ▪ $176.2 million in proceeds received (avg. price of $28,491 per Bitcoin sold 6,185 BTC BTC) Bitcoin held 7,362 BTC ▪ $311.2 million1 Revenue $28
Slide 6: Continued Year-over-Year Growth in Production and Capacity
Riot Platforms – Continued Year-over-Year Growth in Production and Capacity Ending miners deployed (# of miners) Ending hash rate deployed (EH/s) 12.4 +28% 112,944 +28% ▪ New all-time records in 112,944 88,556 9.7 miners deployed and 12.4 EH/s hash rate capacity achieved as of the end of Q4 2023 ▪ M
Slide 7: Company Wide Revenue Growth
Riot Platforms – Company Wide Revenue Growth $280.7 Revenue / ▪ Record revenues in Q4 Growth 2023 driven by increased per Quarter +5% -32% +52% Bitcoin production and a $73.2 $76.7 $78.8 (%) $51.9 higher average price per Bitcoin Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Adj. EBITDA 112% 32% (6)% 141%
Slide 8: Bitcoin Mining – Expanding Gross Margins
Bitcoin Mining – Expanding Gross Margins Q1 2023 Q2 2023 Q3 2023 Q4 2023 Riot Revenue Breakdown – Q4 2023 3 Avg. BTC price $22,704 $28,024 $28,230 $36,815 # of BTC 2,115 1,775 1,106 1,630 7% produced Bitcoin Mining Cost to Mine 1 $9,438 $8,389 ($6,141) $13,674 17% Data Center Hosting 122% 140% 76% E
Slide 9: Data Center Hosting – Continuing to Address Legacy Contracts
Data Center Hosting – Continuing to Address Legacy Contracts Riot Revenue Breakdown – Q4 2023 2 $9.0 -15% 7% Bitcoin Mining $7.7 17% Revenue / -34% Data Center Change +8% Hosting per $5.5 $5.1 Quarter 76% Engineering (%) Q1 2023 Q2 2023 Q3 2023 Q4 2023 ▪ Revenues marginally up vs. Q3 2023 Non- (52%)
Slide 10: Engineering – Continue to Work Through Record Backlog
Engineering – Continue to Work Through Record Backlog Riot Revenue Breakdown – Q4 2023 1 20% $19.3 -20% 7% Bitcoin Mining $16.1 $15.5 -14% 17% Revenue / $13.3 Data Center Growth Hosting per 76% Quarter Engineering (%) Q1 2023 Q2 2023 Q3 2023 Q4 2023 ▪ Q4 2023 decline in revenues driven by supply cha
Slide 11: Growth Plans – The Path to 100 EH/s
Growth Plans – The Path to 100 EH/s 1 GW Corsicana Facility Development – Corsicana, Texas 11
Slide 12: MicroBT Miner Order Provides Clear Path to 100 EH/s
MicroBT Miner Order Provides Clear Path to 100 EH/s in Self-Mining Capacity Corsicana and Rockdale Rockdale Expansion Additional Growth 100+ EH/s Historical 40.8 EH/s 36.1 EH/s 31.5 EH/s Assuming full exercise of 27.1 EH/s additional MicroBT purchase options 21.4 EH/s 12.4 EH/s 12.4 EH/s 9.7 EH/s 3.
Slide 13: MicroBT Miner Order Secures Future ASIC Miner Purchase Supply and Pricing
MicroBT Miner Order Secures Future ASIC Miner Purchase Supply and Pricing Historical ASIC & BTC Price History1 ▪ Riot began testing MicroBT miners in Q4 of 2022 $140 $70,000 Under 20 J/Th 20 to 25 J/Th 25 to 28 J/Th BTC Price ▪ Consistently demonstrates high uptime ▪ Purpose built for immersion-cool
Slide 14: Recent MicroBT Order Significantly Upgrades Riot's Mining Fleet
Recent MicroBT Order Significantly Upgrades Riot’s Mining Fleet MicroBT Combined Order Summary Model Quantity Hash Rate Efficiency J/TH M60S (Air-Cooled) 31,500 186 TH/s 18.5 M56S+ (Immersion-Cooled) 8,320 220 TH/s 24.0 M56S++ (Immersion-Cooled) 22,684 230 TH/s 22.0 M66 (Immersion-Cooled) 20,778 250
Slide 15: Fully-Funded Growth Plans Through Year-End 2025
Fully-Funded Growth Plans Through Year-End 2025 $97 million $110 million $160 million 7,362 $249 BTC2 million $597 million cash balance1 Q4 2023 Estimated Bitcoin Cost to Mine 4 Rockdale expansion Corsicana Facility Corsicana Facility Corsicana miner Production 2,3 miner purchases 400 MW build-out a
Slide 16: Power Strategy in FY 2023
Power Strategy in FY 2023 Air-Cooled Rack in Building D of Rockdale Facility 16
Slide 17: Long-Term Power Contracts Form the Basis of Riot's Power Strategy
Long-Term Power Contracts Form the Basis of Riot’s Power Strategy Riot’s 345MW Long-Term 24/7 Fixed-Price Power Contract is Utilized in 3 Ways… ERCOT Manual Curtailment ERCOT Ancillary Services 4 Coincident Peak ("4CP") Program ▪ Riot powers down operations and returns ▪ Riot competitively bids to s
Slide 18: Sell Power When Prices exceed Bitcoin Price
Riot's Power Strategy in FY 2023 – Sell Power When Prices exceed Bitcoin Price LZ South Average Settlement Price 1 $/MWh Mining Revenue 2 $210/MWh $190/MWh Average settlement $170/MWh price >$500/MWh $150/MWh $130/MWh Riot’s average cost $110/MWh of power 3 $90/MWh $70/MWh $50/MWh $30/MWh $22/MWh $1
Slide 19: Riot's vision is to be the world's leading Bitcoin-driven infrastructure platform
Riot’s vision is to be the world’s leading Bitcoin-driven infrastructure platform 2024 Hash Rate Growth New Large-Scale Facility 2025 Hash Rate Growth Energized in +154%12.4 EH/s 31.5 EH/s Q1 2024 +30% 31.5 EH/s 40.8 EH/s 2023 Cost to Mine1 2024 Cap Ex Fully $7,539 Per Bitcoin Funded 1. Twelve month
Slide 20: Appendix
Appendix 1OoT 20
Slide 21: Management Team and Board of Directors
Management Team and Board of Directors ✓ Supported by industry-leading ✓ Unique, Bitcoin-focused strategic infrastructure expansion vision capabilities ✓ Veteran public company ✓ Highly experienced independent expertise directors Benjamin Yi Jason Les Executive Chairman of the Board Chief Executive
Slide 22: Statement of Operations
Statement of Operations ‘Years Ended December 31, 208 2022 2021 Revenue: Bitcoin Mining S 188,995 $ 156870 $ 184,422 Data Center Hosting 27282 36,862 24.546 Engineering 64303 65342 4178 Other reverme 97 97 97 Total sevene 280,678 259,171 213.243 Costs and expenses Cost of revenue: Bitcain Mining 96,
Slide 23: Balance Sheet
Balance Sheet 1OoT ASSETS Current assets ‘Cash and cash equivalents Accounts receivable, net Contract assets, including retainage of $3,166 and $3,012, respectively Prepaid expenses and other current assets Biteoin Derivative asset, current portion Future power credits, current portion Total current
Slide 24: Non-GAAP Adjusted EBITDA (Unaudited)
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 b usiness operations. Adjusted EBITDA includes impairment of Bitcoin charges. Adjusted EBITDA i
Slide 25: Non-GAAP Cost of Revenues (Unaudited)
Non-GAAP Cost of Revenues (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 b usiness operations. Adjusted EBITDA includes impairment of Bitcoin charges. Adjusted EBITDA