Slide 1: Riot Platforms Q2 2024 Update
NASDAQ: RIOT Riot Platforms (NASDAQ: RIOT) Q2 2024 Update July 31, 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: Significant scale of Total revenue1: Q2 2024: YE 2024E: 844 Bitcoin mined1 / operations $70 million 22 EH/s 36 EH/s ~9.3 Bitcoin mined/day 2 Q2 2024 Direct Cost to Q2 2024 Bitcoin Mining Q2 2024 Cost of
Slide 4: Q2 2024 Financial Update
Q22023 FY 2024Financial FinancialUpdate Update 400 MW Substation at Corsicana Facility - Corsicana, Texas 4
Slide 5: Riot Platforms Q2 2024 Snapshot
Riot Platforms Q2 2024 Snapshot Ending hash rate deployed 22 EH/s ▪ 106% increase year-over-year ▪ 52% decrease in production year-over-year driven by the Bitcoin produced 844 BTC block subsidy ‘Halving’ event in April 2024 and an increase in global network hash rate of 68% year-over-year Bitcoin so
Slide 6: Over 100% Increase in Hash Rate Year-over-Year with 22 EH/s Deployed
Riot Platforms – Over 100% Increase in Hash Rate Year-over-Year with 22 EH/s Deployed at End of Q2 2024 Global Network Hash Rate (EH/s) 1 Ending Hash Rate Deployed (EH/s) +68% 604 22.0 +106% ▪ Q2 2024 Self-Mining Hash Rate deployed up 106% over Q2 2023 360 10.7 ▪ Self-Mining Hash Rate deployed incre
Slide 7: Increase in Company Wide Gross Margins Year-over-Year
Riot Platforms – Increase in Company Wide Gross Margins Year-over-Year $40 m $37.7 $37.3 100% +1% $76.7 $78.8 $79.3 -12% Non- $35 m 90% -32% +52% $5.5 $3.2 $70.0 GAAP$30 m 73% $30.3 80% Revenue $7.7 $4.7 $4.6 $26.2 $13.3 Gross 70% ($ million) $9.6 $19.3 $51.9 Profit1$25 m $20.4 47% 60% / $5.1 43% ($
Slide 8: Bitcoin Mining Segment – Strong Gross Margins Despite the Halving
Bitcoin Mining Segment – Strong Gross Margins Despite the Bitcoin ‘Halving’ and Network Hash Rate Growth Riot Revenue Breakdown – Q2 2024 4 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Avg. BTC $28,024 $28,230 $36,815 $54,690 $66,071 price 6% Bitcoin Mining Avg. Network 360 EH/s 393 EH/s 475 EH/s 568 EH/
Slide 9: Q2 2024 Direct Cost to Mine Increase Driven by Halving and Network Hash Rate Growth
Q2 2024 Direct Cost to Mine Increase Driven by the Bitcoin ‘Halving’ and Network Hash Rate Growth Resulting in Lower Production Q1 2024 vs. Q2 2024 Direct Cost to Mine per BTC ▪ Total Self-Mining costs net of power credits for Q2 2024 of $21.4MM down 32% from Q1 2024 costs of Q1 2024 Q2 2024 $31.4MM
Slide 10: Engineering – Improving Revenue and Return to Profitability
Engineering – Improving Revenue and Return to Profitability Riot Riot Revenue Revenue Breakdown Breakdown –– Q2 202311 Q4 2024 $19.3 6% 14% Bitcoin Mining $15.5 Engineering $13.3 Other $9.6 Revenue 80% $4.7 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 ▪ Engineering segment returned to gross profit in Q2
Slide 11: 2.0 GW of Power Capacity on the Path to 100 EH/s
2.0 GW of Power Capacity on the Path to 100 EH/s Kentucky Facilities 60 MW Developed Capacity 305 MW Potential Capacity Corsicana Facility 200 MW Developed Capacity 1,000 MW Potential Capacity Rockdale Facility 700 MW Developed Capacity 700 MW Potential Capacity 11
Slide 12: Recent Acquisition of Block Mining in Kentucky Bolsters Growth Profile
Recent Acquisition of Block Mining in Kentucky Bolsters Growth Profile Transaction immediately adds to Riot’s existing self-mining hash rate and provides a pipeline for expansion in a new, mining-friendly jurisdiction ▪ Adds current identified pipeline that could bring operations in Kentucky to over
Slide 13: Block Mining Acquisition Overview
Block Mining Acquisition Overview Riot has acquired two operating data centers in addition to a strong pipeline of development opportunities in Kentucky Site 1: Commerce Drive Combined Site Potential ▪ 35 MW wholly-owned data center in Paducah, KY Self-Mining Total Power ▪ Can expand to 60 MW under
Slide 14: Clear Path to 100 EH/s in Self-Mining
Infrastructure Pipeline, Miner Purchase Contract, and Acquisitions Provide Clear Path to 100 EH/s in Self-Mining (1) (2) Rockdale Rockdale Expansion Corsicana KY 2024 Expansion KY Future Expansion Additional Growth 100.0 EH/s Historical 75.3 EH/s 56.6 EH/s 43.6 EH/s Assuming full exercise of 36.3 EH
Slide 15: Riot's Fleet Continues to Improve in Efficiency
Riot’s Fleet Continues to Improve in Efficiency Fleet Efficiency Improvements 24.5 J/TH -14% -6% 21.1 J/TH 19.8 J/TH ▪ Riot’s purchase order of up to 131,340 MicroBT miners have an average fleet efficiency of 19.7 J/TH Current Fleet 2025E Fleet Efficiency ▪ Riot has received a total of 77,734 Effici
Slide 16: Fully-Funded Growth Plans Through Year-End 2025
Fully-Funded Growth Plans Through Year-End 2025 $13 $45 million million $143 million $148 million $19 million $95 million $250 9,334 million BTC2 $639 million cash & marketable securities 1 Q2 2024 Estimated Cost to mine 4 Rockdale Corsicana Corsicana Corsicana BMI Kentucky 2024 Kentucky 6 Bitcoin c
Slide 17: 36 EH/s: Vision to Be the Leading Bitcoin-Driven Infrastructure Platform
Riot’s vision is to be the world’s leading Bitcoin-driven infrastructure platform 2024 Hash Rate Growth 2024 Hash Rate Target 2025 Hash Rate Growth +193% 12 EH/s 36 EH/s 36 EH/s +56% 36 EH/s 56 EH/s Q2 2024 Direct Cost 2024 & 2025 Cap Ex to Mine1 Fully $25,327 Funded Per Bitcoin 1. Three months ende
Slide 18: Appendix
Appendix 1OoT 18
Slide 19: 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 20: Q2 2024 Statement of Operations (Unaudited)
Q2 2024 Statement of Operations (Unaudited) Three Months Ended June 30, 2024 2023 (in $ thousands, except for per share amounts) Revenue: - Bitcoin Mining $ 55,764 $ 49,742 - Engineering 9,627 19,312 - Other 4,627 7,685 Total Revenue $ 70,018 $ 76,739 Costs and Expenses: Cost of Revenue: - Bitcoin M
Slide 21: Q2 2024 Balance Sheet (Unaudited)
Q2 2024 Balance Sheet (Unaudited) As of June 30, 2024 As of December 31, 2023 (in $ thousands, except for per share amounts) Assets: Current Assets: Cash and Cash Equivalents $ 481,168 $ 597,169 Accounts Receivable, net 13,680 24,706 Contract Assets, including Retainage of $2,517 and $3,166, respect
Slide 22: Non-GAAP Adjusted EBITDA (Unaudited)
Non-GAAP Adjusted EBITDA (Unaudited) Three Months Ended June 30, 2024 2023 (in $ thousands, except for per share amounts) Net Income (Loss) $ (84,449) $ (27,387) Interest (Income) Expense (8,152) (4,843) Income Tax Expense (Benefit) 55 112 Depreciation and Amortization 37,326 66,162 EBITDA $ (55,220