Riot Platforms Ord Shs Stock Price, News & Analysis

Riot Platforms (NASDAQ: RIOT) announced strategic actions for its Corsicana Facility in Texas, launching a formal evaluation to potentially use 600 megawatts (MW) of remaining power capacity for AI/high-performance computing (HPC). The company has engaged Altman Solon and other industry experts to assess this opportunity.

As part of this strategic shift, Riot is halting its previously announced Phase II Bitcoin mining expansion at Corsicana. This decision reduces the company's expected total hash rate capacity for 2025 from 46.7 EH/s to 38.4 EH/s, and decreases projected capital expenditures by $245 million.

The existing 400 MW Phase I Bitcoin mining operations at Corsicana, along with operations at Rockdale and Kentucky facilities, will continue as planned. The company aims to combine predictable cash flows from potential AI/HPC partnerships with its existing Bitcoin mining operations to maximize shareholder value.

Riot Platforms reported mining 516 Bitcoin in December 2024, a 4% increase from November but 17% lower than December 2023. The company's total deployed hash rate reached 31.5 EH/s, marking a 155% year-over-year increase. Riot completed installation at the Corsicana Facility's first 400 MW development phase.

The company's Bitcoin holdings grew to 17,722, representing a 141% increase compared to 2023. Throughout 2024, Riot mined 4,828 bitcoin at an average all-in net power cost of 3.4c/kWh. The company's fleet efficiency improved to 21.9 J/TH, a 21% improvement year-over-year. Total power credits for December were $1.0 million, including $0.8 million in power curtailment credits and $0.3 million in demand response credits.

Riot Platforms (Nasdaq: RIOT) has successfully completed its previously announced offering of 0.75% convertible senior notes due 2030. The total offering amounted to $594.4 million, which included $69.4 million from the partial exercise of initial purchasers' option. The notes were exclusively sold to qualified institutional buyers under Rule 144A of the Securities Act.

After deducting initial purchasers' discounts and commissions and estimated offering expenses, Riot received net proceeds of approximately $579.2 million. The company has already deployed substantially all of these proceeds to acquire additional Bitcoin.

Riot Platforms has announced the pricing of $525 million convertible senior notes due 2030, with an option for additional $75 million. The notes will bear a 0.75% annual interest rate, payable semiannually. The initial conversion rate is 67.2767 shares per $1,000 principal amount, equivalent to $14.86 per share, representing a 32.5% premium over the current stock price.

The notes will be convertible into cash, common stock, or a combination thereof. Riot expects net proceeds of approximately $511.5 million (or $584.6 million if the additional option is exercised), which will be used to acquire bitcoin and for general corporate purposes. The offering is expected to close on December 11, 2024.

Riot Platforms (NASDAQ: RIOT) has announced plans for a private offering of $500 million convertible senior notes due 2030 to qualified institutional buyers under Rule 144A. The company may grant initial purchasers an option for an additional $75 million in notes. The notes will be unsecured, senior obligations maturing on January 15, 2030, with potential early repurchase, redemption, or conversion options.

The notes will be convertible into cash, Riot's common stock, or a combination thereof, at Riot's discretion. The company plans to use the proceeds to acquire additional bitcoin and for general corporate purposes. The initial conversion rate will be determined at pricing, based on the weighted average price of Riot's common stock.

Riot Platforms produced 495 Bitcoin in November 2024, a 2% decrease from October and 10% year-over-year decline. The company's total deployed hash rate reached 30.8 EH/s, up 5% from October and 148% year-over-year. Notable operational metrics include a 13% month-over-month increase in average operating hash rate to 25.8 EH/s, and $1.4 million in total power credits. The company maintained an efficient all-in power cost of 3.8c/kWh across facilities and improved fleet efficiency to 22.3 J/TH. Riot held 11,425 Bitcoin at month-end, representing a 5% increase from October.

Riot Platforms reported significant growth in October 2024, producing 505 Bitcoin, a 23% increase from September and 10% year-over-year. The company's total deployed hash rate reached 29.4 EH/s, marking a 152% increase from October 2023. Riot held 10,928 Bitcoin at month-end, up 49% year-over-year. The company's Corsicana Facility is nearing completion of Phase 1 (400 MW) and has commenced development of Phase 2 (600 MW), with operations expected to begin in second half of 2025. Total power credits decreased to $1.0 million, down 56% from September, while all-in power costs increased to 3.9c/kWh.

Riot Platforms reported Q3 2024 financial results with total revenue of $84.8 million, a 65% increase from Q3 2023. The company produced 1,104 Bitcoin with a deployed hash rate of 28 EH/s, representing a 159% year-over-year increase. Bitcoin mining revenue reached $67.5 million, while engineering revenue was $12.6 million. The average cost to mine Bitcoin was $35,376. The company maintained a strong financial position with $590.6 million in working capital, including $355.7 million in cash and 10,427 Bitcoin holdings. However, Riot reported a net loss of $154.4 million and revised down its hash rate growth targets for 2024 and 2025.

Riot Platforms, a leading vertically integrated Bitcoin mining company, has announced its upcoming third quarter 2024 earnings conference call. The call is scheduled for Wednesday, October 30, 2024, at 4:30 P.M. EST. During this call, Riot will discuss the financial results for the quarter ended September 30, 2024.

Interested parties can participate in the conference call through an audio-only webcast or by dialing in. Registration links are provided for both options. For those unable to attend the live call, a replay will be made available after the event concludes.