Riot Platforms Ord Shs Stock Price, News & Analysis

The average mining cost per bitcoin increased to $43,808 from $23,034 in Q1 2024, primarily due to the April 2024 halving event and a 41% increase in global network hash rate. The company maintained a strong financial position with $310.3 million in working capital and holds 19,223 unencumbered bitcoin valued at approximately $1.6 billion.

Notable developments include the acquisition of Rhodium's mining operations, eliminating $15 million in annual operating losses, and progress on their AI/HPC data center business at the Corsicana site. The company's deployed hash rate reached 33.7 EH/s, and construction continues on a substation to bring 1.0 GW of power capacity online by early 2026.

Riot Platforms has completed the acquisition of Rhodium assets at its Rockdale Facility for $185 million. The deal includes $129.9 million in cash, $6.1 million in returned power security deposit, and $49 million in Riot common stock (6,989,800 shares at $7.01 per share).

Key highlights:

• Terminates unprofitable legacy hosting contracts with Rhodium that generated ~$15 million loss in FY 2024
• Riot gains 125 MW of power capacity at Rockdale Facility
• Acquires all Rhodium's tangible property, including ASIC miners
• Both parties agree to dismiss all existing litigation

The transaction marks a strategic milestone for Riot, ending a loss-making contract inherited through the Whinstone acquisition. The entire Rockdale Facility power capacity is now dedicated to Riot and its subsidiaries.

Riot Platforms (NASDAQ: RIOT) has secured a $100 million credit facility from Coinbase Credit, Inc., a subsidiary of Coinbase Global, Inc. The multiple drawdown term loan facility will be available over a two-month period following the effective date.

The credit facility represents Riot's first bitcoin-backed funding arrangement, providing non-dilutive financing for strategic initiatives and general corporate purposes. The loan terms include an interest rate calculated as the greater of the federal funds rate or 3.25%, plus 4.50% annually.

The facility will mature in 364 days with a possible extension for an additional 364 days, subject to Coinbase's approval. The loan will be secured by a portion of Riot's bitcoin holdings.

Riot Platforms (NASDAQ: RIOT), a leading vertically integrated Bitcoin mining company, has scheduled its Q1 2025 earnings conference call for Thursday, May 1, 2025, at 4:30 P.M. EST. The call will cover financial results for the quarter ending March 31, 2025.

Participants can join through an audio-only webcast or dial in directly. A replay of the webcast will be available after the call concludes.

Riot Platforms (NASDAQ: RIOT) reported its March 2025 production metrics, achieving a post-halving record of 533 Bitcoin, marking a 13% increase from February 2025 and a 25% rise year-over-year. The company's Bitcoin holdings reached 19,223, up 126% from March 2024.

The company maintained a deployed hash rate of 33.7 EH/s, with an average operating hash rate of 30.3 EH/s. Total power credits decreased to $0.9 million, down 69% month-over-month. The all-in power cost increased slightly to 3.8c/kWh.

Additionally, Altman Solon completed a feasibility study for Riot's Corsicana Facility, identifying favorable factors for AI/HPC development, including 1.0 GW of secured power, 265 acres of owned land, proximity to Dallas, and growth potential through Riot's multi-site portfolio.

Riot Platforms (NASDAQ: RIOT) has entered into a non-binding term sheet for a potential acquisition of Rhodium assets at the Rockdale Facility through its subsidiary Whinstone US. The proposed transaction values at $185 million, comprising:

• $129.9 million in cash
• $6.1 million return of power security deposit
• $49.0 million in Riot shares (priced on 10-day VWAP before closing)

Upon closing, Rhodium will transfer all tangible property including ASIC miners and vacate within three business days. Riot will acquire Rhodium's 125 MW power capacity and operating assets, gaining full allocation of the Rockdale Facility power load for self-use. The deal includes mutual dismissal of all existing litigation and requires Bankruptcy Court approval under Rule 9019 and Code section 363.

Riot Platforms (NASDAQ: RIOT) has released its February 2025 production and operations update. The company mined 470 Bitcoin during the month, with production affected by three main factors: planned maintenance, increased power curtailment due to cold weather-driven higher power prices, and February's shorter duration.

Despite these challenges, the company's CEO Jason Les highlighted that Bitcoin production per day decreased by only 1% compared to the previous month, attributed to improved utilization and operational efficiencies across facilities.

The company continues to prioritize its AI/HPC process, with particular focus on the Corsicana Facility, which offers potential access to 1.0 gigawatt of power by 2026. This facility's strategic location near Dallas's Tier 1 data center market presents significant opportunities for Riot's asset value maximization.

Riot Platforms (NASDAQ: RIOT) reported strong financial results for FY2024, with total revenue of $376.7 million, up from $280.7 million in 2023, and net income of $109.4 million. The company produced 4,828 Bitcoin at an average mining cost of $32,216 per coin, benefiting from a low power cost of 3.4 cents per kilowatt hour.

Key developments include the energization of the Corsicana Facility, acquisitions of Block Mining and E4A Solutions, and a successful convertible senior notes offering raising $579 million. The company ended 2024 with 17,722 Bitcoin holdings (141% increase YoY), working capital of $439.1 million, including $277.9 million in cash and $134.3 million in marketable securities.

Bitcoin mining revenue increased to $321.0 million from $189.0 million in 2023, while engineering revenue decreased to $38.5 million from $64.3 million. The company generated $33.7 million in power credits, down from $71.2 million in 2023.

Riot Platforms (NASDAQ: RIOT), a vertically integrated Bitcoin mining company, has announced its upcoming fourth quarter and year-end 2024 earnings conference call. The call is scheduled for Monday, February 24, 2025, at 4:30 P.M. EST. Participants can join through an audio-only webcast or dial in directly. A replay of the webcast will be available after the call concludes.