Posted 2/28/2024, 9:33:19 PM
Riot Blockchain Q4 Earnings Soar on Bitcoin Mining Expansion and Price Surge
- Net income improved to $151.8 million, or $0.66 per diluted share, in Q4 2023, up from a net loss of $391.6 million, or $(3.13) per diluted share, in Q4 2022
- Excluding impact of new fair value accounting rules, net loss would have been $5.0 million, or $(0.02) per diluted share in Q4 2023
- Revenues increased 452% to $156.8 million in Q4 2023 from $28.4 million in Q4 2022
- Revenue increase driven by 172% increase in bitcoin production and 101% higher average bitcoin prices
- Sold 56% of the bitcoin produced during the quarter to fund operating costs