Riot Announced Annual Revenue In 2022, Hash Rate Capacity Increases Sharply

Key Points:

• Riot Platforms revealed its 2022 financial results and said that the company would postpone its 10-K file with authorities.
• In addition, the company’s mining performance improved, with 5,554 BTC produced and a hash rate of 9.7 exahashes per second (EH/s) set in 2022.

Riot Platforms, a bitcoin mining company, released its 2022 annual revenue with hash rate capacity has tripled compared with last year.

The company stated that its revenue for the fiscal year ending December 2022 was $259.2 million, compared to $213.2 million for the same period in 2021, mainly due to Bitcoin Driven by increased coin production and full-year data center hosting and engineering revenue.

The mining company produced a total of 5,554 Bitcoins during the reporting period, an increase of 46% compared to 3,812 in the same period in 2021. Bitcoin mining revenue was $156.9 million, compared to $184.4 million in the same period in 2021.

Net loss of $509.6 million in 2022 compared to a net loss of $15.4 million in the same period in 2021 was significantly impacted by non-cash impairment charges totaling $538.6 million, including $335.6 million related to the 2021 Whinstone and ESS Metron acquisitions Reputation impairment, $147.4 million in cryptocurrency holdings, and $55.5 million in mining equipment.

As of December 31, 2022, Riot had $321.8 million in working capital, including $230.3 million in cash on hand and 6,974 bitcoins, with no long-term debt. Hash rate capacity increased by 213% to 9.7 EH/s per second as of December 31, 2022, compared to 3.1 EH/s as of December 31, 2021.

Additionally, Riot delayed filing its annual 10-K report with the U.S. Securities and Exchange Commission after its accounting firm raised questions about the company’s impairment calculations related to its Bitcoin holdings.

Riot wrote in its SEC filing:

“The delay is principally the result of the Registrant concluding that required restatements of certain financial statements included in prior reports in accordance with FASB ASC Topic 250, Accounting Changes and Error Corrections, (“ASC 250”) relating to errors identified in such past financial statements during the preparation of our 2022 Annual Report.”

Marathon was previously scheduled to release Q4 2022 results but was also withdrawn for the same reason.

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Harold

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