Riot Platforms’ Q1 earnings ‘further solidify our growth path’

Riot Platforms Inc is in the green at writing after reporting a surprise profit for its first financial quarter.

Revenue printed at $79.3 million in Q1 – versus $95.5 million that experts had forecast, as per the press release the bitcoin miner posted on Wednesday.

On the plus side, however, analysts had called for a 21 cents loss on a per-share basis while Riot Platforms came in at a record 82 cents per share of earnings. According to Jason Les – its chief executive:

[Riot] achieved a number of significant milestones [in Q1] which further solidify our growth path.

Riot Platforms now expects to end this year with 31 EH/s of total self-mining hash rate capacity. Its shares are now down some 40% versus their year-to-date high.

Riot Platforms attributed much of the strength in its fiscal first quarter to a whopping 131% increase the price of Bitcoin versus last year.

The Nasdaq-listed firm mined 1,364 bitcoin in total – down 36% versus the same quarter last year while the cost of mining at $23,034 on average was up some 14.5% on a year-over-year basis. CEO Les also said in the press release today:

Last month, Riot also announced the energization of our Corsicana Facility, which we believe will be the largest dedicated Bitcoin mining facility in the world once fully developed.

This is a developing story. Check back in a few minutes for more updates!

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