$RIOT
Riot Platforms, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023009137 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $76.74M $73.24M $60.15M
YoY Change 5.2% -8.21% -33.82%
Cost Of Revenue $63.96M $63.12M $57.03M
YoY Change 32.28% 38.34% 58.94%
Gross Profit $12.78M $10.11M $3.113M
YoY Change -48.05% -70.39% -94.34%
Gross Profit Margin 16.65% 13.81% 5.18%
Selling, General & Admin $19.84M $12.68M $29.90M
YoY Change 85.16% 16.18% -24.22%
% of Gross Profit 155.26% 125.32% 960.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $64.70M $57.90M $46.58M
YoY Change 214.66% 306.46% 741.93%
% of Gross Profit 506.42% 572.47% 1496.43%
Operating Expenses $19.84M $12.68M $79.82M
YoY Change 85.16% -49.96% 75.35%
Operating Profit -$32.48M -$56.83M -$76.71M
YoY Change -91.13% -743.71% -908.75%
Interest Expense $37.78M $4.167M -$11.15M
YoY Change -45.11% -92.21% -5.61%
% of Operating Profit
Other Income/Expense, Net $4.908M -$3.830M $0.00
YoY Change -175.28% 94.61% -100.0%
Pretax Income -$27.58M -$60.66M -$158.7M
YoY Change -92.6% -268.77% 592.18%
Income Tax $112.0K -$4.969M -$2.910M
% Of Pretax Income
Net Earnings -$27.69M -$55.69M -$155.8M
YoY Change -92.44% -256.3% 700.92%
Net Earnings / Revenue -36.08% -76.04% -259.0%
Basic Earnings Per Share -$0.17 -$0.33
Diluted Earnings Per Share -$0.01 -$0.33 -$1.00
COMMON SHARES
Basic Shares Outstanding 175.1M 167.0M 167.3M shares
Diluted Shares Outstanding 167.3M 167.3M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $430.1M $280.1M $339.7M
YoY Change 7.77% -10.33% -29.61%
Cash & Equivalents $289.2M $158.3M $230.3M
Short-Term Investments $140.9M $121.9M $109.4M
Other Short-Term Assets $39.47M $65.72M $76.70M
YoY Change -51.43% -40.94% 1.62%
Inventory
Prepaid Expenses
Receivables $13.18M $19.84M $26.93M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $482.8M $365.7M $443.4M
YoY Change -2.76% -16.84% -22.69%
LONG-TERM ASSETS
Property, Plant & Equipment $699.6M $717.3M $692.6M
YoY Change 70.13% 106.87% 163.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $816.0K $923.0K $310.0K
YoY Change 163.23% 197.74% 0.0%
Other Assets $135.9M $124.6M $140.6M
YoY Change 3.97% 78.55% 172.81%
Total Long-Term Assets $876.2M $884.6M $876.6M
YoY Change -6.77% -20.31% -8.44%
TOTAL ASSETS
Total Short-Term Assets $482.8M $365.7M $443.4M
Total Long-Term Assets $876.2M $884.6M $876.6M
Total Assets $1.359B $1.250B $1.320B
YoY Change -5.38% -19.32% -13.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.62M $19.69M $18.45M
YoY Change -32.75% 74.68% -7.95%
Accrued Expenses $27.31M $82.67M $65.46M
YoY Change 101.92% 360.87% 305.5%
Deferred Revenue $3.117M $5.345M $8.446M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $74.33M $112.1M $121.5M
YoY Change -26.09% -3.54% 10.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.688M $7.104M $8.230M
YoY Change -19.17% -84.52% 31.87%
Total Long-Term Liabilities $6.688M $7.104M $8.230M
YoY Change -19.17% -84.52% 31.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.33M $112.1M $121.5M
Total Long-Term Liabilities $6.688M $7.104M $8.230M
Total Liabilities $118.0M $158.2M $168.5M
YoY Change -20.07% -2.41% -2.94%
SHAREHOLDERS EQUITY
Retained Earnings -$839.7M -$812.0M -$756.3M
YoY Change 47.7% 218.01%
Common Stock $2.081B $1.904B $1.908B
YoY Change 12.04% 19.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.241B $1.092B $1.151B
YoY Change
Total Liabilities & Shareholders Equity $1.359B $1.250B $1.320B
YoY Change -5.38% -19.32% -13.78%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$27.69M -$55.69M -$155.8M
YoY Change -92.44% -256.3% 700.92%
Depreciation, Depletion And Amortization $64.70M $57.90M $46.58M
YoY Change 214.66% 306.46% 741.93%
Cash From Operating Activities -$38.15M $32.36M $1.270M
YoY Change -223.35% -171.41% -105.0%
INVESTING ACTIVITIES
Capital Expenditures $56.47M $50.96M $28.24M
YoY Change -240.03% -237.33% -141.36%
Acquisitions
YoY Change
Other Investing Activities $23.00M -$23.00M $2.774M
YoY Change -125.75% -77.7% -101.38%
Cash From Investing Activities -$33.47M -$73.99M -$25.47M
YoY Change -74.19% -47.25% -90.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 173.0M -933.0K -450.0K
YoY Change -32.32% -92.9% -100.08%
NET CHANGE
Cash From Operating Activities -38.15M 32.36M 1.270M
Cash From Investing Activities -33.47M -73.99M -25.47M
Cash From Financing Activities 173.0M -933.0K -450.0K
Net Change In Cash 101.4M -42.56M -24.65M
YoY Change -35.37% -78.59% -109.69%
FREE CASH FLOW
Cash From Operating Activities -$38.15M $32.36M $1.270M
Capital Expenditures $56.47M $50.96M $28.24M
Free Cash Flow -$94.62M -$18.59M -$26.97M
YoY Change -232.79% 126.37% -162.89%

Facts In Submission

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CY2023Q1 riot Reclassification Of Deposits On Equipment To Property And Equipment
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CY2022Q1 riot Reclassification Of Deposits On Equipment To Property And Equipment
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CY2022Q1 riot Construction In Progress Included In Accrued Expenses
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CY2023Q1 riot Bitcoin Exchanged For Employee Compensation Noncash Investing And Financing Activities
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CY2022Q1 riot Bitcoin Exchanged For Employee Compensation Noncash Investing And Financing Activities
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CY2023Q1 riot Number Of Megawatts Capacity Provided For Bitcoin Mining
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ significantly from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include estimates associated with valuing contingent consideration for a business combination and periodic reassessment of its fair value, allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business acquisitions, revenue recognition, valuing the derivative asset classified under Level 3 fair value hierarchy, determining the useful lives and recoverability of long-lived assets, impairment analysis of goodwill, fixed assets, and finite-lived intangibles, stock-based compensation, and the valuation allowance associated with the Company’s deferred tax assets.</p>
CY2023Q1 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Reclassifications</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Certain prior period amounts have been reclassified to conform to the current period presentation in the unaudited condensed consolidated financial statements and accompanying notes. The reclassifications did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures. The impact on any prior period disclosures was immaterial.</p>
CY2023Q1 riot Contract Balances
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CY2022Q4 riot Contract Balances
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CY2023Q1 riot Revenue Remaining Performance Obligation Year One
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7507000
CY2023Q1 riot Revenue Remaining Performance Obligation Year Two
RevenueRemainingPerformanceObligationYearTwo
2459000
CY2023Q1 riot Revenue Remaining Performance Obligation Year Three
RevenueRemainingPerformanceObligationYearThree
2459000
CY2023Q1 riot Revenue Remaining Performance Obligation Year Four
RevenueRemainingPerformanceObligationYearFour
2459000
CY2023Q1 riot Revenue Remaining Performance Obligation Year Four Thereafter
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10602000
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CY2023Q1 us-gaap Depreciation
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CY2022Q1 us-gaap Depreciation
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CY2023Q1 riot Number Of Offline Miners
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CY2022Q4 riot Number Of Miners To Be Purchased
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5130
CY2022Q4 riot Cryptocurrencies Classified As Current
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109420000
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48023000
CY2023Q1 riot Sale Of Cryptocurrencies
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CY2023Q1 riot Exchange Of Bitcoin For Employee Compensation
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13775000
CY2023Q1 riot Impairment Of Cryptocurrencies
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121850000
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25900000
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28478000
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7094
CY2023Q1 riot Fair Value Of Bitcoin
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202000000.0
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CY2022Q4 riot Number Of Building Constructed
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022Q1 us-gaap Amortization Of Intangible Assets
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2022Q1 riot Power Curtailment Credits
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Deposits
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CY2022Q4 riot Security Deposit Paid
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CY2022Q4 riot Ground Leases Net1
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11850000
CY2022Q4 riot Accrued Construction In Progress Current
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CY2023Q1 us-gaap Line Of Credit
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q1 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022Q1 us-gaap Operating Lease Cost
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CY2023Q1 us-gaap Operating Lease Expense
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CY2022Q1 us-gaap Operating Lease Expense
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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3392000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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3331000
CY2023Q1 riot Lessee Operating Lease Liability Payments Thereafter
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12845000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Derivative Assets
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CY2023Q1 us-gaap Asset Acquisition Contingent Consideration Liability
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909000
CY2022Q4 us-gaap Derivative Assets
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CY2022Q4 us-gaap Asset Acquisition Contingent Consideration Liability
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CY2023Q1 us-gaap Gain Loss On Disposition Of Intangible Assets
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13775000
CY2023Q1 us-gaap Escrow Deposit
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CY2022Q4 us-gaap Loss Contingency Damages Paid Value
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3539852
CY2023Q1 us-gaap Number Of Reportable Segments
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CY2022Q1 riot Number Of Customers Who Generate More Than Ten Percent Of Total Revenue
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0
CY2023Q1 riot Number Of Customers Who Generate More Than Ten Percent Of Total Revenue
NumberOfCustomersWhoGenerateMoreThanTenPercentOfTotalRevenue
0
CY2023Q1 riot Revenue1
Revenue1
73236000
CY2022Q1 riot Revenue1
Revenue1
79787000
CY2023Q1 riot Total Segment And Consolidated Cost Of Revenue Exclusive Of Depreciation And Amortization
TotalSegmentAndConsolidatedCostOfRevenueExclusiveOfDepreciationAndAmortization
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CY2022Q1 riot Total Segment And Consolidated Cost Of Revenue Exclusive Of Depreciation And Amortization
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CY2023Q1 us-gaap Selling General And Administrative Expense
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CY2022Q1 us-gaap Selling General And Administrative Expense
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CY2023Q1 us-gaap Depreciation And Amortization
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CY2022Q1 us-gaap Depreciation And Amortization
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CY2023Q1 riot Change In Fair Value Of Derivative Assets
ChangeInFairValueOfDerivativeAssets
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CY2022Q1 riot Change In Fair Value Of Derivative Assets
ChangeInFairValueOfDerivativeAssets
43683000
CY2023Q1 riot Power Curtailment Credits
PowerCurtailmentCredits
-3075000
CY2022Q1 riot Power Curtailment Credits
PowerCurtailmentCredits
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CY2023Q1 riot Casualty Related Charges Recoveries Net
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CY2023Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2022Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2023Q1 riot Interest And Other Income Expense
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CY2022Q1 riot Interest And Other Income Expense
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CY2022Q1 us-gaap Marketable Securities Unrealized Gain Loss
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CY2023Q1 us-gaap Current Income Tax Expense Benefit
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CY2022Q1 us-gaap Current Income Tax Expense Benefit
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2023Q1 us-gaap Profit Loss
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CY2022Q1 us-gaap Profit Loss
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36578000

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