$RIOT
Riot Platforms, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023018316 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $78.81M $51.89M
YoY Change 31.03% 12.1%
Cost Of Revenue $63.47M $63.78M
YoY Change 11.28% 49.44%
Gross Profit $15.34M -$11.89M
YoY Change 392.84% -429.36%
Gross Profit Margin 19.47% -22.91%
Selling, General & Admin $38.77M $29.07M
YoY Change 29.65% 81.62%
% of Gross Profit 252.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.28M $63.10M
YoY Change 33.7% 137.58%
% of Gross Profit 405.96%
Operating Expenses $135.6M $29.07M
YoY Change 69.85% 81.62%
Operating Profit -$120.2M -$47.83M
YoY Change 56.74% 19.54%
Interest Expense $185.1M $19.76M
YoY Change -1760.29% -228.27%
% of Operating Profit
Other Income/Expense, Net $164.0K $2.349M
YoY Change 379.39%
Pretax Income $79.15M -$45.48M
YoY Change -149.88% 15.08%
Income Tax -$79.00K -$157.0K
% Of Pretax Income -0.1%
Net Earnings $79.23M -$45.33M
YoY Change -150.86% 23.94%
Net Earnings / Revenue 100.53% -87.35%
Basic Earnings Per Share -$0.25
Diluted Earnings Per Share $0.41 -$0.25
COMMON SHARES
Basic Shares Outstanding 206.5M 185.3M
Diluted Shares Outstanding 181.0M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $908.3M $441.9M
YoY Change 167.36% 15.59%
Cash & Equivalents $597.2M $290.1M
Short-Term Investments $311.2M $151.8M
Other Short-Term Assets $75.52M $58.80M
YoY Change -1.54% -23.85%
Inventory
Prepaid Expenses
Receivables $24.71M $12.68M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.009B $513.4M
YoY Change 127.47% 7.65%
LONG-TERM ASSETS
Property, Plant & Equipment $704.2M $667.8M
YoY Change 1.68% 2.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.12M $5.600M
YoY Change 4132.58% 1706.45%
Other Assets $289.1M $230.3M
YoY Change 105.65% -20.98%
Total Long-Term Assets $1.043B $942.0M
YoY Change 18.93% -3.56%
TOTAL ASSETS
Total Short-Term Assets $1.009B $513.4M
Total Long-Term Assets $1.043B $942.0M
Total Assets $2.051B $1.455B
YoY Change 55.39% 0.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.16M $8.898M
YoY Change 25.55% -29.74%
Accrued Expenses $62.63M $25.20M
YoY Change -4.33% -25.28%
Deferred Revenue $4.073M $5.787M
YoY Change -51.78%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $257.0K
YoY Change
Total Short-Term Liabilities $121.0M $71.12M
YoY Change -0.43% -33.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.680M $7.083M
YoY Change -18.83% -14.86%
Total Long-Term Liabilities $6.680M $7.083M
YoY Change -18.83% -14.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $121.0M $71.12M
Total Long-Term Liabilities $6.680M $7.083M
Total Liabilities $163.1M $114.7M
YoY Change -3.24% -25.65%
SHAREHOLDERS EQUITY
Retained Earnings -$799.8M -$885.0M
YoY Change 5.75% 49.6%
Common Stock $2.688B $2.226B
YoY Change 40.88% 17.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.888B $1.341B
YoY Change
Total Liabilities & Shareholders Equity $2.051B $1.455B
YoY Change 55.39% 0.12%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $79.23M -$45.33M
YoY Change -150.86% 23.94%
Depreciation, Depletion And Amortization $62.28M $63.10M
YoY Change 33.7% 137.58%
Cash From Operating Activities $45.04M -$6.170M
YoY Change 3446.06% -145.19%
INVESTING ACTIVITIES
Capital Expenditures $45.50M $40.78M
YoY Change 61.1% -178.02%
Acquisitions
YoY Change
Other Investing Activities -$136.9M -$84.14M
YoY Change -5034.57% 1067.31%
Cash From Investing Activities -$182.4M -$124.9M
YoY Change 616.17% 110.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 444.4M 132.0M
YoY Change -98857.11% 335.54%
NET CHANGE
Cash From Operating Activities 45.04M -6.170M
Cash From Investing Activities -182.4M -124.9M
Cash From Financing Activities 444.4M 132.0M
Net Change In Cash 307.1M 930.0K
YoY Change -1345.89% -106.0%
FREE CASH FLOW
Cash From Operating Activities $45.04M -$6.170M
Capital Expenditures $45.50M $40.78M
Free Cash Flow -$460.0K -$46.95M
YoY Change -98.29% -171.22%

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riot Construction In Progress Included In Accrued Expenses
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riot Construction In Progress Included In Accrued Expenses
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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 materially 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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For more information on the factors, risks, and uncertainties that could affect these estimates, please see the discussion under the heading “Risk Factors” in Part II, Item 1A of this Quarterly Report and in Part I, Item 1A of the 2022 Annual Report.</p>
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2459000
CY2023Q3 riot Revenue Remaining Performance Obligation Year Three
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2459000
CY2023Q3 riot Revenue Remaining Performance Obligation Year Four
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9342000
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1249000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
10377000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y8M12D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y10M24D
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y8M12D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y10M24D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.067
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.066
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.067
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.066
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
921000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3796000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3553000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3544000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3488000
riot Lessee Operating Lease Liability Payments Thereafter
LesseeOperatingLeaseLiabilityPaymentsThereafter
13062000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
28364000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6460000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
21904000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13519000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3561000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14652000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7304000
CY2023Q3 us-gaap Derivative Assets
DerivativeAssets
108771000
CY2023Q3 us-gaap Asset Acquisition Contingent Consideration Liability
AssetAcquisitionContingentConsiderationLiability
909000
CY2023Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-3000000.0
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-5000000.0
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-9700000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8122267
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14827991
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q3 riot Revenue1
Revenue1
51891000
CY2022Q3 riot Revenue1
Revenue1
46290000
riot Revenue1
Revenue1
201866000
riot Revenue1
Revenue1
199024000
CY2023Q3 riot Total Segment And Consolidated Cost Of Revenue Exclusive Of Depreciation And Amortization
TotalSegmentAndConsolidatedCostOfRevenueExclusiveOfDepreciationAndAmortization
63778000
CY2022Q3 riot Total Segment And Consolidated Cost Of Revenue Exclusive Of Depreciation And Amortization
TotalSegmentAndConsolidatedCostOfRevenueExclusiveOfDepreciationAndAmortization
42680000
riot Total Segment And Consolidated Cost Of Revenue Exclusive Of Depreciation And Amortization
TotalSegmentAndConsolidatedCostOfRevenueExclusiveOfDepreciationAndAmortization
190863000
riot Total Segment And Consolidated Cost Of Revenue Exclusive Of Depreciation And Amortization
TotalSegmentAndConsolidatedCostOfRevenueExclusiveOfDepreciationAndAmortization
136662000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
78000
CY2023Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29067000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
61578000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
37549000
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
64569000
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
26559000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
190071000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
61366000
CY2023Q3 riot Change In Fair Value Of Derivative Assets
ChangeInFairValueOfDerivativeAssets
3943000
CY2022Q3 riot Change In Fair Value Of Derivative Assets
ChangeInFairValueOfDerivativeAssets
-17749000
riot Change In Fair Value Of Derivative Assets
ChangeInFairValueOfDerivativeAssets
11274000
riot Change In Fair Value Of Derivative Assets
ChangeInFairValueOfDerivativeAssets
86865000
CY2023Q3 riot Power Curtailment Credits
PowerCurtailmentCredits
-49601000
CY2022Q3 riot Power Curtailment Credits
PowerCurtailmentCredits
-13070000
riot Power Curtailment Credits
PowerCurtailmentCredits
-66146000
riot Power Curtailment Credits
PowerCurtailmentCredits
-21328000
riot Change In Fair Value Of Contingent Consideration
ChangeInFairValueOfContingentConsideration
176000
CY2023Q3 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
13495000
CY2022Q3 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
3109000
us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
47098000
us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
28034000
CY2023Q3 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-5306000
CY2022Q3 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
7667000
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-5336000
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
16281000
riot Casualty Related Charges Recoveries Net
CasualtyRelatedChargesRecoveriesNet
1526000
CY2023Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
4041000
CY2022Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
3021000
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
14151000
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
130310000
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
335648000
CY2023Q3 riot Interest And Other Income Expense
InterestAndOtherIncomeExpense
2318000
CY2022Q3 riot Interest And Other Income Expense
InterestAndOtherIncomeExpense
348000
riot Interest And Other Income Expense
InterestAndOtherIncomeExpense
3331000
riot Interest And Other Income Expense
InterestAndOtherIncomeExpense
-9000
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-1624000
CY2022Q3 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
142000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-6306000
CY2023Q3 us-gaap Other Income
OtherIncome
31000
us-gaap Other Income
OtherIncome
96000
us-gaap Other Income
OtherIncome
-59000
CY2023Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-157000
CY2022Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
89000
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
31000
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
828000
CY2022Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-3041000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-5045000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-9667000
CY2023Q3 us-gaap Profit Loss
ProfitLoss
-45325000
CY2022Q3 us-gaap Profit Loss
ProfitLoss
-32435000
us-gaap Profit Loss
ProfitLoss
-128700000
us-gaap Profit Loss
ProfitLoss
-349416000
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 riot Rule10b51 Arr Modified Flag
Rule10b51ArrModifiedFlag
false
CY2023Q3 riot Non Rule10b51 Arr Modified Flag
NonRule10b51ArrModifiedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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