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Riot Platforms Inc (NASDAQ:RIOT) reported third-quarter financial results after the market close on Thursday. Here’s a look at the key details from the report.
Q3 Highlights: Riot reported third-quarter revenue of $180.2 million, beating analyst estimates of $172.6 million. The Bitcoin (CRYPTO: BTC) mining company reported third-quarter earnings of 26 cents per share, beating estimates of 21 cents per share, according to Benzinga Pro.
Riot said it produced 1,406 Bitcoin during the quarter, up from 1,104 in the prior year's quarter. The company's average cost to mine was $46,324 in the period. Riot held a total of 19,287 Bitcoin at quarter's end. The company also had $330.7 million of unrestricted cash on hand.
“Riot made decisive progress in the development of our data center business this quarter. This progress has culminated in announcing today the initiation of the core and shell development of the first two buildings at our Corsicana data center campus, representing 112 MW of total critical IT capacity,” said Jason Les, CEO of Riot.
Riot highlighted several key achievements related to its data center buildout. The company said it acquired an additional 67-acre parcel of land directly adjacent to its original Corsicana site and completed the campus design. Riot also highlighted the completion of the basis of design for its standard data center build and the ongoing build of its in-house data center team.
“Together, these developments represent key advancements in our efforts to transform Riot into a large-scale, multi-faceted data center operator,” Les said.
RIOT Price Action: Riot shares were up 2.89% in Thursday’s after-hours session, trading at $21.70 at the time of publication, according to Benzinga Pro.
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