Riot Platforms, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Riot Platforms, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Riot Platforms, Inc. (RIOT) filed a Annual Report (10-K) with the SEC on February 23, 2024. Riot Platforms, Inc. filed its 2023 Form 10-K on February 23, 2024. The company's fiscal year ends on December 31st. Riot Platforms, Inc. was formerly known as Riot Blockchain, Inc. and Bioptix, Inc. The company is incorporated in Nevada. Its business and mailing address is 3855 Ambrosia Street, Suite 301, Castle Rock, CO 80109.

Why It Matters

For investors and stakeholders tracking Riot Platforms, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Riot's financial performance, operational activities, and strategic direction for the past fiscal year. Investors and stakeholders can use this report to assess the company's financial health, understand its business model, and evaluate potential risks and opportunities.

Risk Assessment

Risk Level: medium — Riot Platforms, Inc. shows moderate risk based on this filing. The filing is a 10-K, which is a standard annual report, but the cryptocurrency industry is inherently volatile, posing medium risk.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Riot's performance and outlook in the volatile cryptocurrency market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 0001558370-24-001550 — Accession Number (Unique identifier for the filing)
• 122 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• Riot Platforms, Inc. (company) — Filer name
• RIOT (company) — Ticker symbol
• 2024-02-23T00:00:00.000Z (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• Riot Blockchain, Inc. (company) — Former company name
• Bioptix, Inc. (company) — Former company name
• Venaxis, Inc. (company) — Former company name
• 3855 AMBROSIA STREET, SUITE 301 (address) — Business address

FAQ

Industry Context

Riot Platforms operates in the cryptocurrency mining industry, which is subject to significant price volatility and regulatory scrutiny.

Regulatory Implications

Companies in the cryptocurrency sector are subject to evolving regulations regarding digital assets, mining operations, and financial reporting.

What Investors Should Do

1. Analyze Riot's financial statements for the fiscal year ended December 31, 2023.
2. Review the 'Risk Factors' section for potential challenges and uncertainties.
3. Compare key financial metrics with previous periods to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $453.4 million — a total purchase price of approximately $453.4 million. Delivery of these miners began in the

Filing Documents

• riot-20231231x10k.htm (10-K) — 3214KB
• riot-20231231xex4d20.htm (EX-4.20) — 27KB
• riot-20231231xex21.htm (EX-21) — 6KB
• riot-20231231xex23d1.htm (EX-23.1) — 4KB
• riot-20231231xex23d2.htm (EX-23.2) — 3KB
• riot-20231231xex31d1.htm (EX-31.1) — 13KB
• riot-20231231xex31d2.htm (EX-31.2) — 12KB
• riot-20231231xex32d1.htm (EX-32.1) — 6KB
• riot-20231231xex32d2.htm (EX-32.2) — 6KB
• riot-20231231xex97.htm (EX-97) — 116KB
• riot-20231231x10k002.jpg (GRAPHIC) — 76KB
• riot-20231231xex97002.jpg (GRAPHIC) — 1KB
• 0001558370-24-001550.txt (&nbsp;) — 15050KB
• riot-20231231.xsd (EX-101.SCH) — 127KB
• riot-20231231_cal.xml (EX-101.CAL) — 104KB
• riot-20231231_def.xml (EX-101.DEF) — 436KB
• riot-20231231_lab.xml (EX-101.LAB) — 798KB
• riot-20231231_pre.xml (EX-101.PRE) — 716KB
• riot-20231231x10k_htm.xml (XML) — 2725KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 67 Item 9A.

Controls and Procedures

Controls and Procedures 67 Item 9B. Other Information 69 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 69 PART III Item 10. Directors, Executive Officers, and Corporate Governance 70 Item 11.

Executive Compensation

Executive Compensation 70 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 70 Item 13. Certain Relationships and Related Transactions, and Director Independence 71 Item 14. Principal Accountant Fees and Services 71 PART IV Item 15. Exhibits and Financial Statement Schedules 72 Item 16. Form 10-K Summary 77 2 Table of Contents RIOT PLATFORMS, INC. As used in this Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (this "Annual Report"), the terms "we," "us," "our," the "Company," the "Registrant," "Riot Platforms," and "Riot" mean Riot Platforms, Inc., a Nevada corporation, and its consolidated subsidiaries, unless otherwise indicated. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (the "PSLRA"). The Company may also make forward-looking statements in the other reports and documents filed with the United States Securities and Exchange Commission (the "SEC"), including those documents and filings incorporated herein by reference. All statements in this Annual Report and the documents incorporated by reference herein, other than statements of historical fact, are "forward-looking statements" within the scope of this cautionary note and the PSLRA, including, but not limited to, statements concerning: our plans, strategies and objectives for future operations; new equipment, systems, technologies, services, or developments; future economic conditions, performance, or outlooks; future political conditions; the outcome of contingencies; potential acquisitions or divestitures; the number and value of Bitcoin rewards and transaction fees we earn from our Bitcoin mining operations; expected cash flows or capital expenditures; our beliefs or expectations; activities, events, or developments that we intend, expect, project, believe, or anticipate will or may oc

BUSINESS

ITEM 1. BUSINESS General We are a vertically integrated Bitcoin mining company principally engaged in enhancing our capabilities to mine Bitcoin in support of the Bitcoin blockchain. We also provide comprehensive and critical infrastructure for institutional-scale Bitcoin mining at our large-scale Bitcoin mining facilities in Rockdale, Texas (the "Rockdale Facility") and Navarro County, Texas (the "Corsicana Facility"). Our Rockdale Facility is believed to be the largest single Bitcoin mining facility in North America, as measured by developed capacity, and we are currently evaluating further growing its capacity. Additionally, we are developing the Corsicana Facility, our second large-scale Bitcoin mining facility, which, upon completion, is expected to have approximately one gigawatt of Bitcoin mining capacity. We operate in an environment and industry which frequently evolves based on the proliferation and uptake of Bitcoin. A significant component of our strategy is to effectively and efficiently allocate capital among opportunities that we believe will generate the highest return on our investment. We operate in three reportable business segments: Bitcoin Mining, Data Center Hosting, and Engineering, which are organized based on purpose and services performed. Each of our business segments is further discussed herein. Amounts in this Annual Report are stated in thousands of U.S. Dollars except for share and per share amounts, numbers of miners, hash rate, and Bitcoin quantities and prices, or as otherwise noted. Business Segments Bitcoin Mining As of December 31, 2023, our Bitcoin Mining business segment operated 112,944 miners with a total hash rate capacity of 12.4 exahash per second ("EH/s"). In 2023, we mined 6,626 Bitcoin, which represented an increase of 19.3% over the 5,554 Bitcoin we mined in 2022. Based on our existing operations and expected deliveries and deployment of miners we have purchased, we anticipate having approximately 28 EH/s of

View Full Filing

View this 10-K filing on SEC EDGAR