Riot Platforms, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Riot Platforms, Inc. filed its Q1 2024 10-Q report, detailing financial activities and corporate history.</b>

AI Summary

Riot Platforms, Inc. (RIOT) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Riot Platforms, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company was formerly known as Riot Blockchain, Inc. and Bioptix, Inc. Riot Platforms is incorporated in Nevada (NV). The company's business address is in Castle Rock, Colorado (CO).

Why It Matters

For investors and stakeholders tracking Riot Platforms, Inc., this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Riot Platforms in the first quarter of 2024. Understanding the 10-Q is crucial for assessing the company's financial health, strategic direction, and potential risks in the cryptocurrency mining sector.

Risk Assessment

Risk Level: medium — Riot Platforms, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news, but the nature of cryptocurrency mining involves inherent volatility and regulatory risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Riot Platforms' current financial position and future outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-01 — Filing Date (10-Q filing)
• 2023-01-01 — Fiscal Year Start Date (Historical data reference)
• 2023-12-31 — Fiscal Year End Date (Historical data reference)

Key Players & Entities

• Riot Platforms, Inc. (company) — Filer name
• RIOT (company) — Ticker symbol
• 10-Q (regulator) — Filing type
• 2024-03-31 (date) — Reporting period end date
• Riot Blockchain, Inc. (company) — Former company name
• Bioptix, Inc. (company) — Former company name
• NV (location) — State of incorporation
• CO (location) — State of business address

FAQ

Industry Context

Riot Platforms operates in the cryptocurrency mining industry, which is subject to significant price volatility of digital assets and evolving regulatory landscapes.

Regulatory Implications

The cryptocurrency industry is subject to increasing regulatory scrutiny globally, which could impact mining operations, profitability, and compliance requirements.

What Investors Should Do

1. Analyze the company's cash flow statement for the quarter.
2. Examine any new disclosures regarding mining operations or facility expansions.
3. Review the "Risk Factors" section for any updated or new material risks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year-end report (10-K).

Filing Documents

• riot-20240331x10q.htm (10-Q) — 1553KB
• riot-20240331xex31d1.htm (EX-31.1) — 13KB
• riot-20240331xex31d2.htm (EX-31.2) — 12KB
• riot-20240331xex32d1.htm (EX-32.1) — 6KB
• riot-20240331xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-006400.txt (&nbsp;) — 8332KB
• riot-20240331.xsd (EX-101.SCH) — 88KB
• riot-20240331_cal.xml (EX-101.CAL) — 51KB
• riot-20240331_def.xml (EX-101.DEF) — 285KB
• riot-20240331_lab.xml (EX-101.LAB) — 502KB
• riot-20240331_pre.xml (EX-101.PRE) — 450KB
• riot-20240331x10q_htm.xml (XML) — 1484KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 32

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 5. Other Information 33 Item 6. Exhibits 34

Signatures

Signatures 36 i Table of Contents RIOT PLATFORMS, INC. As used in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 (this "Quarterly 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 Quarterly Report contains forward-looking statements within the meaning of the U.S. 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 by reference herein. All statements in this Quarterly 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, including, but not limited to, statements concerning: our plans, strategies and objectives for future operations; new equipment, systems, technologies, services or developments, such as our development and implementation of industrial-scale immersion-cooled Bitcoin mining hardware and our one-gigawatt ("GW") Bitcoin mining facility outside of Corsicana, Texas; 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; future self-mining hash rate capacity; timing of receipt and deployment of miners; 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 occur in the future; and assumptions underlying or based upon any of the foregoing.

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Riot Platforms, Inc. Condensed Consolidated Balance Sheets (Unaudited; in thousands, except for share and per share amounts) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 688,497 $ 597,169 Accounts receivable, net 14,185 24,706 Contract assets, including retainage of $ 2,517 and $ 3,166 , respectively 13,217 15,359 Prepaid expenses and other current assets 33,589 29,107 Bitcoin — 311,178 Derivative asset, current portion 35,609 30,781 Future power credits, current portion — 271 Total current assets 785,097 1,008,571 Property and equipment, net 821,685 704,194 Bitcoin 605,595 — Deposits 261,519 215,009 Finite-lived intangible assets, net 14,214 15,697 Derivative asset, less current portion 88,841 73,437 Operating lease right-of-use assets 21,723 20,413 Future power credits, less current portion 589 638 Other long-term assets 11,980 13,121 Total assets $ 2,611,243 $ 2,051,080 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 13,504 $ 23,157 Contract liabilities 3,732 4,073 Accrued expenses 44,067 62,628 Deferred gain on acquisition post-close dispute settlement 26,007 26,007 Deferred revenue, current portion 2,458 2,458 Contingent consideration liability - future power credits, current portion — 271 Operating lease liability, current portion 2,879 2,421 Total current liabilities 92,647 121,015 Deferred revenue, less current portion 15,262 15,801 Operating lease liability, less current portion 20,767 18,924 Contingent consideration liability - future power credits, less current portion 589 638 Other long-term liabilities 6,574 6,680 Total liabilities 135,839 163,058 Commitments and contingencies - Note 16 Stockholders' equity Preferred stock, no par value, 15,000,000 shares authorized: 2 % Series A Conve

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View this 10-Q filing on SEC EDGAR