Riot Platforms Q2 2024 10-Q Filed

TL;DR

Riot Platforms Q2 10-Q shows big asset/liability shifts. Keep an eye on their Bitcoin mining ops.

AI Summary

Riot Platforms, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported significant changes in its financial position, including substantial increases in assets and liabilities compared to the previous year. Notably, Riot Platforms, Inc. has been actively managing its Bitcoin mining operations and has engaged in various financing activities.

Why It Matters

This filing provides investors with a detailed look at Riot Platforms' financial health and operational performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The cryptocurrency industry is inherently volatile, and Riot Platforms' financial performance is closely tied to Bitcoin prices and regulatory changes.

Key Numbers

• 264,625,308 — Total Assets (As of June 30, 2024, compared to prior periods.)
• 167,342,813 — Total Liabilities (As of June 30, 2024, compared to prior periods.)
• 249,711,377 — Total Assets (As of December 31, 2023.)
• 162,559,956 — Total Liabilities (As of December 31, 2023.)

Key Players & Entities

• Riot Platforms, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240731 (date) — Filing date
• 3855 Ambrosia Street, Suite 301 (address) — Company business and mailing address
• Castle Rock, CO 80109 (address) — Company business and mailing address
• Riot Blockchain, Inc. (company) — Former company name
• Bioptix, Inc. (company) — Former company name
• Venaxis, Inc. (company) — Former company name
• Rockdale Facility Bitcoin Mining Facility Texas (location) — Company mining facility
• At-Market Offering 2024 (event) — Financing activity

FAQ

Filing Documents

• riot-20240630x10q.htm (10-Q) — 2097KB
• riot-20240630xex31d1.htm (EX-31.1) — 13KB
• riot-20240630xex31d2.htm (EX-31.2) — 12KB
• riot-20240630xex32d1.htm (EX-32.1) — 6KB
• riot-20240630xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-010495.txt ( ) — 10191KB
• riot-20240630.xsd (EX-101.SCH) — 91KB
• riot-20240630_cal.xml (EX-101.CAL) — 61KB
• riot-20240630_def.xml (EX-101.DEF) — 318KB
• riot-20240630_lab.xml (EX-101.LAB) — 540KB
• riot-20240630_pre.xml (EX-101.PRE) — 505KB
• riot-20240630x10q_htm.xml (XML) — 1951KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 5. Other Information 41 Item 6. Exhibits 42

Signatures

Signatures 44 i Table of Contents RIOT PLATFORMS, INC. As used in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 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) June 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 481,168 $ 597,169 Accounts receivable, net 13,680 24,706 Contract assets, including retainage of $ 1,097 and $ 3,166 , respectively 14,281 15,359 Prepaid expenses and other current assets 30,654 29,107 Bitcoin — 311,178 Derivative asset, current portion 46,419 30,781 Investments in marketable equity securities, at fair value 157,622 — Future power credits, current portion — 271 Total current assets 743,824 1,008,571 Property and equipment, net 1,040,182 704,194 Bitcoin 585,054 — Deposits 201,754 215,009 Finite-lived intangible assets, net 12,778 15,697 Derivative asset, less current portion 105,515 73,437 Operating lease right-of-use assets 20,855 20,413 Future power credits, less current portion 589 638 Other long-term assets 13,036 13,121 Total assets $ 2,723,587 $ 2,051,080 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 5,093 $ 23,157 Contract liabilities 6,367 4,073 Accrued expenses 54,348 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 3,022 2,421 Total current liabilities 97,295 121,015 Deferred revenue, less current portion 14,713 15,801 Operating lease liability, less current portion 19,977 18,924 Contingent consideration liability - future power credits, less current portion 589 638 Other long-term liabilities 6,500 6,680 Total liabilities 139,074 163,058 Commitments and contingencies - Note 17 Stockholders' equity Prefer

View Full Filing

View this 10-Q filing on SEC EDGAR