Riot Platforms Files 10-Q, Reports Financials

TL;DR

Riot Platforms 10-Q filed Nov 4th shows Q3 2024 financials. Check retained earnings & AOCI.

AI Summary

Riot Platforms, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Riot Blockchain, Inc., reported financial data for its fiscal year ending December 31. Key financial figures include retained earnings and accumulated other comprehensive income as of various dates in 2023 and 2024.

Why It Matters

This filing provides investors with an update on Riot Platforms' financial health and performance, crucial for understanding the company's current standing in the cryptocurrency and finance services sector.

Risk Assessment

Risk Level: medium — The company operates in the volatile cryptocurrency sector, which inherently carries significant market and regulatory risks.

Key Numbers

• $230.8M — Retained Earnings (As of September 30, 2024)
• $324.3M — Accumulated Other Comprehensive Income (As of September 30, 2024)

Key Players & Entities

• Riot Platforms, Inc. (company) — Filer of the 10-Q
• Riot Blockchain, Inc. (company) — Former name of Riot Platforms, Inc.
• 2024-09-30 (date) — End of reporting period
• 2024-11-04 (date) — Filing date
• 230836624 (dollar_amount) — Retained Earnings as of 2024-09-30
• 324280388 (dollar_amount) — Accumulated Other Comprehensive Income as of 2024-09-30

FAQ

Filing Documents

• riot-20240930x10q.htm (10-Q) — 2476KB
• riot-20240930xex10d2.htm (EX-10.2) — 329KB
• riot-20240930xex31d1.htm (EX-31.1) — 13KB
• riot-20240930xex31d2.htm (EX-31.2) — 12KB
• riot-20240930xex32d1.htm (EX-32.1) — 6KB
• riot-20240930xex32d2.htm (EX-32.2) — 7KB
• riot-20240930x10q003.jpg (GRAPHIC) — 91KB
• riot-20240930xex10d2001.jpg (GRAPHIC) — 5KB
• 0001558370-24-014179.txt ( ) — 11873KB
• riot-20240930.xsd (EX-101.SCH) — 94KB
• riot-20240930_cal.xml (EX-101.CAL) — 79KB
• riot-20240930_def.xml (EX-101.DEF) — 314KB
• riot-20240930_lab.xml (EX-101.LAB) — 578KB
• riot-20240930_pre.xml (EX-101.PRE) — 527KB
• riot-20240930x10q_htm.xml (XML) — 2159KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 7 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 33 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 48

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 5. Other Information 51 Item 6. Exhibits 52

Signatures

Signatures 54 i Table of Contents RIOT PLATFORMS, INC. As used in this Quarterly Report on Form 10-Q for the quarterly period ended September 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, integration of new equipment, systems, technologies, services or developments, and the development and implementation of industrial-scale immersion-cooled Bitcoin mining hardware at our Bitcoin mining facilities in Kentucky and 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. Forward-l

- 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) September 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 355,709 $ 597,169 Restricted cash 72,673 — Accounts receivable, net 15,348 24,706 Contract assets, including retainage of $ 1,097 and $ 3,166 , respectively 15,368 15,359 Prepaid expenses and other current assets 30,638 29,107 Bitcoin — 311,178 Derivative asset, current portion 36,995 30,781 Equity method investment - marketable securities, at fair value 190,134 — Future power credits, current portion — 271 Total current assets 716,865 1,008,571 Property and equipment, net 1,173,275 704,194 Bitcoin 660,350 — Deposits 136,376 215,009 Finite-lived intangible assets, net 11,331 15,697 Derivative asset, less current portion 90,621 73,437 Operating lease right-of-use assets 23,555 20,413 Future power credits, less current portion 589 638 Goodwill 96,763 — Other long-term assets 12,571 13,121 Total assets $ 2,922,296 $ 2,051,080 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 12,512 $ 23,157 Contract liabilities 8,806 4,073 Accrued expenses 45,352 62,371 Deferred gain on acquisition post-close dispute settlement 26,007 26,007 Deferred revenue, current portion 2,518 2,458 Contingent consideration liabilities, current portion 26,085 271 Debt, current portion 657 257 Operating lease liability, current portion 4,291 2,421 Total current liabilities 126,228 121,015 Deferred revenue, less current portion 14,156 15,801 Operating lease liability, less current portion 20,550 18,924 Contingent consideration liabilities, less current portion 589 638 Debt, less current portion 5,600 526 Other long-term liabilities 6,144 6,154 Total li

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View this 10-Q filing on SEC EDGAR