secwatch.observer — SEC 8-K summary
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Issuer:     Riot Platforms, Inc. (RIOT)
CIK:        0001167419
Form:       8-K
Filed at:   2024-02-23T23:59:59+00:00
Accession:  0001167419-24-000001
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Riot Platforms reports record FY2023 revenue of $280.7M, net loss narrows to $49.5M
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- Total revenue $280.7M (up 8% YoY); Bitcoin mining revenue $189.0M; produced 6,626 BTC (up 19%).
- Net loss $(49.5)M vs $(509.6)M in 2022; non-GAAP Adjusted EBITDA $214.0M including $184.7M Bitcoin fair-value gain.
- Cost to mine net of power credits averaged $7,539/BTC (down 33% YoY); power credits earned $71.2M.
- Hash rate capacity 12.4 EH/s as of Dec 31, 2023 (+28% YoY); targeting 28 EH/s by end-2024, 38 EH/s by end-2025.
- Ended 2023 with $597.2M cash, 7,362 BTC (~$311M at year-end), and nominal long-term debt.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1167419/000116741924000001/0001167419-24-000001-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1167419/000116741924000001/riot-20240222x8k.htm
  HTML page:      https://secwatch.observer/filing/0001167419-24-000001

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer