secwatch.observer — SEC 8-K summary
======================================

Issuer:     Riot Platforms, Inc. (RIOT)
CIK:        0001167419
Form:       8-K
Filed at:   2024-07-31T23:59:59+00:00
Accession:  0001558370-24-010479
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Riot posts Q2 net loss of $84.4M; revenue down 9% YoY; raises 2024 hash rate guidance to 36 EH/s
--------------------------------------------------------------------------------

- Total revenue $70.0M (-9% YoY); Bitcoin mining revenue $55.8M (+12% YoY); engineering revenue $9.6M (-50% YoY).
- Net loss $(84.4)M ($0.32 loss per share) vs $(27.4)M loss in Q2 2023; non-GAAP Adj. EBITDA $(75.2)M vs $24.3M.
- Produced 844 Bitcoin (-52% YoY due to halving); avg. direct cost to mine $25,327 vs $5,734; power credits $13.9M.
- Deployed hash rate 22.0 EH/s at quarter-end; raised 2024 target to 36 EH/s (from 31 EH/s) after Block Mining acquisition.
- Acquired Block Mining (60 MW, potential >300 MW) in July; sold $577M in ATM stock in 2024 through July 29.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1167419/000155837024010479/0001558370-24-010479-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1167419/000155837024010479/riot-20240731x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-010479

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