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Call sheet · Q2'24

Riot Platforms (RIOT)

Q2'24 earnings call · held July 31, 2024 · compared with the Q1'24 call · management-credibility review
7/12
Disclosure score
3 high, 4 medium, 1 low flags
Financial quality
Bottom line
The sleeper story is RIOT's Kentucky acquisition fundamentally changes their economics: $210k/MW build cost versus $400k/MW at Corsicana proves Texas isn't the only game, while everyone obsesses over hash rate wars. Yes, they hit 22 EH/s, but production fell 52% YoY and they're burning cash post-halving. The binding constraint isn't power access or miner availability, it's operational execution, with management finally admitting 'we have not been pleased with our uptime.' Most revealing quote: 'We're skeptical' about AI pivots while competitors race toward HPC deals, showing RIOT's betting everything on Bitcoin price appreciation. My view changes if Bitcoin stays below $70k through Q4, making their hodl strategy a liquidity trap.

The 30-second version

  • The real story: Block Mining transforms RIOT from Texas-only to national player at $21.8M/EH acquisition cost
  • The obvious: Hash rate grew 77% QoQ to 22 EH/s, but Bitcoin production fell 52% YoY
  • The red flag: ESS Metron engineering revenue collapsed 50% QoQ with vague 'supply chain' excuses

What changed this quarter

MetricQ1'24Q2'24Change
Hash Rate Deployed12.4 EH/s (Q1 2024)22 EH/s (Q2 2024)+77% QoQ explosion
Bitcoin Mined1,364 BTC (Q1 2024)844 BTC (Q2 2024)-38% QoQ post-halving crash
Total Revenue$79.3M (Q1 2024)$70.0M (Q2 2024)-12% QoQ deterioration
Bitcoin Mining Revenue$74.6M (Q1 2024)$55.8M (Q2 2024)-25% QoQ decline
Engineering Revenue$4.7M (Q1 2024)$9.6M (Q2 2024)+104% QoQ but still -50% YoY
Direct Mining Cost per BTC$23,034 (Q1 2024)$25,327 (Q2 2024)+10% cost inflation
Power Cost per kWh$0.026 (Q1 2024)$0.027 (Q2 2024)Stable at industry-leading levels
Non-GAAP Adjusted EBITDA$245.7M profit (Q1 2024)-$75.2M loss (Q2 2024)$321M swing to loss
Net Income/Loss$211.8M profit (Q1 2024)-$84.4M loss (Q2 2024)$296M deterioration
Bitcoin Holdings8,490 BTC (Q1 2024)9,334 BTC (Q2 2024)+844 BTC hodl strategy intact

Accountability tracked

7 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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