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Call sheet · Q3'24

Riot Platforms (RIOT)

Q3'24 earnings call · held October 30, 2024 · compared with the Q2'24 call · management-credibility review
7/12
Disclosure score
1 high, 5 medium, 2 low flags
Financial quality
Bottom line
The real story isn't the headline hash rate growth or the guidance cut; it's that RIOT is finally fixing its utilization problem that has plagued operations, jumping from 60-70% to 80%+ with a path to 95%. The AI/HPC interest from 'multiple parties' for 'hundreds of megawatts' explains why they're pumping the brakes on Kentucky: why lock in Bitcoin mining CapEx when someone might pay a premium for that power in 2025? The binding constraint isn't equipment or power access, it's operational execution and the drag from endless litigation that's costing them nearly $5M per quarter. CEO's admission that 'we have not been pleased with our uptime' is refreshingly honest. My view changes if Q4 utilization drops back below 75% or if litigation costs exceed $10M.

The 30-second version

  • The sleeper: Utilization rate quietly improving from 60-70% to 80%+ while everyone obsesses over hash rate growth
  • The obvious: Hash rate guidance cut from 56 to 46.7 EH/s for 2025, but it's actually prudent capital allocation
  • The red flag: Power credits dropped 11% QoQ despite summer heat, and they stopped breaking out Corsicana vs Rockdale power costs

What changed this quarter

MetricQ2'24Q3'24Change
Revenue$70M (YoY -9%)$84.8M (YoY +65%)+21% QoQ acceleration
EPS-$0.32-$0.54-69% deterioration
Net Loss$84.4M$154.4M-83% wider loss
Bitcoin Mined844 BTC1,104 BTC+31% QoQ surge
Deployed Hash Rate22 EH/s28 EH/s+27% growth hitting target
Operating Hash Rate (implied)~14-15 EH/s (60-70% utilization)~23 EH/s October (80%+ utilization)+53% operational improvement
Cost to Mine per BTC$25,327$35,376+40% cost inflation post-halving
Power Credits$13.9M$12.4M-11% despite summer operations
All-in Power Cost$0.027/kWh$0.031/kWh+15% cost creep
Bitcoin Holdings9,334 BTC10,427 BTC+12% accumulation

Accountability tracked

8 new promises made5 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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