Riot Platforms Inc (NASDAQ:RIOT) reported second-quarter results after the closing bell on Monday. Here’s a rundown of the report.
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Riot Platforms Q2 Key Metrics
Riot reported second-quarter revenue of $174.20 million, beating analyst estimates of $152.06 million, according to Benzinga Pro. The company reported a second-quarter adjusted EBITDA loss of $69.73 million.
Riot generated data center revenue of $23.20 million, Engineering revenue of $37.30 million and Bitcoin (CRYPTO: BTC) mining revenue of $113.70 million in the quarter. The company said it mined 1,587 Bitcoin during the period, up from 1,426 in the comparable quarter last year. The average cost to mine Bitcoin in the second quarter was $49,912.
Riot Signs 20-Year Data Center Agreement
Subsequent to quarter’s end, Riot signed a 20-year data center lease with a “leading frontier AI lab” for 191 megawatts of capacity at the company’s Rockdale campus. The deal is expected to generate approximately $9.10 billion in total initial contract revenue.
“Today’s announcement of a landmark 20-year, 191-megawatt data center lease with a leading frontier AI lab marks a defining moment in our evolution into a leading developer of large-scale data centers,” said Jason Les, CEO of Riot. “It builds directly on a strong second quarter, in which we completed delivery of the initial 25 megawatts to AMD on time and on budget.”
Riot ended the quarter with $548.90 million in cash and 11,380 Bitcoin.
RIOT Stock Rises After Earnings
RIOT Price Action: Riot shares were up 10.82% in Monday’s after-hours session, trading at $21.49 at the time of publication, according to Benzinga Pro.
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