Riot Platforms CEO Talks Q1 Earnings, Corsa Can Facility, and Growth Plans

💰Riot Platforms reported a record Q1 earnings of $21 million, driven by a mark-to-market gain from Bitcoin on the balance sheet.

📈The company has a strong cash position and low cost of power, enabling growth and favorable economics for Bitcoin mining.

🔧The engineering segment performance was impacted by supply chain issues, but improvements are expected in the future.

🚫The hosting business has been terminated, and litigation is ongoing regarding a third-party hosting customer.

💼The balance sheet strength positions Riot Platforms to fund future growth and pursue M&A opportunities.

What contributed to Riot Platforms' record Q1 earnings?

—The record Q1 earnings of $21 million were primarily driven by a mark-to-market gain from Bitcoin on the balance sheet.

How does Riot Platforms benefit from its strong cash position and low cost of power?

—The strong cash position and low cost of power provide favorable economics for Bitcoin mining and enable the company's growth prospects.

Why was the engineering segment performance impacted?

—The engineering segment performance was impacted by supply chain issues, but improvements are expected in the future.

What is the status of the hosting business?

—The hosting business has been terminated, and there is ongoing litigation regarding a third-party hosting customer.

How does the balance sheet strength benefit Riot Platforms?

—The strong balance sheet enables the company to fund future growth initiatives and pursue potential M&A opportunities.

00:00Riot Platforms reported a record Q1 earnings of $21 million, driven by a mark-to-market gain from Bitcoin.

03:42The engineering segment performance was impacted by supply chain issues, but improvements are expected.

09:45The hosting business has been terminated, and there is ongoing litigation regarding a third-party hosting customer.