Riot Platforms reports a record revenue of $376.7 million and net income of $109.4 million for FY 2024, bolstered by strategic acquisitions, Bitcoin mining, and AI-focused growth plans.
 |
| Riot Platforms posts record revenue and Bitcoin yield for 2024, marking strong performance and positioning the company for future AI-driven growth. Image: Alexis Brock |
Castle Rock, Colorado, USA — February 25, 2025:
Riot Platforms (NASDAQ: RIOT), a leader in vertically integrated Bitcoin mining, announced robust financial results for the fiscal year ended December 31, 2024. The company achieved a record $376.7 million in revenue, alongside net income of $109.4 million, reflecting the success of its growth strategy, including strategic acquisitions and a Bitcoin treasury policy that focuses on holding mined Bitcoin rather than selling.
Jason Les, CEO of Riot, commented, "2024 was an exceptional year for Riot, with record revenues, adjusted EBITDA of $463.2 million, and a remarkable 67% increase in the global Bitcoin network hash rate. Our decision to retain Bitcoin, rather than selling it, paid off as we saw significant appreciation in our holdings, positioning Riot for long-term growth."
During 2024, Riot mined 4,828 Bitcoin at an average cost of $32,216 per coin, despite the complexities introduced by Bitcoin's "halving" event and a 67% increase in global mining difficulty. Riot's cost-effective approach to power, with an all-in energy cost of 3.4 cents per kilowatt-hour across its facilities, contributed to the company's profitability, even as it faced a reduction in power credits.
Riot’s Bitcoin mining revenue surged to $321.0 million, up from $189.0 million in 2023, driven by higher average Bitcoin prices and increased mining output. Additionally, Riot raised $579 million through its convertible senior notes offering in December, which allowed the company to acquire 5,784 Bitcoin, increasing its total holdings to 17,722 Bitcoin. This expansion in Bitcoin holdings represents a 141% increase over the previous year.
Looking ahead, Riot is pursuing new opportunities in the AI and high-performance computing (AI/HPC) sector. The company is focused on utilizing the underutilized 600 megawatts of capacity at its Corsicana Facility, located near Dallas, Texas. Riot plans to maximize the value of its power assets by engaging with potential partners in AI-driven industries.
Riot maintains a strong financial position with $439.1 million in working capital, including $277.9 million in cash and $134.3 million in marketable equity securities. At the end of 2024, Riot’s Bitcoin holdings were valued at approximately $1.65 billion, based on a market price of $93,354 per Bitcoin.
The company remains committed to growing its Bitcoin yield, continuing to expand its strategic initiatives, and exploring AI and HPC opportunities to ensure long-term value for shareholders. Riot Platforms is well-positioned to be the leading Bitcoin-driven infrastructure platform while continuing to capitalize on emerging trends in AI and high-performance computing.